Tuesday April 7, 2020
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Greece votes in landmark referendum in debt deal

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credits: telegraph.co.uk

By NewsGram Staff Writer

Greece participated on Sunday in a landmark referendum on terms of agreement on the next debt deal with the country’s lenders.

The voting unfolded smoothly and without problems at polling stations throughout the country, officials said.

Greece President Prokopis Pavlopoulos appealed to Greeks to remain united regardless of the outcome of Sunday’s vote, ANA-MPA news agency reported.

According to the Greek ministry of internal affairs and administrative reform, about 8.5 million people are eligible to vote in the referendum.

The referendum would be considered valid if at least 40 per cent of registered voters participate in the vote, TASS news agency reported.

The polling began at 7 a.m and is scheduled to close at 7 p.m. (9.30 IST). It would determine if Greece would avert a looming disorderly default or exit the eurozone.

Ahead of the referendum, Greek Prime Minister Alexis Tsipras gave a call to the citizens to vote against the creditor proposals for austerity reforms, thus throwing into question the country’s continuance in the eurozone.

He said the creditors’ proposals were clearly violating the pan-European rules and the right to employment, equality and dignity.

He urged the Greek people to say “no” to the proposals and the “no” vote would be the chief argument which the government would use as the basis for improving the parameters of the agreement during further consultations with the creditors.

The referendum would also decide whether to accept the debt draft deal with international creditors to restart financial aid to the country or to reject the lenders’ programme that requires Greeks to accept further austerity measures and economic reforms.

According to the IMF, the Greek debt load is unsustainable and Greece needs a debt relief in exchange for reforms and a new 50 billion euro ($5.5 billion) financial package until 2018 to stay afloat.

A day ahead of the referendum voting, Greek Finance Minister Yanis Varoufakis accused Athens’ creditors of “terrorism”.

European leaders say a “No” vote could lead to Grexit — Greece’s exit from the eurozone.
Meanwhile, Austrian Finance Minister Hans Joerg Schelling has said he hopes the Greeks would vote for the draft agreement of the European Commission, the European Central Bank and the International Monetary Fund (IMF) for settling the debt problem and its adoption by the Greek government.

“I hope that common sense will prevail because the Greek people know that it is not just the future of the euro which is in question. It concerns the future of Greece and their own future,” Schelling said.

“We have been making concessions to the Greeks for a long time and we are still extending our hand to them,” Schelling said, adding the EU would resume talks as soon as the Greek government states clearly what it really wants.

Next Story

Taking Care of Finances Amid Coronavirus Crisis

COVID-19: Ensuring financial stability during the pandemic

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finance crisis
According to the latest IMF estimates, the world has already entered into recession which will be worse than the one in 2009. Pixabay

BY ADITI ROY

In uncertain times such as these, and while governments and communities across the world are trying to figure out how to prevent an economic crisis, it becomes imperative for us to take care of our finances.

According to the latest IMF estimates, the world has already entered into recession which will be worse than the one in 2009, but is projected to get some cushioning by next year.

While taking care of health and maintaining isolation and social distancing have become paramount, we also need to take precautions to manage our finances, making necessary modifications and adjustments, say experts.

finance crisis
While governments and communities across the world are trying to figure out how to prevent an economic crisis, it becomes imperative for us to take care of our finances. Pixabay

“First of all, your family and your health should be a top priority. Secondly, the current shutdown will impact the economy and with that each of our finances. We recommend people to be on top of their budget and ensure that any income disruption is smoothed out via a proportionate decrease in spending. If you are fortunate to not have any disruption to your income, please spend on online food delivery and other online channels. All the small businesses in the country need you and your support.

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There are also many organizations working tirelessly to bring us testing and vaccine for the virus. Please do consider donating to these causes”, says Nityanand Sharma, CEO, and Co-Founder, Simpl, a data technology company that works with merchants and financial institutions to enable effortless and transparent monetary interaction.

Here are few ways to prepare for unforeseen times and be diligent with your money:

Plan an emergency fund

Personal finances are a source of stress. Understandably, numerous matters need to be accounted for. Even more so when planning for an emergency fund to cope with the unexpected; We might even procrastinate thinking such adverse situations in the future, hoping that they might not even happen. So, such funds become more important during the pandemic, which should be viewed as an emergency.

Going digital

Since the time of this outbreak, people are finding it difficult to pay for their utilities via cash. The payment via digital payment apps has risen.

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RBI has also urged customers to use digital banking facilities amid the coronavirus outbreak. In light of recent events, the National Payments Corporation of India (NPCI) has also started a campaign called �India pay safe’ in order to boost digital payments, as exchanging cash could spread coronavirus. With a whooping majority of smartphones penetration various digital payments app like Google Pay, PhonePe will ensure smooth transactions.

Review your investments

Become a bit more market savvy, this is a perfect time to do a risk analysis of your investments. You may want to re-balance your portfolio if it’s skewed excessively towards equity or debt assets, which are more prone to market volatility or to channel towards more risk-free assets like Public Povident Fund (PPF) or National Pension System (NPS) scheme.

finance crisis
Personal finances are a source of stress and that is why you should plan them properly. Pixabay

Tailoring daily budget and expenses

Tough times call for pulling plug on luxury, discretionary and non-essentials expenses. Channel funds towards basic essentials and keep aside a chunk for unforeseen times.

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Review your health policy

Ever since the pandemic announcement of COVID-19, policies that exclude pandemic coverage may not settle claims arising from such cases, involving hospital treatment costs. Ensure you go through your health insurance policy document to get complete clarity on its list of coverage and exclusions and also check for any latest intimation from your insurer.

Also Read- Some Old and Gold Exemplary Bollywood Comedy Films of all Time

So, if you are still procrastinating and not taking a proactive step to sort your personal finances, realise it’s need of the hour. Not just in emergencies, but taking care of our own finances during challenging times enables us to stay financially fit and minimizes financial anxiety. (IANS)