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European Commission VP: The 'No' in Greek Referendum Complicates Negotiations

The ‘no’ vote in the Greek referendum complicated things and a new bailout program for Greece cannot be negotiated without a mandate from the Eurogroup, said European Commission Vice-President Valdis Dombrovskis at a daily news conference by the Commission.
“The European Commission takes note of the result of yesterday’s referendum in Greece. We respect the democratic choice of the Greek people. The ‘No’ result, unfortunately, widens the gap between Greece and other Eurozone countries. There is no easy way out of this crisis. Too much time and too many opportunities have been lost,” Dombrovskis said.
“The Commission is ready to continue its work with Greece, but to be clear, the Commission cannot negotiate a new program without a mandate from the Eurogroup. Yesterday’s results announce a rejection of reforms proposed to a large extent by the Greek authorities themselves and linked to a now expired support program for Greece,” the EC vice-president further said.
Dombrovskis also said that European people have been on the side of Greece throughout the crisis and have offered financial assistance. However, he said reforms were often delayed or implemented only partially, resulting in prolonged recession, thereby demanding more difficult reforms later.
There are 19 democracies in the Eurozone and the solution must be acceptable by all. The ‘no’ makes the process even more difficult, but we all must work responsibly, Dombrovskis said.

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