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Whatever the Final Outcome, the Greek Stance on Austerity Commands Respect

Whatever Greece decides as to the type of reforms required to stabilize its debts and to receive new loans, respect must be given to the oldest democracy for its stance to retaining its customs and its entitlements to its people despite demands from bankers for changes that could alter the Greek identity.

Moreover, Greece's non-immediate acceptance of terms with bankers as a prerequisite to new loans, demonstrates a strong intent by the Greeks to maintaining their sovereignty and not to be micro-managed by bankers of the Euro zone and of the International Monetary Fund(IMF).

Greece's proposed reforms to appease creditors has been to achieve the demanded budgetary savings through taxes on the most profitable businesses rather than on draconian cuts in spending that would effect many Greek pensions and social programs. Creditors appear to demand greater cuts in spending as part of any reform package.

Instead of accepting any deal that he believed would adversely effect the social and customary mode that has been embedded in Greece for many years, Prime Minister Alexis Tsipras has offered input from the Greek people through a referendum set for July, 5. The Greek Parliament passed the referendum last night paving the way for the Greek people to exercise their democratic rights next Sunday.

In a mean time, many Greeks have flocked to ATMs at local banks withdrawing cash ahead of any decision relating to Greece's debt service and to new loans. A couple of minutes ago, the BBC-News reported that the European Central Bank(ECB) will continuing providing Emergency Liquidity Assistance(ELA) to Greek banks at the same rate that was agreed upon last Friday which amounts to about $100 billion. Though no new aid has been pledged, the ECB confirmed that "Greece still has access to the ELA."

Tuesday, ahead of next Sunday's referendum vote, is a gargantuan day for Athens. On Tuesday, Greece's bailout plan with European creditors and the IMF expires. Will these creditors accord the Greeks an extension to the referendum date? Also on Tuesday, a Greek debt of $1.8 billion is due to the IMF. Will the Greeks be able to meet this obligation?

Whatever the Greeks decide, they have earned respect for standing up for the non-micromanagement of sovereign nations by international banks. Also, they have earned respect for maintaining that methods of savings cannot be dictated as long savings are realized to satisfy required terms. And above all, Greece must be respected for consideration of its people in light of harsh demanded measures - holding real threats to the stability and the social norm and well being of a free people.