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europe is holding its breath ahead of a greek referendum on sunday may decide not just on bailout terms but on whether the country stays in the eurozone and how much damage it causes to its economy and to the rest of the economy of europe i'm paul taylor reuters european affairs editor in brussels , if there was a a clear yes vote and that led to a greek government that was prepared to implement the sort of measures that were in the previous office that could lead to a very rapid negotiations on a new loan program they would be barely %HESITATION two weeks left until the crucial deadline on july twentieth when greece has to make a phone repayment to the european central bank , it's very unlikely that they would be able to get a complete program agreed from scratch by that even if there is a lot of material that they've already got that they can work with , so more likely would be that they would do something interim by that so that they don't fall off the wagon as it will fill full further off the wagon having already defaulted on the i. m. f. what could happen is that the european central bank could agree to give a slight increase , in emergency lending to the greek banks that would enable them to go on at least , filling the cash machines and giving people a rationed amount of cash until there was more clarity but i don't think that the european central bank from what we hear is a toll likely to suddenly opened the floodgates and said alright then how does much cash as you need on the other hand if there is a no vote there will be huge pressure from all the german central bank and its allies are on the e. c. b. to start gradually turning off the top on the greek banks , the process and his finance minister mister arafat his have said they would come to brussels the next day they've told the voters they could negotiate better terms within forty eight hours in brussels that's considered to be complete eyewash it's considered to be rubbish in the words of somebody i spoke to this morning