Greek Bailout Referendum: What Happened
On 5 July 2015, Greeks voted in a referendum on whether to accept the terms of a new bailout proposed by the country's creditors, the European Commission, the European Central Bank and the International Monetary Fund. The left-wing Syriza government of Prime Minister Alexis Tsipras, elected in January 2015 on a promise to end austerity, had been locked in tense negotiations with the creditors for months, with the finance minister Yanis Varoufakis playing a prominent role. When talks broke down in late June, Tsipras called a snap referendum and urged voters to reject the proposal. As the country's bailout expired and the European Central Bank limited emergency funding, the government closed the banks and imposed capital controls, limiting cash withdrawals to 60 euros a day. Despite fears that a No vote could lead to Greece leaving the euro, around 61 percent voted No. However, facing the risk of financial collapse, Tsipras accepted a third bailout on 13 July with even tougher terms than those rejected in the referendum. Varoufakis resigned the day after the vote.
Frequently Asked Questions
When was the Greek bailout referendum?
The bailout referendum was held on 5 July 2015, asking Greeks whether to accept the terms of a new bailout proposed by the country's creditors.
What was the result of the 2015 Greek referendum?
Around 61 percent of voters said No to the bailout terms, despite fears that a No vote could lead Greece out of the euro.
Why were Greek banks closed in 2015?
As the bailout expired and the European Central Bank limited emergency funding, the government closed the banks and imposed capital controls, limiting withdrawals to 60 euros a day.
What happened after the referendum?
Facing financial collapse, Prime Minister Alexis Tsipras accepted a third bailout on 13 July 2015 with even tougher terms than those rejected.
Why did Yanis Varoufakis resign?
Finance minister Yanis Varoufakis resigned the day after the referendum, as Tsipras moved to reach a deal with the creditors.
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