--- title: What's Going on in Greece? - Burney Investment Management description: The standoff between the European Central Bank and Greek government came to a tipping point early last week when the two sides couldn’t agree on the way Greece should do austerity. The Greek government called a nationwide referendum to allow the people to vote on the ECB’s bailout package but the ECB subverted that vote ... --- [Skip to content](https://burneyinvest.com/blog/greek-referendum-provides-entry-point#main-content) [![Burney Investment Management](https://burneyinvest.com/hs-fs/hubfs/theme/Burney_Invest_Color_Horizontal_%232b.png?width=300&height=110&name=Burney_Invest_Color_Horizontal_%232b.png "Burney Investment Management")](https://burneyinvest.com/) - About - [Company Overview](https://burneyinvest.com/about) - [Burney Difference](https://burneyinvest.com/the-burney-difference) - Strategies - [Size & Style Responsive](https://burneyinvest.com/strategies/size-style-responsive-ssr/) - [The Burney Master Portfolio](https://burneyinvest.com/strategies/the-burney-master-portfolio/) - [Personalized Portfolios](https://burneyinvest.com/strategies/personalized-portfolios/) - [Stock Selection](https://burneyinvest.com/strategies/stock-selection/) - [Team](https://burneyinvest.com/team) - [Resources](https://burneyinvest.com/blog) - [Get In Touch](https://burneyinvest.com/contact) 7.6.2015 # What’s Going on in Greece? [Andy Pratt, CFA](https://burneyinvest.com/blog/author/andy-pratt-cfa) ![](https://20453469.fs1.hubspotusercontent-na1.net/hubfs/20453469/Theme/dots_y4.svg) ##### Popular Posts [How to Read VIX and VIX Term Structure](https://burneyinvest.com/blog/how-to-read-vix-and-vix-term-spread) [What Happened in the Stock Market Yesterday?](https://burneyinvest.com/blog/what-happened-in-the-stock-market-yesterday) [Performance Matters - 7 Steps Toward More Effective Investing](https://burneyinvest.com/blog/performance-matters-7-steps-toward-more-effective-investing) The standoff between the European Central Bank and Greek government came to a tipping point early last week [when the two sides couldn’t agree on the way Greece should do austerity](http://www.washingtonpost.com/blogs/wonkblog/wp/2015/06/30/7-questions-about-greeces-huge-crisis-you-were-too-embarrassed-to-ask/). The Greek government called a nationwide referendum to allow the people to vote on the ECB’s bailout package but the ECB subverted that vote by refusing to offer additional emergency loans to Greek banks, causing Greece to miss a scheduled payment to the IMF and forcing its banks to close. The vote went on as scheduled, though, with the consensus opinion the Greek people, frustrated by restricted access to their bank accounts, would vote “Yes” to the bailout package. [A “Yes” vote would have led to political change in Greece and a better chance a deal could be reached](http://www.businessinsider.com/possible-outcomes-of-greek-referendum-2015-7). Sunday afternoon we learned, however, [that the people voted overwhelmingly “No”](http://www.euronews.com/2015/07/05/live-greek-election/). Stock markets worldwide did not like this news as Asian and European markets are sharply lower as of this morning and US futures are down about a percentage point. It is likely that we will see a spike in short-term market volatility as a result of this news. Markets fear a “Grexit” could destabilize surrounding European countries and lead to a larger crisis, though [a Greek exit of the European Union is still not the most likely outcome](https://www.credit-suisse.com/us/en/news-and-expertise/news/economy/europe.article.html/article/pwp/news-and-expertise/2015/07/en/the-greek-referendum-milestone.html?aa_cmp=socm_coco_tw_s00220) and the ECB has promised to keep contagion from spreading by generously buying as many of the surrounding country’s bonds as necessary to keep their borrowing rates from rising. The silver lining in this is that any stock market declines create an attractive entry point for long-term investors. The situation in Greece should have no lasting impact on stock markets and the strategy of your long-term portfolio. --- *The Burney Company is an SEC-registered investment adviser. Burney Wealth Management is a division of the Burney Company. Registration with the SEC or any state securities authority does not imply that Burney Company or any of its principals or employees possesses a particular level of skill or training in the investment advisory business or any other business. Burney Company does not provide legal, tax, or accounting advice, but offers it through third parties. Before making any financial decisions, clients should consult their legal and/or tax advisors.* ## Articles you may enjoy 06.24.16 #### [Brexit Reaction](https://burneyinvest.com/blog/brexit-reaction) [![](https://20453469.fs1.hubspotusercontent-na1.net/hubfs/20453469/Theme/circle_right.svg)](https://burneyinvest.com/blog/brexit-reaction) 08.03.16 #### [July Market Commentary](https://burneyinvest.com/blog/july-market-commentary) [![](https://20453469.fs1.hubspotusercontent-na1.net/hubfs/20453469/Theme/circle_right.svg)](https://burneyinvest.com/blog/july-market-commentary) 11.07.14 #### [The Employment Picture is Getting Better](https://burneyinvest.com/blog/october-jobs-report) [![](https://20453469.fs1.hubspotusercontent-na1.net/hubfs/20453469/Theme/circle_right.svg)](https://burneyinvest.com/blog/october-jobs-report) ![](https://burneyinvest.com/hubfs/theme/burney-invest-logo-white-1-1.png) - [Size & Style Responsive](https://burneyinvest.com/strategies/size-style-responsive-ssr/) - [Burney Master Portfolio](https://burneyinvest.com/strategies/the-burney-master-portfolio/) - [Personalized Portfolios](https://burneyinvest.com/strategies/personalized-portfolios/) - [Stock Selection](https://burneyinvest.com/strategies/stock-selection/) - [About](https://burneyinvest.com/about) - [Team](https://burneyinvest.com/team) - [Resources](https://burneyinvest.com/blog) - [Contact](https://burneyinvest.com/contact) **Headquarters** 1800 Alexander Bell Dr. STE 510 Reston, VA 20191 Advisory services are offered through the Burney Company, an investment advisor registered with the U.S. Securities & Exchange Commission. SEC registration does not constitute an endorsement of the firm by the Commission nor does it indicate that the advisor has attained a particular level of skill or ability. © 2026 Burney Wealth Management | [Research](https://burneyinvest.com/research) | [Privacy Statement](https://burneyinvest.com/privacy-policy) | [Terms & Conditions](https://burneyinvest.com/terms-and-conditions) | [Disclosures](https://burneyinvest.com/disclosures) | [ADV](https://44214779.fs1.hubspotusercontent-na1.net/hubfs/44214779/Burney%20Company%20ADV%20Part%202A%20IM%2026%20REV.pdf) | [Form CRS (ADV Part 3)](https://44214779.fs1.hubspotusercontent-na1.net/hubfs/44214779/Burney%20Company%20Form%20CRS_March%202026.pdf) ```json { "@context" : "https://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "Andy Pratt, CFA", "url" : "https://burneyinvest.com/blog/author/andy-pratt-cfa" }, "dateModified" : "2024-04-04T16:03:57.121Z", "datePublished" : "2015-07-06T13:32:23.000Z", "headline" : "What's Going on in Greece? - Burney Investment Management", "mainEntityOfPage" : { "@id" : "https://burneyinvest.com/blog/greek-referendum-provides-entry-point", "@type" : "WebPage" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "https://burneyinvest.com/hubfs/theme/Burney_Invest_Color_Horizontal_%232b.png" } } } ```