Greeks are being asked to vote on whether to accept a proposal by the country’s creditors for more austerity to keep aid flowing.

Voters have received a clear message from the euro area: vote “Yes” in the July 5 bailout referendum. But Greece’s Syriza-led government is pushing the other way.

The Question:

The 68-word ballot question namechecks four international institutions and asks voters for their opinion on two highly technical documents that weren’t made public before the referendum was called. Here it is, translated into English:

“Greek people are hereby asked to decide whether they accept a draft agreement document submitted by the European Commission, the European Central Bank and the International Monetary Fund, at the Eurogroup meeting held on on June 25 and which consists of two documents:

‘‘The first document is called Reforms for the Completion of the Current Program and Beyond and the second document is called Preliminary Debt Sustainability Analysis.

‘‘- Those citizens who reject the institutions’ proposal vote Not Approved / NO

‘‘- Those citizens who accept the institutions’ proposal vote Approved / YES.’’

Not everyone in Greece is finding the question easy to understand.

What Happens Next?

With polls showing a tight result, the only thing certain about the referendum is the timing: polls are open from 7 a.m. to 7 p.m. and the result may be known before midnight.

Either way, what follows are emergency negotiations, the outcome deciding which side feels it has the upper hand.

The following scenarios are based on conversations with officials working on how to handle the Greek crisis, along with investors and economists.

Scenario 1: “Yes” – Then a Third Bailout

If Greeks vote “Yes” a third bailout package could come together in a matter of weeks if all sides put their minds to it, although Greece might need to form a new government in the same period. Results from the referendum could be known within hours, and some politicians have raised the prospect of a national unity, pro-European government with parties that backed a “Yes” vote.

For more visit: Bloomberg.com

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