Greeks are out in force to celebrate the Greece no vote result to a referendum that asked the question if the people wished to accept the austerity package put forward by the EU. German and French banks are the main creditors, their financial representatives in conjunction with the governments of the EU have been lending the Greeks money to pay back money owed, as a condition of the loans the Greek government must force austerity on its people, cut back pay, welfare, pensions…etc, and sell its assets to private investors, some of whom have been the individuals that work in the banks. The Greeks don’t actually get to see any of the loan as it is given directly to the creditors. Therefore the consequences are two fold, to plunge the Greeks further into an abyss of debt that can never be paid whilst strangulating the economy with austerity further inhibiting their ability to enhance their economy and pay off their debt.
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