The eurozone leaders have reached an agreement over a third bailout for debt-ridden Greece. According to EC President Donald Tusk, the deal allows Athens a chance “to get back on track with the support of European partners.”
13 July 2015
Panos Kammenos, the Greek defense minister and leader of the right-wing Independent Greeks party, has denounced the agreement reached between Greece and its creditors, describing the proposed deal a as a “coup staged by Germany and other countries.”
“This deal introduced many new issues ... we cannot agree with it,” Kammenos said after meeting with Prime Minister Alexis Tsipras, AP reports.
The solidarity that has been provided to Greece has been substantial, said Klaus Regling, the managing director of the European Stability Mechanism (ESM), as he gave a summary of the Eurogroup meeting in Brussels, Monday.
It will take around four weeks for a new bailout program for Greece to be worked out, according to Eurogroup President Jeroen Dijsselbloem.
Greek Prime Minister Alexis Tsipras held an emergency meeting at the Presidential Office in Athens, on Monday. The Greek leader assembled top government officials, including Syriza's parliamentary spokesperson Nikos Filis and new finance minister Euclid Tsakalotos.
With a conditional agreement on a new bailout at hand, the International Monetary Fund (IMF) is ready to work with Athens and its European creditors in an effort to solve the debt crisis, Reuters reported.
"The IMF stands ready to work with the Greek authorities and the European partners to help move this important effort forward," the agency cited IMF spokesman Gerry Rice as saying. The global lender's board has been briefed on the outcome of the talks by IMF managing director Christine Lagarde, he added.
Germany has "forced costs to the EU, used extortion and violated democratic sovereign rights," the co-chairman of leftist opposition party Die Linke Bernd Riexinger declared in Berlin on Monday, reacting to the agreement that was reached between Greece and its international creditors.
Finnish Finance Minister Alexander Stubb said that he hopes that Greek parliament ratifies the agreement over a third bailout for Athens. He added that the discussion has taken "a good leap forward."
Greek bank holidays imposed on June 29 will be prolonged for two more days, two bankers told Reuters after a meeting with Greece’s deputy finance minister. "The aim is to reopen branches on Thursday," said one banker. Greek government is reportedly planning to reconsider the situation on Wednesday.
‘Greece deal is too tough, too late, the death of Greeks’ - fmr Greek ambassador
Greek banks will remain closed for now, the Finance Ministry said, without saying when exactly they will open again.
"The bank holiday will be extended," the official from the ministry said, as cited by Reuters.
UK Prime Minister David Cameron believes implementing the Greek deal could be a challenge for the EU, his spokesman said.
"Clearly the challenge now will be on delivering on that and the implementation which lies ahead ... and I don't think we underestimate the size of that challenge… We are glad an agreement has been reached but there is still more to do."
The program will affect the overall pension reform, reform of the product markets, privatization and changes in labor exchanges, said German Chancellor Angela Merkel after the eurozone summit Monday.
“We have been long engaged in the matter of the size of the program, which is very significant - from €82 to €86 billion over three years," she said at a news conference.
#ThisIsACoup trend has appeared on Twitter as users were denouncing German-inspired proposals for the Greek bailout. Launched on Sunday evening, it has been retweeted nearly 20,000 times, according to topsy.com.
"The Eurogroup proposal is a covert coup d'etat against the Greek people. #ThisIsACoup," tweeted Sandro Maccarrone, a physics teacher from Barcelona, who was one of the first to use the hashtag.
Disgusting, ashamed with 'my' European leaders... capitalism wins! #ThisIsACoup
— Nieken (@Nieken) July 13, 2015
“There are strict conditions to be met. The approval of several national parliaments, including the Greek parliament, is now needed for negotiations on an ESM program to formally begin,” EC President Donald Tusk said.
He added that the agreement “gives Greece a chance to get back on track with the support of European partners.”
“It also avoids the social, economic and political consequences that a negative outcome would have brought. I welcome the progress and the constructive position of Greece that helps to bring back trust among eurozone partners.”
Un accord a été trouvé. La France le cherchait, le voulait. La Grèce reste dans la zone euro. L'Europe a gagné.
— François Hollande (@fhollande) July 13, 2015
German Chancellor Angela Merkel said that Greece and EU officials still have challenges on the road to finalizing the third bailout.
“We need a considerable amount of funds, up to €25 billion, to recapitalize the [Greek] banks. There’s no arguing the fact that the situation over the last six months has considerably worsened,” Merkel said, as cited by RIA Novosti.
The European Commission will provide the Greek economy with €35 billion in investments, said European Commission President Jean-Claude Juncker.
Greece agreed to set up a €50-billion fund to guarantee the third program of assistance, said Jeroen Dijsselbloem.
According to European Commission chief Jean-Claude Juncker, the deal struck at the meeting means Greece won’t have to leave the euro.
Greek Prime Minister Alexis Tsipras said Greece and the Eurogroup had managed to restructure the debt.
"The deal is difficult but we averted the pursuit to move state assets abroad. We averted the plan for a financial strangulation and for the collapse of the banking system," Tsipras said. "In this tough battle, we managed to win a debt restructuring.”
French President Francois Hollande said the deal will help Greece to stay within the eurozone provided EU rules are followed.
The Eurogroup stated in a press release that it “continued the discussion on the recent request by the Greek authorities for financial assistance from the European Stability Mechanism (ESM) and their new proposals for the reform agenda.”
"We have come a long way, but a couple of big issues are still open, so we are going to put those to the leaders to decide," said Eurogroup President Jeroen Dijsselbloem after the meeting.
Greek banks require €25 billion for recapitalization, said Eurogroup President Jeroen Dijsselbloem.
Finance ministers will as a matter of urgency discuss how to help #Greece meet her financial needs in the short term (bridge financing).
— Donald Tusk (@eucopresident) July 13, 2015
Following national procedures, the #Eurogroup will work with the Institutions to swiftly take forward the negotiations. #Greece
— Donald Tusk (@eucopresident) July 13, 2015
Speaking to the press after #EuroSummit on #Greece. Watch live: http://t.co/C22oGUG3BT. pic.twitter.com/dLZaUo1KeZ
— Donald Tusk (@eucopresident) July 13, 2015
#EuroSummit has ended; press conference starting soon. Watch live: http://t.co/bQlrgvGeUO.
— EU Council Press (@EUCouncilPress) July 13, 2015
Main results following day 2 of the #Eurogroup meeting on #Greece: http://t.co/uoB2NaQLKm. pic.twitter.com/ztAmUiD6LZ
— EU Council Press (@EUCouncilPress) July 12, 2015
“We’ve made a good step to build confidence, but there [are] still a lot of steps to implement the achieved,” says IMF Chief Christine Lagarde.
