Marathon queues snaked in front of automated taller machines across Greece this weekend. Uneasy Greeks are withdrawing cash after Prime Minister Alexis Tsipras called for an unexpected referendum to be held Sunday, a poll that will determine the near-bankrupt state’s fiscal fate.
To prevent a possible financial collapse, banks across the nation will reportedly shutter until July 7—enough time to pull off the vote.
The referendum will ask the populace to decide whether or not the country should accept its European creditors’ proposals. While the lenders want to impose greater austerity, the Greeks fear that those terms would sink their defaulting economy into an deeper recession. The result may help determine whether Greece remains within the European Union.
Tsipras’ last ditch effort will, however, arrive late. On Tuesday, Greece’s bailout is set to expire at the same time as it is set to make a $1.8 billion debt payment…
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