Yes or no? What Greece's landmark vote might bring

The Greek people are preparing to vote on a future in which they face two painful prospects: the slow grind of years more of austerity cuts or the country's potentially catastrophic exit from the euro.

The question is whether their vote on Sunday can help them escape either. "Yes" to more budget cuts in exchange for a financial aid package for the country? Or reject it in the hope it will not lead the country out of the euro?

The referendum question makes no reference to Greece's future in the currency union. It is on a set of proposals that European creditors say they have withdrawn following the failure to forge a deal with Greece before an end-June deadline.

For the radical left-led Greek government, the proposals were unacceptable. It's urging a "no" vote and says that will have no impact on Greece's euro status.

Proponents of a "yes" vote, including a parade of former prime ministers and the main opposition party, say backing the government will jeopardize Greece's place in the euro. Instead, they argue that by voting "yes" Greece would get a new deal quickly to shore up the economy.

In fact, what might happen in each case is unclear. Analysts in the world's biggest investment banks are putting percentage probabilities to outcomes, such as Greece's exit from the euro, but no one knows for sure.

Source : Yahoo news