The Politics of Fear Ahead of Greek Referendum

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Elite interests aim to keep Greece on the path of further austerity, say University of Greenwich's Ozlem Onaran and University of London's John Weeks.

The Greek finance minister, Yanis Varoufakis, says he'll resign if the Greek people vote yes on the national referendum set for July 5. The vote will decide whether the Greek people will accept the bailout terms offered by the Troika, which is made up of the European Central Bank, International Monetary Fund, and the European Commission.

Since the Greek prime minister called for the referendum vote, Greece defaulted on a $1.8 billion payment to the IMF. European leaders have threatened to force Greece out of the Eurozone, and the ECB is signaling that the current emergency funding that it's providing to Greek banks is dependent on the referendum, a point critics of international creditors have called a scare tactic to get Greece to vote for the deal.

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