More than 60 percent of voting Greeks have soundly rejected conditions for a further bailout from European creditors, pushing the country closer to financial chaos.
By rejecting the conditions set forth by European Central Banking authorities, the country’s own central banks could run out of funds in a matter of days, forcing the government to issue a new currency within Greece to continue day to day activities.
The problems that a renewed sovereign currency could create in the economy are untold, but so far Greek officials have made clear that this is not within the plans. However, if there simply is not money in the system to achieve day to day goals such as grocery shopping and getting to work, something will have to be done. By all accounts, the ECB is expected to continue limited emergency assistance to Greek banks for the near future.