Why a referendum?
After months of negotiations between Greece and its creditors over a deal to extend its bail-out programme, on June 26th Alexis Tsipras, the prime minister, shocked his counterparts by terminating negotiations just days before the bail-out was due to expire and announcing he would put the matter to a referendum. The referendum, to be held on Sunday, July 5th, would ask the Greek people whether the creditors’ terms were acceptable. In a televised address, Mr Tsipras said the creditors' proposal of June 25th (some of whose conditions had already been moderated by the time negotiations broke off) “contravened the founding principles and values of Europe”. Mr Tsipras and his far-left Syriza party have since been campaigning for citizens to vote No.
