Greece Out of Eurozone if no vote

Greece, June-30 Germany, France and Italy joined the European commission in insisting that Sunday’s poll is about continued eurozone membership. The eurozone’s three biggest countries have raised the stakes in next Sunday’s Greek referendum with an orchestrated warning to voters that a no vote would mean exit from the single currency and the return of the drachma.

As the Greek economy suffered on its first day of stringent capital controls, politicians from Germany, France and Italy joined the European commission in insisting that the poll was not about whether Athens could secure more favourable bailout terms but was about continued euro membership.

The stark assessment was shared by George Osborne who told MPs that the UK economy would be affected by the chaos that would result from Greece leaving the eurozone.

The chancellor’s comments came as ratings agency Standard & Poor’s issued a grim analysis of the repercussions that could follow an euro exit, the chances of which it has raised from 33% to 50%. S&P said there could be “a serious foreign currency shortage for the private and public sectors, potentially leading to the rationing of key imports such as fuel”

Source:Theguardian