The President of the European Council Donald Tusk said agreement on Greece had been reached “unanimously.”
EuroSummit has unanimously reached agreement. All ready to go for ESM programme for #Greece with serious reforms & financial support
— Donald Tusk (@eucopresident) July 13, 2015
Maltese Prime Minister Joseph Muscat also confirmed a deal has been struck on a bailout for Greece.
Deal -JM #EuroSummit#Greece
— Joseph Muscat (@JosephMuscat_JM) July 13, 2015
The news was reported in a tweet by Belgium Prime Minister Charles Michel.
Agreement
— Charles Michel (@CharlesMichel) July 13, 2015
The Cyprus government spokesman also tweeted: "Seems we have a deal."
#Eurozone Summit about to start... seems we have a deal... #Europe deserves some good news, #Greece
— NikosChristodoulides (@Christodulides) July 13, 2015
Greece's Labour Minister Panos Skourletis questioned the strength of the Greek government's majority in parliament on Monday. "Right now there is an issue of a governmental majority," Skourletis told state TV ERT. "I cannot easily blame anyone who cannot say 'yes' to this deal. We aren't trying to make this deal look better, and we are saying it clearly: this deal is not us," he added. The minister also said the emerging plan isn’t viable and that no one could have imagined that "we could have reached this point."
The future of Europe hangs in the balance, the head of the European Parliament Martin Schulz said on Monday following nighttime discussions at an emergency summit between eurozone heads and Greece.
"Today the European project is on a knife edge," Schulz told Deutschlandfunk radio. "In Brussels, things are on a knife edge and the eurozone could fly apart," added Schulz, who said his SPD party wanted Greece to stay in the euro.
Regarding the proposal by the German Finance Ministry for Greece to temporarily leave the eurozone, Schulz said: "This five-year exit idea is off the table. We don't need to talk about that anymore," reports Reuters.
LATEST #Eurosummit - EU official: big 4 back into separate meeting on €50bn asset fund issue. That's Tusk, Tsipras, Merkel, Hollande #Greece
— Ryan Heath (@PoliticoRyan) July 13, 2015
Still no sign of @JunckerEU - spokes say he's in "constant dialogue" ... Renzi also can't be happy out of final 4-way showdown #EuroSummit
— Ryan Heath (@PoliticoRyan) July 13, 2015
The situation is complex for the head of the Greek government, as he is now facing tougher bailout terms than the Greek people rejected in the recent referendum, a European diplomat told TASS. “But it is inevitable in connection with the deterioration of the situation in the country starting from late June, in particular, in connection with the imposition of restrictions on capital movement," the diplomat added.
This is what the press room of the euro leader's summit looks like at 03:30 in the morning pic.twitter.com/IlYvXr1fVD
— Ed Conway (@EdConwaySky) July 13, 2015
The eurozone leaders are taking another intermission from their summit for “final consultations,” Malta's prime minister said.
0600 Brussels. Sun has risen, still waiting. Malta PM tweets "intermission for final consultations." #EuroSummitpic.twitter.com/0VH1hgnC96
— Tesa Arcilla (@TesaArcilla) July 13, 2015
A compromise was indeed reached, but several sticking points still remain, a source close to the talks told TASS. These reportedly include the “full involvement of the IMF” in monitoring and financing the ESM program, and the clause that stipulates that €50 billion ($55.7 billion) worth of “valuable Greek assets” are to be transferred to an “independent fund” for eventual privatization.
Here’s the full 4pg eurogroup document on #Greece, inc “time-out”, total amt needed (€82-6bn) & reform proposals pic.twitter.com/sKUpbykcBX
— Ed Conway (@EdConwaySky) July 12, 2015
The leaders of Greece, Germany, France and the EU reportedly reached a compromise deal during their four-way meeting on the sidelines of the emergency eurozone summit, which is to be discussed by the EU finance ministers later on Monday, a source told AFP.
Eurozone finance ministers are reconvening in full session, following the quadripartite format meeting of Tsipras, Merkel, Hollande and Tusk, the spokesman for the summit chairman said.
Greek PM Alexis Tsipras, German Chancellor Angela Merkel, French President Francois Hollande and European Council President Donald Tusk are holding meeting to discuss the terms of financial aid to Greece and the draft plan put forward by the eurozone finance ministers earlier on Sunday.
Thank God - no need Wednesday summit, Eurogroup could give mandate for start of negotiations if Greece parliament passes first steps- source
— Danny Kemp (@dannyctkemp) July 12, 2015
12 July 2015
France will not offer a bilateral loan to Greece despite earlier reports that Paris was willing to go the extra mile to help the country out, two French officials told Reuters.
Demonstrators are gathering in central Athens to protest the latest Eurozone demands voiced on Sunday, with growing suggestions that Tsipras may be forced to call an election if he desires a mandate for the latest bailout, particularly in view of the resounding 'No' vote to the previous deal a week ago.
Happening now, Athens #Greece. Protestors who still say "Oxi" or "No" to the deal on the table. Many favor #Grexit. pic.twitter.com/wsoGcdJ7tX
— M. Caruso-Cabrera (@MCaruso_Cabrera) July 12, 2015
Greece’s temporary exit from the euro is a potential discussion point at Sunday’s summit of 19 eurozone leaders, AP reported after obtaining a four page draft document of proposals put to the heads of state.
Greece should be offered "swift negotiations on a time-out from the euro area with possible debt restructuring" if no bailout deal is agreed, the paper drafted by eurozne finance ministers said.
The document reveals that Greece has gone a long way towards meeting creditors' demands, with the Eurogroup saying the country may need between 82-86 billion euros ($91-96 billion) in financing.
Here’s the full 4pg eurogroup document on #Greece, inc “time-out”, total amt needed (€82-6bn) & reform proposals pic.twitter.com/sKUpbykcBX
— Ed Conway (@EdConwaySky) July 12, 2015
A number of European creditors' demands previously condemned by Athens have been accepted by the Greek government in a draft document, AP reported.
Referring to a Eurogroup document obtained by the agency, "ambitious" pension and market reforms were accepted, as was a "significant" scale up of a privatization program. The allowing of creditors' officials "to work on the ground" in Greece was also among the now-accepted proposals.
According to the document, Tsipras's government has agreed to pass legislation pertaining to the first set of measures by Wednesday, AP reported.
Apart from official meetings in Brussels, Greek PM Alexis Tsipras will meet with several European leaders on the sidelines of the summit, Reuters reported citing a Greek government official. Tsipras will reportedly have such talks with German Chancellor Angela Merkel, French President Francois Hollande and European Council President Donald Tusk.
