The Big Picture: Greece rejects austerity – The Big Picture – The Boston Globe

Over the past week, Greece and its place in the European Union has fallen deeper into uncertainty. On Monday, June 29, capital controls were enforced, shuttering banks and limiting the amount of cash Greeks can access. Long lines formed at ATMs. Pensioners reacted with shouts and tears as they were not able to receive the money they usually collect at the end of each month. Stock markets around the world suffered. On Tuesday, Finance Minister Yanis Varoufakis confirmed that Greece would not pay its debt, making it the first developed country to default to the International Monetary Fund. Over the weekend, the Greek people voted to reject the creditors’ deal for more austerity measures in exchange for rescue loans. Greek and European Union leaders continue to search for a solution.

Source: The Big Picture: Greece rejects austerity – The Big Picture – The Boston Globe