Greece Referendum: Important facts need to know about it

July 5, 2015 will be an important day in Greece when lakhs of people of the country will vote to decide the country's future. The referendum was announced by Prime Minister Alexis Tsipras on June 27. The referendum will be the first in Greece since December 1974 after the collapse of the ruling military junta.

The referendum is being conducted to decide whether govt should accept a cash-for-reforms bailout deal put forward by the country's creditors. The referendum could redefine its place in Europe.

Here are important facts need to know about Greece referendum

• On July 5, Greek people will participate in voting to decide whether they accept an agreement put by the European Union, the European Central Bank and the International Monetary Fund (IMF) collectively known as Troika even though that offer is no longer on the table.

• Many of the reform ideas proposed by the Troika would actually be good for Greece.

• Greek Prime Minister Alexi Tsipras has urged voters to say no.

• At least 40 percent registered voters need to participate in the voting.

• Opposition parties New Democracy (centre-right), Pasok (centre-left) and To Potami (centre-left) want a 'Yes' vote to win.

• If Greeks vote "yes," it will mean more spending cuts, more tax hikes, and more rounds of tense negotiations with European creditors. But in the long run, it may result into a more united Europe.

• If the Greeks vote "no," it may pave the way of Greece exit from Eurozone. Exit from Eurozone may result into economic turmoil in Greece.

• Voters will be able to cast their ballots on Sunday in 19,159 polling stations across Greece.

• Polling stations will be open from 7am local time (0400 GMT) until 7pm (1600 GMT).

• The first results are expected around 9pm (1800 GMT).