In Pictures

Greece: Yes or No?

Though Greece’s GDP is lower than one percent of the eurozone’s, the outcome of the referendum will be remarkable

Greece/ DO NOT USE/ RRESTRICTED — Greece's prime minister Alexis Tsipras has confirmed again that his country would hold a referendum on Sunday on the terms of its bailout [Milos Bicanski/Al Jazeera]

Athens, Greece – As the Mediterranean country became the first advanced economy to default on the IMF, one question is dominating the conversation: “Yes or no?”

A ‘Yes’ vote in the July 5 referendum means Greece would likely receive more bailouts and remain in the eurozone, but also undergo harsher austerity measures that have so far crippled the economy.

A ‘No’ vote would likely boost the government’s negotiation power with European officials, while some economists say it would likely lead to a full-fledged default, bankruptcy, further economic contraction and a possible exit from the eurozone, but also a revival of national pride as Greeks snub the financial interests behind the European Union, European Central Bank and International Monetary Fund.

While Greece’s banks remained closed, with elderly residents without bank cards being allowed to withdraw only $134 from their accounts and others continuing to line up at cash machines to take out the maximum amount allowed each day of almost $68, Greeks are staging demonstrations in support of both sides of the question.