Germany's Chancellor Angela Merkel has warned the upcoming negotiations in Brussels will be "tough."
"There will be no agreement at any price," Merkel told reporters in Brussels on Sunday, as quoted by AFP.
The European Commission president Jean-Claude Juncker gave grounds for optimism that a breakthrough in the Greek crisis was possible, AP reported.
When arriving in Brussels for the emergency meeting on Sunday, the EU official said he would "fight until the very last millisecond" for a deal that would keep Athens in the eurozone.
A cash-for-reform deal to keep Greece in the eurozone would need commitment from all sides, Greek PM Alexis Tsipras told US Treasury Secretary Jack Lew in a telephone conversation on Sunday, Reuters reported a Greek official as saying.
Greece is willing to reach an agreement, Tsipras told Lew according to the source. But the possible deal "must respect fundamentally the Greek people and everything they have endured over the last five years," the official cited Tsipras as saying.
The eurozone summit will determine whether "tomorrow Greece is part of the eurozone or not," French President Francois Hollande said on his arrival in Brussels on Sunday, TASS reported.
Saying there is no a temporary exit option, but only a question of whether to quit or stay, the French leader said his country would do everything to make Greece stay.
Greece is ready for a compromise, so an agreement with creditors сould be reached on Sunday, Greek Prime Minister Alexis Tsipras has said.
If Germany pushes for Grexit, it would be “fatal” for Berlin’s reputation, Luxembourg's Foreign Minister Jean Asselborn told Germany's Sueddeutsche Zeitung newspaper.
"It would be fatal for Germany's reputation in the EU and the world if Berlin does not now seize the chance that there now is with the Greek reform offers.
"If Germany pushes for a Grexit, it will provoke a profound conflict with France. That would be a catastrophe for Europe," he added.
The EU leaders’ summit has been canceled, but the Greece bailout talks will resume at 14:00 GMT, president of the European Council, Donald Tusk, wrote on Twitter.
I have cancelled #EUCO today. #EuroSummit to start at 16h and last until we conclude talks on #Greece
— Donald Tusk (@eucopresident) July 12, 2015
Italian Prime Minister Matteo Renzi called on the German government not to allow Greece exit the eurozone.
"Now common sense must prevail and an agreement must be reached. Italy does not want Greece to exit the euro and to Germany I say: enough is enough," Renzi was quoted as saying by Rome-based daily Il Messaggero on Sunday.
Germany is humiliating Greece with new demands for a bailout deal and overthrow its government, said Dimitrios Papadimoulis, a senior member of the Greek ruling Syriza party.
It came in response to a Saturday paper by Germany's finance ministry, which demanded stronger Greek measures or a five-year suspension of the country's membership in the eurozone.
11 July 2015
Greece's economy minister George Stathakis has stated that banks could open next week, if a deal with creditors is signed this weekend. The politician did, however, say that restrictions on withdrawals and currency controls would stay in force for at least another two months.
Stathakis also told parliament that the ten Syriza rebels, who have refused to sanction the latest bailout deal, and anyone else in the coalition who does not approve, should resign their seats.
"If it were me, I would resign," the former economics professor told the chamber.
German Finance Minister Wolfgang Schauble has not spoken of the possibility of a Greek exit from the euro during the Eurogroup negotiations in Brussels, Greek government officials told Reuters on Saturday. The comment comes after a report in the German Frankfurter Allgemeine Sonntagszeitung (FAS) that claimed that Schauble had suggested two alternative strategies for Greece including its temporary exit from the eurozone.
"The issue of a Grexit has not been raised by anyone, including Schauble, at the Eurogroup meeting," a Greek government official told Reuters.
Wolfgang Schaeuble, the German finance minister, said the meeting over the Greece crisis is going to be “extraordinarily difficult.''
"We will definitely not be able to rely on promises,'' he said, adding that the optimistic situation regarding Greece at the end of last year has been destroyed by the last months.
Extraordinary #Eurogroup meeting - Doorstep @VDombrovskis "We are making progress" #Greecehttp://t.co/ThEjjcbR6Ipic.twitter.com/NGduBRemVl
— EU Council TV News (@EUCouncilTVNews) July 11, 2015
Eurogroup President Jeroen Dijsselbloem said there's still "a major issue of trust" to be considered before the troika of international creditors approve another bailout for Athens.
"We are still a long way out, both on the issue of content as on the tougher issue of trust," said Dijsselbloem.
Extraordinary #Eurogroup meeting - Eurogroup President @J_Dijsselbloem on the Greek proposal http://t.co/Mz33RSmjV8pic.twitter.com/F97y2VDfcO
— EU Council TV News (@EUCouncilTVNews) July 11, 2015
Italian Finance Minister Pier Carlo Padoan said the meeting was "not about striking a deal tonight."
"We're here with an open mind to reach a green light, an OK, for tomorrow's negotiation," he added.
Eric Wiebes, who represents the Dutch government at eurozone finance ministers’ meetings, said he is very worried about the Athens’ commitment to reform.
"We are discussing a proposal that is very similar to the proposal that was rejected massively less than a week ago," said Wiebes.
"It's very hard to stimulate an economy on the demand side when you're doing corrective work, so they need more supply-side initiatives," Irish Finance Minister Michael Noonan said.
He added, " trust is now being rebuilt in the relationship with Greece and [we] would hope that trust will continue to be rebuilt today.”
Arrivals ahead of today's #Eurogroup meeting on #Greece streamed live here: http://t.co/BUO5XkEqd0.
— EU Council Press (@EUCouncilPress) July 11, 2015
IMF chief Christine Lagarde told reporters the Eurogroup hopes “today to make a lot of progress," at the meeting discussing plans for a third bailout for Greece.
Media programme & agenda highlights for today's #Eurogroup meeting on #Greece: http://t.co/saUrSokjnD.
— EU Council Press (@EUCouncilPress) July 11, 2015
The Eurogroup has received an assessment of Greece's bailout request and its reform proposals, according to the group’s spokesman.
"Assessment of institutions under Article 13 of the ESM (European Stability Mechanism) treaty and initial review of the Greek proposals received by Eurogroup, meeting 3pm (1300 GMT)," he said.
Assessment of institutions under Article 13 of the ESM Treaty and initial review of the Greek proposals received bij #Eurogroup, meeting 3pm
— Michel Reijns (@MichelReijns) July 11, 2015
Putin: #Greece cannot devalue euro, it’s impossible http://t.co/BsSIpBBadEpic.twitter.com/rA2TR5GcXL
— RT (@RT_com) July 10, 2015
Doorstep @J_Dijsselbloem additional #Eurogroup between 2pm and 3pm #Greece
— Michel Reijns (@MichelReijns) July 11, 2015
German Finance Minister Wolfgang Schauble made a jibe during the Bundesbank conference in Frankfurt, saying “we will take Puerto Rico into the eurozone if the US takes Greece into the dollar union.”.
