Greeks Reject Austerity with Landslide ‘NO’ Vote, Finance Minister Resigns

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With a vote of nearly 61% rejecting the bailout proposal, Greece is steadily heading towards ejection from the Euro Zone analysts say. Following the vote, Greece’s maverick finance minister, Yanis Varoufakis, announced his resignation. “I shall wear the creditors’ loathing with pride,” he wrote on his blog.

Financial Times is now reporting that Greek banks are preparing to raid deposits to avoid the collapse via a “haircut” of of at least 30 percent on deposits above €8,000. Grocery stores in Greece are nearly wiped out. Associated Press photos show barren shelves as people scramble to get stocked up on everything they can head of whatever is coming next.

Greece has “destroyed the last bridges across which Europe and Greece could have moved toward a compromise. Tsipras and his government are leading the Greek people onto a path of bitter sacrifice and hopelessness,” Germany’s deputy chancellor, Sigmar Gabriel, told the Berlin daily Der Tagesspiegel.

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