Greeks Vote 61% 'Oxi' (No) to Reject Troika Austerity in Historic Referendum

Greek citizens vote decisively 61% to 39% to reject a referendum on accepting more Troika bailout conditions in exchange for increased austerity measures, in the first referendum held in Greece since 1974 and the only one in modern Greek history not concerning the form of government. The ‘No’ vote wins in all of Greece’s regions. The referendum follows the January 2015 election victory of the left-wing Syriza party led by 40-year-old Alexis Tsipras, who becomes Greece’s youngest Prime Minister in over a century on an explicit anti-austerity platform. After five years of devastating austerity under previous bailouts, Syriza forms a coalition with the right-wing Independent Greeks party. On June 24, 2015, the European Commission makes a ’take-it-or-leave-it’ proposal for bailout extension conditions. Tsipras rejects the ultimatum, breaks off negotiations, and on June 27 surprises everyone by calling a referendum only one week later. Voting clearly divides along partisan lines, with Syriza, ANEL, and far-right Golden Dawn supporters voting ‘No,’ while moderate pro-European parties (New Democracy, PASOK, To Potami) vote ‘Yes.’ Despite winning the referendum, Finance Minister Yanis Varoufakis resigns on July 6 after eurozone finance ministers and creditors demand his exclusion from meetings. In a shocking reversal, Tsipras reaches an agreement on July 13 with European authorities for a third three-year bailout worth up to €86 billion—with even harsher austerity conditions than those rejected by voters. Varoufakis characterizes the deal as a new ‘Treaty of Versailles’ and ‘Greece’s Terms of Surrender.’ Greek parliament ratifies the agreement 229-64, but 32 Syriza MPs vote ‘No’ and 11 vote ‘present,’ stripping the government of its majority. The betrayal of the referendum demonstrates how international financial institutions and European power structures override democratic decisions, imposing austerity regardless of popular will and transforming electoral democracy into theater while technocratic creditor institutions hold real power.