Schauble suggests trading Greece for Puerto Rico, slams US interference See more: http://t.co/gFxy0vxZNehttps://t.co/tlg4SG8oUI
— Ruptly (@Ruptly) July 11, 2015
10 July 2015
Greece’s parliament has backed a debt restructuring deal, sealing that which is a “national responsibility,” PM Tsipras said during passionate debates. The reform package has already received ‘positive’ reviews from creditors ahead of a crucial EU summit.
As cash withdrawals from Greek banks reach €100 million a day the country’s banking system will end up bankrupt on Monday if no deal with creditors is reached over the weekend, some senior bank executives told the Financial Times (FT) on Friday.
Cash withdrawals are at a high rate despite capital controls imposed by the Greek government. If the European Central Bank (ECB) doesn’t agree to extend its emergency liquidity assistance (ELA) program, customers will be left without money by Monday, according to one of the bankers who talked to FT.
The mood of people in Athens is often written on the walls #Greece#Eurogroup#streetart#graffitipic.twitter.com/gvjVY60YKN
— Jasmine Coleman (@jasminecoleman) July 11, 2015
The European Commission should have adjusted the economic activity of Greece before the crisis, Russian President Putin has said, adding that the EU shouldn’t have issued such high bonuses and loans to the debt ridden country.
“Of course, all the blame can be shifted to the Greeks. But if there were violations in their [Greece] activity, where was the European Commission? Why didn’t it make any adjustments to the economic activity of the previous government of Greece?” Putin asked talking at the Q&A session with journalists on the final day of BRICS/SCO summits in Ufa.
#Tsipras didn’t ask Russia for any aid or assistance – Putin LIVE presser http://t.co/BsSIpBBadE#Greecepic.twitter.com/IkFgKfUrcJ
— RT (@RT_com) July 10, 2015
IMF chief Christine Lagarde, ECB president Mario Draghi, European Commission head Jean-Claude Juncker and Eurogroup president Jeroen Dijsselbloem are set to discuss the Greek proposals to find a solution to its debt crisis at 12:00 GMT.
European stocks have surged during early trading on Friday, after Greece submitted new reform proposals to try and pay back its eurozone creditors. Athens is willing to make substantial concessions to try and avoid bankruptcy.
The pan-European FTSEurofirst 300 was up 1.5 percent at 1,533.63 points by 0706 GMT, with the eurozone blue-chip Euro STOXX 50 rising 2.2 percent.
Traders say that they are cautiously optimistic that Greece’s pledge to raise taxes to pay off a €53.3 billion loan it is asking for could help to ease the country’s economic crisis, while a deal could be struck by Sunday.
"The proposals appear to offer additional concessions from Greece on the key issues that have stalled negotiations this year," said Craig Erlam, senior market analyst at OANDA, told Reuters.
Also, the country's interior minister said on Friday he was optimistic Greece could strike a "good agreement" based on conditions of a bailout package submitted to creditors on Thursday night.
"We are optimistic of a very good agreement. We will discuss it and I'm optimistic all will go well," Nikos Voutsis told journalists prior to a parliamentary session with lawmakers from the ruling Syriza party.
The Greek parliament will give the government a mandate to negotiate with creditors for a cash-for-reforms deal, the parliamentary spokesman said on Friday.
When asked if a deal is possible, Nikos Filis told journalists: "Certainly. Today we are speaking in parliament."
Prime Minister Tsipras has called a snap parliamentary vote on Friday seeking its support in negotiating a list of "prior actions." These include measures the Greek government would take to persuade creditors that it intends to reach an aid deal.
09 July 2015
The new proposal includes moving more items to the 23% tax rate, The Guardian reports. Greeks also agreed to eventually abolish solidarity installments for the poor pensioners by December 2019, a year earlier than planned.
The proposal also includes concessions to raising the retirement age to 67 by 2022, as well as cut military spending by €100m in 2015 and by €200m in 2016.
Athens has also agreed to raise raising corporation tax to 28% and implement more measures to fight tax evasion. The agreement also includes privatization of regional airports and seaports.
Greece is reportedly seeking €53.5 billion ($59.2 billion) in a new bailout package until July 2018.
According to AP, the text of the proposals shows that the government concedes to the demands of the creditors by introducing higher sales tax rates and pension reforms.
BREAKING: Parliament to vote late Friday on Greek bailout proposals, final negotiations with creditors.
— The Associated Press (@AP) July 9, 2015
Greece has submitted proposals for economic reforms demanded by the Eurogroup.
New Greek proposals received by #Eurogroup president @J_Dijsselbloem, important for institutions to consider these in their assessment
— Michel Reijns (@MichelReijns) July 9, 2015
"We continue to hope for and work toward a positive solution by which Greece remains in the eurozone," Olivier Blanchard, director of research at the International Monetary Fund says. "There is little question that Greece is suffering and may suffer even more under the scenario of a disorderly exit from the Eurozone. But the effects on the rest of the world economy are likely to be limited."
Greek Defense Minister Panos Kammenos says the Greek government's economic reform proposals will be submitted "in the next few hours."
Russia is interested in a "strong, functioning, economically growing European Union,” Russian Foreign Minister Sergey Lavrov says, adding that any idea that Moscow is happy over the EU crisis is a “distortion of our position and our interests.”
German Finance Minister Wolfgang Schaeuble says Greece will most likely not get any debt relief.
"The room for maneuver through debt reprofiling or restructuring is very small," Schaeuble said.
As Greeks seek to send their proposals to the Eurogroup, Greece's energy minister urged the Greeks not to accept the new proposal, even if it means leaving the Euro.
"The choices we have are tough ... but the worst, the most humiliating and unbearable is an agreement that will surrender, loot and subjugate our people and this country," Panagiotis Lafazanis told said to business conference, adding that last weekend's referendum "will not be turned into a humiliating 'Yes.'”
European Commission President Jean-Claude Juncker will meet with members of Greece’s opposition parties on Thursday and Friday in Brussels as all sides try to find a deal that will stop Greece from going bankrupt.
"President Juncker will meet later today, I believe at 2:30[pm], a delegation by the opposition party New Democracy," Commission spokesman Margaritis Schinas told a regular briefing, as cited by Reuters.
"I can also confirm that tomorrow, at 10:30[am], the president has agreed to welcome here ... Stavros Theodorakis, the president of To Potami [River] party."
The president of the European Commission, Donald Tusk, says the eurozone creditors are waiting for Greece to come up with its suggestions for economic reform proposals sometime on Thursday. He also added on Twitter that he had spoken with the Greek Prime Minister Alexis Tsipras on Thursday.
