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Economic assistance under the Marshall plan was important to both countries, but it was the granting of debt relief that made a difference to the Germans. After World War II, Germany not only received direct transfers of money - aid through the Marshall plan. Far more important than the $1.4bn was the granting of debt relief at the London conference of 1953.

Greece’s young voters rejected the bailout package drawn up by creditors by around 2 to 1. Analysts had predicted that the ballot could be swung by the youth vote, with some polls suggesting that 80 per cent of young Greeks would vote against the plan.

Yanis Varoufakis Resigns - Greek Referendum Will Stay in History As A Unique Moment When a Small Nation Rose Up Against Debt-Bondage.

Greek voters refuse to bow to impossible demands from creditors. More than 60% of Greek voters say NO. Alexis Tsipras: "The Greek people made a historic and brave choice. Their response will alter the existing dialogue in Europe."

The future demands a proud Greece within the Eurozone and at the heart of Europe. This future demands that Greeks say a big NO on Sunday, that we stay in the Euro Area, and that, with the power vested upon us by that NO, we renegotiate Greece's public debt as well as the distribution of burdens between the haves and the have nots.

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This Sunday, Greek citizens will debate two alternatives: austerity and depression without end, or the possibility of deciding their own destiny in a context of huge uncertainty. None of the options are nice. Both could lead to even worse social disruptions. But while with one of them there is some hope, with the other there is not.

Tsipras’ spectacular decision late on Friday to fly back to Athens and put the Eurogroup’s final bailout offer to a referendum — with the government advising voters to reject the deal — has stunned friends and foes alike. An analysis, and a view from the street.

Late Friday night Greek Prime Minister Alexis Tsipras announced Greece will hold a referendum on July 5 to ask Greek citizens if they approve the proposed bailout agreement put forward by Greece’s foreign creditors. “I call on the Greek people to rule on the blackmailing ultimatum asking us to accept a strict and humiliating austerity without end and without prospect, ” Tsipras said. Included: Tsipras’ address to the Greek people and a link to the creditors’ proposal.