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Voting Takes Place In Greek Bailout Referendum

Voters in Greece have been going to the polls in the country's bailout referendum, as they choose whether to accept a bailout deal offered by international creditors.

Opinion polls suggest the "Yes" and "No" camps are neck-and-neck, with around nine million people expected to cast their ballots.

Prime Minister Alexis Tsipras has insisted a No vote would allow his government to push for a better bailout package.

The premier has strongly indicated he will step down if the Greek people back the terms offered by the EU, the IMF and the European Central Bank.

The result of the vote will show how much of the electorate are in favour of budget cuts and tax increases in return for more financial aid.

Greece's creditors had asked for reforms in exchange for extending the country's bailout deal until November in an offer worth several billion euros.

When talks between the government and creditors collapsed last week, the extension was refused and the bailout ended as scheduled on 30 June.

Greeks are therefore being asked to vote on an offer which is no longer on the table.

Many shoppers have been panic buying from supermarkets ahead of the poll - purchasing essentials such as pasta and flour.

David Cameron has said the poll essentially amounts to an in/out vote on Greece's membership of the eurozone, while Chancellor George Osborne has warned Britain cannot be "immune" from the fall-out from the referendum.

The Prime Minister will chair talks with Mr Osborne and Bank of England Governor Mark Carney on Monday morning to assess the impact of the poll, which could see Greece become the first country to be forced out of the euro.

On Friday, Greece was officially declared in default by the European Financial Stability Facility - days after the nation fell into arrears with the International Monetary Fund.

Banks across the country have been closed over the past week, with customers only able to withdraw €60 a day from cash machines.

On Saturday, as the crucial referendum loomed, Finance Minister Yanis Varoufakis accused creditors of "terrorism" by instilling a sense of fear in voters.

When he arrived at the polling station with his father, he was asked by Sky News correspondent Katie Stallard why people should believe him when he said the banks would re-open on Tuesday when they were running out of money.

He replied: "You're spoiling a celebration with impertinent questions."

When asked again, he was silent.

Head of the European Parliament Martin Schulz says Europe will not "desert" the people of Greece regardless of the outcome today and may provide it emergency loans.

Mr Schulz told Germany's Welt am Sonntag newspaper: "Perhaps we will have to give emergency bridging loans to Greece so that public service can be maintained and needy people get the money they need to survive," he said. He did warn this would not be a lasting solution, however.

No campaigning was allowed in the 24 hours before voting began.

In a final mass rally held in Athens on Friday night, Mr Tsipras had told a 25,000-strong crowd: "On Sunday, we don't just decide to stay in Europe - we decide to live with dignity in Europe, to work and prosper in Europe."

There have been warnings that a No vote could see Greece leave the eurozone.

"Yes" supporters fear a so-called "Grexit" would also mean a return to Greece's former currency, the drachma, if Mr Tsipras gets his way.

The question is:

"Must the agreement plan submitted by the European Commission, the European Central Bank and the International Monetary Fund to the Eurogroup of 25 June, 2015, and comprised of two parts which make up their joint proposal, be accepted?

"The first document is titled 'reforms for the completion of the current program and beyond' and the second 'Preliminary debt sustainability analysis.'"

Voters are being asked to tick one of two boxes: "not approved/no" and - below it - "approved/yes."

Athens has total debts of €323bn. It has received €240bn in two bailouts from the EU and IMF since 2010, but the Greek people have been forced to accept cuts to pensions, wages and public services.

Mr Tsipras has called for creditors to accept "a 30% haircut" (reduction) on the country's massive debt and also wants a 20-year "grace period" on repaying the rest.

At midnight on Tuesday, Greece defaulted after it failed to repay €1.5bn it owed to the IMF, in what was the largest missed payment in the Fund's history.

The organisation has said the country needs €50bn over the next three years to stabilise its finances even under existing creditor plans.

Of that figure, €36bn must come from EU lenders, the IMF said.

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