Realistic proposal from Athens needs to be matched by realistic proposal from creditors on debt sustainability to create win-win situation
— Donald Tusk (@eucopresident) July 9, 2015
Jens Weidmann, a German member of the European Central Bank’s governing council, says Greek banks should not get any more money from the bank, until a bailout deal is struck. He added that the central bank "has no mandate to safeguard the solvency of banks and governments,” AP reported.
Weidmann added in a speech on Thursday that it would be up to the Greek and eurozone governments to try and find a solution to rescue Greece. He also mentioned he was glad thatAthens had introduced limits on how much Greek citizens can withdraw, so that central bank credit "is no longer being used to finance capital flight caused by the Greek government."
Greece is preparing a reform package worth €12 billion over two years, more than previously planned. This is an effort to offset a return to recession after months of negotiations with creditors, the Greek newspaper Kathimerini reported. The Greek economy was expected to grow by 0.5 percent this year, but due to almost two weeks of capital controls, it’s thought there could be a recession of three percent.
"It is estimated that the measures of €8 billion that Greece had presented for 2015 and 2016 will have to be increased by €2 billion per year, raising the total to €12 billion for the two years," Kathimerini reported, as cited by Reuters.
A second newspaper, Naftemporiki, gave more details about proposed tax increases to find the money to pay off the loans. This will include a two-percent rise in corporate tax to 28 percent and a rise in VAT on luxury goods by three percent to 23 percent.
08 July 2015
Managing Director of the International Monetary Fund (IMF) Christine Lagarde said on Wednesday that Greece will need “debt restructuring,” as cited by RIA-Novosti. "Greece is in a situation of acute crisis, which needs to be addressed seriously and promptly," she added, stressing that "we [the IMF] try to be mindful of developments and not be excessive in our positions."
The Eurogroup has authorized the European Commission and the European Central Bank to examine Greece’s request for a new credit line, RIA-Novosti reported on Wednesday.
Greece has lodged a formal request for a bailout loan with the eurozone’s special support form, a spokesman for the European Stability Mechanism (ESM) said. They also confirmed the organization had received the request, according to Reuters.
The Eurogroup will consider the application, which was addressed to its chairman Jeroen Dijsselbloem.
07 July 2015
The Italian Prime Minister Matteo Renzi has warned Greece that it has until Sunday to make its last proposals for the full EU summit.
"The ball is in Greece's court," Renzi told reporters. "Next Sunday the final meeting will take place on Greece."
Greece is not “facing any particular problem in paying public sector salaries [on July 13]”, according to Deputy Finance Minister Dimitris Mardas, as cited by Reuters. "Based on what we know so far, they [public sector salaries] can be paid normally," Mardas told state channel TV ERT, adding that the government had no plans for a haircut on bank deposits.
Eurozone leaders may hold another emergency meeting on Sunday, senior EU sources told Reuters on Tuesday. The leaders, who had a summit on Tuesday in Brussels, are set to approve an aid plan for Greece, provided that the EU heads accept the country’s loan application and find a reform plan to be satisfactory.
The #EuroSummit on #Greece has just started. pic.twitter.com/jrKwUzlDfr
— Donald Tusk (@eucopresident) July 7, 2015
“If Greece leaves, it will be the absolute end of the EU project. Therefore the EU won't allow that,” UKIP MEP Ray Finch told RT. “They will give in. And as soon as they do, the next morning they will hear a knock on the door from Spain, Portugal and Ireland."
“We feel that the euro is corrupt mechanism. Greece and Germany could never occupy the same financial zone without significant financial transfers,” he added
Greece has rejected claims it hasn’t made any new proposals to its eurozone partners and says it has already submitted some ideas on how to overcome the problem. A senior eurozone official said, "They (Greek officials) say they will submit a new request and outline of proposals, maybe tomorrow," Reuters reported. Another added, "If they really plan to present something formal tomorrow, they may not find anyone to read it."
However, Greece hit back, with a government official saying, "Is it really that we don't have proposals or is it that they don't like our proposals?" A second official said: “The Greek government came up with proposals that weren’t discussed by the Eurogroup last week."
The suit man and the homeless man - winner and loser of the #GreeceCrisis#ShutDownAllBankspic.twitter.com/LH3XHXdEG7
— denise reese (@denice_ruptly) July 7, 2015
Alexis Tispras is set to meet with German Chancellor Angela Merkel and the French President Francois Hollande before the EU Summit, according to a Greek government official, who was cited by Reuters.
The president of the European Council, Donald Tusk, has been busy today as leaders across Europe try to find a solution to Greece’s debt crisis. He has been in touch with the Greek Prime Minister Alexis Tsipras and held a meeting with the President of the European Central Bank Mario Draghi, while he will take part in a summit to discuss the Greek situation later in the evening.
Meeting with @ECB president Mario #Draghi ahead of tonight's #EuroSummit on #Greecepic.twitter.com/qHVSEEPIL6
— Donald Tusk (@eucopresident) July 7, 2015
Finland’s Finance Minister Alexander Stubb says European governments are beginning to run out of patience with Greece. He added that the “ball is now in Greece’s court” in regards to negotiations about how to manage Athens’ debt crisis.
“Negotiations can only be resumed when the Greek Government is willing to cooperate and commit itself to measures to stabilize the country’s public economy and implement the structural reforms required for debt sustainability,” Stubb said in a blog post, adding that Greece’s second bailout program had ended and “could not be continued.”
A source within the eurozone says it’s possible Greece may submit a new aid proposal to its European creditors, which could happen on Wednesday. "They say they will submit a new request and outline of proposals maybe tomorrow," the official, who spoke on condition of anonymity, told Reuters.
Greek Prime Minister Alexis Tsipras says he will address members of the European Parliament on Wednesday, according to a Greek government official, Reuters reports.
The money transfer company Western Union says it will resume services to Greece, which will allow citizens in the country to receive funds from abroad. However, the firm added that it would only allow customers to withdraw a maximum of €60 ($65) per day due to capital controls implemented by the Greek government.
Western Union had said on June 29 that it would close its business in Greece for the whole week.
German Finance Minister Wolfgang Schaeuble has just announced that it would be impossible to write down Greece’s debt under the current bailout rules.
Meanwhile, Russia’s Economics Minister Aleksey Ulyukayev has said that Moscow has not been asked by Athens for any potential financial help.
"Greece has not asked for any help. We haven't discussed such an issue," he said.
Although the majority of EU leaders are rallying behind Greece to try and keep Athens in the eurozone, it seems as though the French public has had enough. A poll conducted by Odoxa and published by Le Parisien on Tuesday shows that one in two people in France want Greece to leave the eurozone.
