Greek PM threatens to step down over referendum

Greek PM threatens to step down over referendum

Greek Prime Minister Alexis Tsipras has threatened to quit if the referendum taking place on Sunday produces a yes vote.

Tsipras is campaigning for the Greek public to vote no, which he says will enable him to negotiate a less austere deal with the EU. Ultimately, it may instead lead to a ‘Grexit’, with Greece exiting the Euro and re-adopting the Drachma. However, this process has never been tried before, and it remains to be seen how it will be done.

The wording of the ballot paper is decidedly complex:

“Should the proposed agreement be accepted, which was submitted by the European Commission, the European Central Bank, and the International Monetary Fund in the Eurogroup of 25.06.2015 and consists of two parts, which constitute their unified proposal?

“The first document is entitled ‘Reforms for the Completion of the Current Program and Beyond’ and the second ‘Preliminary Debt Sustainability Analysis’.”

Beside the question are two boxes: “Not approved/No; Approved/Yes”.

Greece’s bailout expires today, the same day it faces a deadline to repay a €1.6bn (£1.1bn) loan to the International Monetary Fund (IMF).