Greece rejects bailout, could exit euro

Greece has reportedly rejected Europe’s terms for further bailout from its debt crisis in a vote that could see the nation exit the Eurozone.

{mosads}Greek voters overwhelmingly voted “No” on Sunday in a bailout referendum, according to multiple news reports.

Reuters said that 60.4 percent of Greeks voted against a bailout offer from international creditors. The “Yes” option received 40.1 percent of support, the news outlet added.

Ahead of the vote, Prime Minister Alexis Tsipras had said that a “No” would not automatically mean a Greek exit from the euro but could strengthen Athens’s hand in restructuring its debt.

The Greek government said on Sunday that it is restarting negotiations over the details of a potential debt bailout by global creditors.

“The negotiations which will start must be concluded very soon, even within 48 hours,” government spokesman Gabriel Sakellaridis said on Greek television. “We will undertake every effort to seal it soon.”

Should Greece default on its debts, it could ripple through the international economy, which is still fragile after the last recession.

Greece would also be the first EU member to abandon the euro since adopting the tender in lieu of its original national currency.

President Obama said Tuesday that Greece’s debt crisis poses little danger to the U.S financial system.

“In layman’s terms for the American people, this is not something that we believe will have a major shock to the system,” he said during a press conference with Brazilian President Dilma Rousseff.

He added that Greece’s struggles are “primarily of concern to Europe” given it could dampen growth rates there.