No fewer than 75 percent of those surveyed dismissed the proposition that "austerity policies are the only way out of the economic crisis for Europe,” while a small majority, around 55 percent, were in favor of restructuring Greek debt, Reuters reports.
Support for the euro remains strong in France, with 67 percent of the population against abandoning the pan-European currency and returning to the French franc.
Russian Economics Minister Aleksey Ulyukaev says there is a chance that Greece could leave the eurozone, but it is now less than 50 percent likely.
The head of the European Parliament Martin Schulz says he is also in favor of Greece remaining within the eurozone.
"Those people who want to split up the eurozone I think are wrong," he said. "My personal opinion is that Grexit cannot be our aim,” Reuters cited him as saying. This statement comes after he told German radio on Sunday that Greece may have to introduce an alternative currency, if Athens rejected the bailout terms.
Schulz also mentioned that he had never called for the Greek Prime Minister, Alexis Tsipras to resign. "I never called for the resignation of Mr Tsipras or the Greek government," he added.
The Athens stock exchange will remain closed on Wednesday, the Greek Capital Markets Commission has stated. This remains in line with the closure of banks as Greece races to avert bankruptcy and remain in the eurozone.
Prime Minister Alexis Tsipras is currently in Brussels, as he tries to secure a cash-for-reforms deal that will be able to keep Greece in the euro.
The President of the European Commission, Jean-Claude Juncker told the European Parliament that Greece must come forward with proposals to try and resolve its debt crisis.
"The ball is now in the court of the Greek government," he said on Tuesday, ahead of a euro zone summit in Brussels later in the day, according to Reuters.
He added that he is opposed to Greece leaving the euro, but criticized Athens for some of its statements, including what he said were accusations that the EU executive were "terrorists.”
US President Barack Obama spoke with French President Francois Hollande about Greece future within the single currency.
"The two leaders agreed on the importance of finding a path forward that will allow Greece to resume reforms and return to growth and debt sustainability within the eurozone," the White House said.
Negotiations on the Greek debt should focus on keeping Greece in the eurozone, White House spokesman Josh Earnest told reporters.
The EU and Athens need “to agree to a package of reforms and financing that would allow Greece to be on a path toward debt sustainability but also economic growth,” Earnest said. “This is a European challenge to solve,” he added.
06 July 2015
“The situation that is now being created by the referendum makes me sad, because life for the Greek population is going to get harder in the coming days and weeks,” said Sigmar Gabriel, the German vice chancellor, as he called on the EU to start preparing humanitarian assistance for Greece.
"We're inclined to help Greece but Greece must follow Europe's rules," Spanish Prime Minister Mariano Rajoy told Spain's Telecinco. Rajoy also called on Athens to enact reforms and follow obligations to pay off its debt.
The European Central Bank will not provide liquidity for Greece if Athens defaults on its debt, but could provide bridge funding while negotiations continue, said ECB's Governing Council member Ewald Nowotny.
"Whether it's possible is something that has to be discussed," Nowotny told Austrian state television network ORF when asked about offering Greece assistance as Athens tries to negotiate a new bailout deal.
The ECB earlier decided to keep Emergency Liquidity Assistance (ELA) to Greece at its current level.
Greek Prime Minister Alexis Tsipras called for an immediate need to lift capital controls in Greece as he discussed the liquidity situation with European Central Bank President Mario Draghi, a government official told Reuters.
Cuban leader, Fidel Castro wrote to the Greek government, saying that Prime Minister Alexis Tsipras's referendum "bravery has won the admiration of the peoples of Latin America."
The International Monetary Fund made it clear that it could not provide Greece with funds because of a payment missed in June, Reuters reports, citing an IMF representative.
"The managing director explained the fund's inability to disburse under its arrears policy," the representative said in a statement, following a conversation between IMF Managing Director Christine Lagarde and Greek Prime Minister Alexis Tsipras.
Dutch PM Mark Rutte has said that Greece must decide tonight if it wants to remain in the eurozone, Reuters reports.
"If things stay the way they are, then we're at an impasse," he said. "There is no other choice, they must be ready to accept deep reforms."
He said that creditors had no plans to draft a new proposal after Sunday's 'No" vote and it was up to the Greek government to come up with a new proposal ahead of a meeting of European leaders on Tuesday.
Russian President Vladimir Putin has phoned International Monetary Fund (IMF) chief Christine Lagarde to discuss cooperation between Russia and the IMF in context of the Sunday’s referendum in Greece, the Kremlin said.
Both sides expressed hope that, despite the Greek people speaking out against the bailout terms by international creditors, the search for the solution to the Greek debt crisis that satisfies all involved parties will continue.
New Greek funding programs will also have "strict conditions," the Dutch government said, Reuters reports.
“Varufakis made compromise impossible,” Stathis Kalyvas, professor of political science at Yale University, told RT.
The finance minister was probably fired by PM Tsipras in an attempt to create goodwill with the Troika, Kalyvas said.
Putin calls Tsipras to discuss #referendum, expresses support for Greek people facing hardship http://t.co/s2oS5HJSUWpic.twitter.com/K0vydpADrg
— RT (@RT_com) 6 июля 2015
Greece must remain in the eurozone, said the European Commission Vice-President for the Euro and Social Dialogue Valdis Dombrovskis on Monday, adding that this is “clear.”
READ MORE: Greece should stay in the euro – European Commission
In the #Eurozone we have 19 democracies, we need a solution acceptable to all. 'No' makes this more difficult, need to work responsibly #EC
— Valdis Dombrovskis (@VDombrovskis) July 6, 2015
The stability of the #Eurozone is not in question - we are willing and able to ensure financial stability by all available means. #EC
— Valdis Dombrovskis (@VDombrovskis) July 6, 2015
#EU supported #Greece to reform its economy so it could stand proud and independent from outside help in the future. #EC
— Valdis Dombrovskis (@VDombrovskis) July 6, 2015
#EC takes note of the result of referendum in Greece. To negotiate we need a mandate from the #Eurogroup. pic.twitter.com/U8KfafNsHd
— Valdis Dombrovskis (@VDombrovskis) July 6, 2015
Athens should decide if Greece is going to stay in the eurozone, Germany said in a statement on Monday.
"It is up to Greece to make something of this. We are waiting to see which proposals the Greek government makes to its European partners," Chancellor Angela Merkel's spokesman Steffen Seibert told reporters.
Greek Finance Minister Yanis Varoufakis’ statements in which he accused Athens’ international creditors of “terrorism” were “unacceptable,” France’s minister of agriculture and representative at the Greek talks, Stéphane Le Foll, told BFMTV on Monday. He said that France seeks to “resume dialogue with Greece” adding that the results of the referendum which show that the Greeks refuse to agree with the creditors’ terms suggests a “certain return to nationalism, which is a bit worrying.”
Foll was referring to the statement Varoufakis made on Saturday in which he described the actions of Athens’ creditors as “terrorism.”
“What they are doing with Greece has a name: terrorism,” Varoufakis told Spain’s El Mundo daily. “Why have they forced us to close the banks? To make people frightened. And when it comes to spreading terror, this phenomenon is called terrorism.”
Starting time additional #eurogroup Tuesday 7 July at 1pm #Greece
— Jeroen Dijsselbloem (@J_Dijsselbloem) July 6, 2015
According to a source in the Greek government, the top candidate to replace Finance Minister Yanis Varoufakis is the chief negotiator in talks with international creditors, Euclid Tsakalotos, Reuters reports. The new minister is to be named after the ongoing meeting of political leaders.
The Balkans are risking destabilization if Greece were to leave the Eurozone, Belgian Foreign Minister Didier Reynders said. He fears this is a risk, since the region enjoys a major share of Greek investment.
French European Affairs Minister Harlem Desir says that the 'no' vote on austerity at the Greek referendum does not indicate the country's desire to leave the Euro, according to Reuters.
However, he added that Tsipras needs to make clear what he wants to do, and that talks with Greece must start soon "on a serious basis."
"What matters now is that talks (with eurozone officials) can restart soon in order to allow Greece to stay in the euro," the minister said in an interview to iTELE.
Britain will do “whatever is necessary to protect its economic security” after Greece voted ‘no’ on austerity, a government spokesman said Monday.
"This is a critical moment in the economic crisis in Greece," he added.
“We have already got contingency plans in place and later this morning the Prime Minister will chair a further meeting to review those plans in light of yesterday's result."
Finance Minister Yanis Varoufakis has announced his resignation after securing a ‘no’ vote at the Greek bailout referendum. "Soon after the announcement of the referendum results, I was made aware of a certain preference by some Eurogroup participants, and assorted ‘partners’, for my… ‘absence’ from its meetings; an idea that the prime minister judged to be potentially helpful to him in reaching an agreement. For this reason I am leaving the Ministry of Finance today," he said Monday in an online statement.
Varoufakis says he will continue to offer his support to Prime Minister Alexis Tsipras and whoever he chooses to become the next finance minister.
Minister No More! http://t.co/Oa6MlhTPjG
— Yanis Varoufakis (@yanisvaroufakis) July 6, 2015
Cristina Kirchner, Argentinian President, has expressed “solidarity” and support for “the brave Greek people and their Government.”
Greece: outright victory of Democracy and Dignity. The Greek people have said NO #Greferendumpic.twitter.com/GKuOIyZZ2t
— Cristina Kirchner (@CFKArgentina) July 6, 2015
“We Argentines understand what this is about. We hope Europe and its leaders understand the message of the polls,” Kirchner wrote on Twitter.
Markets have opened down following the news of the referendum results in Greece.
A cheering crowd of “No” camp supporters have burnt EU flags as they celebrated a 61 percent vote against the creditor’s bailout deal.
Our NO is a majestic, big YES to a democratic, rational Europe! http://t.co/1hF7uDfSgG
— Yanis Varoufakis (@yanisvaroufakis) July 6, 2015
After meeting with Prime Minister Alexis Tsipras, parliamentary speaker Zoe Konstantopoulou visited jubilant crowds celebrating at Syntagma Square.
Greece’s example might be followed by other struggling eurozone economies, former deputy speaker of the Belgian Parliament, Lode Vanoost, told RT.
05 July 2015
BREAKING: 100% of #Greferendum ballots counted, NO (#OXI) at 61,31 and YES (#NAI) at 38,69 % pic.twitter.com/ALfTt4KkWo
— Ruptly (@Ruptly) July 5, 2015
Anarchist protesters threw firebombs at riot police and set trash cans on fire in the central Athens neighborhood of Exarcheia. Meanwhile, the majority of Greeks celebrated the victory of the‘OXI’ (‘No’) vote in the crucial bailout referendum.
#Greece political leaders will meet with President Pavlopoulos on Mon at 10am (GR). #Greferendum#politics
— Manos Giakoumis (@ManosGiakoumis) July 5, 2015
— Ekaterina Burova (@eburova_RT) July 5, 2015
Greek Prime Minister Tsipras addressed the nation in Athens following the likely 'no' vote in Sunday's referendum
Greek PM Tsipras says a strong national front needed to reach a solution.
"We must move forward immediately with negotiations.. a strong national front must be created to seek an immediate solution," Tspiras told Greek President Prokopis Pavlopoulos after the vote.
European Council President Donald Tusk called a eurozone summit for Tuesday to discuss the Greek debt crisis.
I have called a #EuroSummit Tuesday evening at 18h to discuss situation after referendum in #Greece
— Donald Tusk (@eucopresident) July 5, 2015
Greek Prime Minister Alexis Tsipras said his government is ready to return to negotiations with its creditors immediately.
The issue of our debt will now be on the negotiating table, in light of the IMF's recent report on its sustainability. #Greece
— Alexis Tsipras (@tsipras_eu) July 5, 2015
Greek Prime Minister Alexis Tsipras praised the ‘No’ vote in the referendum, saying that his government is ready to return to negotiations with creditors immediately so that the country’s banks could re-open.
“With the difficult circumstances prevailing today you made a very brave choice,” Tsipras said in a televised address to Greeks.
“I’m fully aware the mandate you gave me is not one of a rupture with Europe but a mandate to strengthen our negotiating position to seek a viable solution,” he added.
The Greek ppl responded to real question at hand: What kind of Europe do we want? The answer: A Europe of solidarity & #democracy. #Greece
— Alexis Tsipras (@tsipras_eu) July 5, 2015
OXI #OXI#oxi2015 (today, replayed thrice for your leisure) #greekreferendum#greecereferendumpic.twitter.com/SMwTyb0sID
— IvorCrotty (@IvorCrotty) July 5, 2015
Nigel Farage, leader of the British UKIP party, commended the Greeks “for calling the EU’s bluff,” while commenting on the Greek referendum results.
If these poll figures are correct, I commend the Greek people for calling the EU’s bluff. #greekreferendum
— Nigel Farage (@Nigel_Farage) July 5, 2015
EU project is now dying. It’s fantastic to see the courage of the Greek people in the face of political and economic bullying from Brussels.
— Nigel Farage (@Nigel_Farage) July 5, 2015
Following Greece’s rejection of the bailout terms, a summit of the eurozone’s leaders should be held on Tuesday, Reuters cited German government spokesman and France’s Elysee Palace as saying.
Plans for the meeting were agreed upon in a phone call between German Chancellor Angela Merkel and French President Francois Hollande, the German spokesman said, adding that the two leaders also agreed that the results of the vote should be respected.
The agency added that according to a spokesperson for Eurogroup President Jeroen Dijsselbloem, the eurozone finance ministers will also meet during the week to discuss the referendum results.
Thousands of Athenians celebrated the likely 'Oxi' result in Sunday's referendum on Athens' Syntagma Square, Sunday evening.
Greece’s finance minister, Yanis Varoufakis, called the “No” vote to a bailout package a “big Yes to democratic Europe,” Reuters reported on Sunday. With the referendum’s results, the Greek government will call on its lenders “to find common ground” starting from Monday, the agency cited the minister as telling reporters.
Europe will have to accept the results of the Greek referendum, German Foreign Minister Frank-Walter Steinmeier said on Sunday, as quoted by Reuters.
“This is a decision which first and foremost must be made in Greece,” Steinmeier told reporters, adding that “the ball is now in Athens’ court.”
Varied political forces united in celebration of the “No” vote in front of the Greek parliament on Syntagma square in central Athens.
Against fascism, against capitalism - 30 communists march around Syntagma Square #GRefenrendum#GreeceCrisispic.twitter.com/4yTFppyH01
— denise reese (@denice_ruptly) July 5, 2015
Conservative opposition leader and former Greek PM, Antonis Samaras, has announce his resignation as head of the New Democracy Party after the country said ‘No’ to a bailout by EU creditors in the referendum.
“The last bridges on which Greece and Europe could have moved towards a compromise” have been “torn down” by Greek PM Alexis Tsipras’s Sunday referendum, German Economy Minister Sigmar Gabriel told the Tagesspiegel daily, as cited by Reuters.
Having rejected the rules of the eurozone, Greece has made talks on a new bailout program “barely conceivable,” the minister, who is also the leader of Germany’s Social Democrats (SPD) party, said.
With Tsipras’s government, the country is en route to “bitter abandonment and hopelessness,” the German official added.
With the “No” vote enjoying a significant lead in the Greek referendum, the euro has fallen from 1.111 to 1.099 against the US dollar.
Marine Le Pen, the leader of France’s right-wing National Front party, welcomed the early results of the Greek referendum showing the ‘No’ camp in the lead, as reported by Reuters.
Le Pen said in a statement that a rejection of the Troika’s austerity demands would be a victory “against the oligarchy of the European Union,” adding that “this ‘No’ from the Greek people must pave the way for a healthy new approach,” which should include “the dissolution of the single currency system, which is needed to get back to real growth, employment and debt reduction.”
According to Greek television, the country’s prime minister, Alexis Tsipras, has already discussed the result of vote with several European leaders, including French president Francois Hollande and European Central Bank president, Mario Draghi.
Italy’s foreign minister, Paolo Gentiloni, says the EU should keep looking for a compromise with Greece, despite the partial results of the bailout referendum indicating that Greek voters have rejected the austerity measures demanded by the creditors.
“Now it is right to start trying for an agreement again. But there is no escape from the Greek labyrinth with a weak Europe that isn’t growing,” Gentiloni wrote on Twitter.
With over 51 percent of the ballots counted in the Greek referendum, the “No” vote continues to enjoy an overwhelming lead with 61.26 percent of the vote, to 38.74 percent for “Yes.”
The head of Germany’s savings bank association (DSGV), Georg Fahrenschon, told Reuters that Greece has broken the rules of the eurozone by saying ‘No’ to the bailout, and should now leave the currency bloc.
Greece might be better off outside the single currency, Hans Michelbach, a senior German conservative lawmaker said, commenting on early results from the referendum that indicated Greeks are likely to reject the eurozone’s bailout terms.
“Now one has to ask the question whether Greece would not be better off outside the eurozone,” Michelbach from the Bavarian Christian Social Union (CSU) told Reuters.
“Unfortunately, Greece has chosen a path of isolation,” he said, adding that if the 'No' vote won there would be no reason to aid the country further.
With early referendum results showing overwhelming support for the ‘No’ vote, the Greeks, who spoke out against austerity measures in return for a financial bailout from EU creditors, took to the streets in celebration.
Euclid Tsakalotos, Greece’s chief negotiator, believes that the country will quickly be able to reach an agreement with its EU-IMF creditors if the ‘No’ vote in the plebiscite prevails.
“The first thing is that the IMF report proves that the debt [load] is not viable, and secondly that there is a new popular mandate, as it would seem from the apparent result of the referendum,” Tsakalotos told local STAR TV.
There are no plans for an emergency summit of eurozone finance ministers following Greek voters’ overwhelmingly rejection of the terms of a bailout deal with international creditors in Sunday’s national referendum, an unnamed eurozone official told Reuters.
When asked if the Eurogroup is planning such a meeting for Monday, the official replied: “No way. (The ministers) would not know what to discuss.”
With about 17 percent of the vote counted, the “No” vote is leading with 60.49 percent, ahead of 39.51 percent for “Yes,” an Interior Ministry said.
Greece’s central bank will file a request on Sunday to the European Central Bank to raise the amount of emergency funding (ELA) for Greek banks, Gabriel Sakellaridis, a government spokesman, said.
“The Bank of Greece will make a request today, and we believe there are valid grounds for there to be an increase in ELA liquidity... there is no reason not to increase liquidity,” Sakellaridis told ANT1 television.
With about 10 percent of votes counted, the “No” vote is leading with 59.8 percent, ahead of 40.1 percent for “Yes” in Greek referendum, the Interior Ministry website said.
Earlier, the Greek Interior Ministry released data after processing 541,500 ballots or 7.54 percent of vote, which showed 59.7 percent voting “No”, and 40.3 saying “Yes.”
This is how the map of Greece looks at 8.7% of votes: "NO" 60% - "YES" 40% #Greferendum#OXIpic.twitter.com/iElJVZmkem
— george mastropavlos (@g_mastropavlos) July 5, 2015
A poll conducted by Star television showed a 49-54 percent range for a ‘No’ vote and 46-51 percent for ‘Yes,’ AFP reported. A Mega channel poll gave 49.5-53.5 percent to ‘No’ and 46.5-50.5 to ‘Yes.’
Greek officials haven’t reached the point of discussing a parallel currency, Euclid Tsakalotos, the coordinator of negotiations with the country’s creditors, told Star TV.
“We are not discussing a parallel currency…I do not think...that they are going to throw us out. We are ready to meet them as early as tonight.”
Greece’s government is planning to resume talks with the Troika of international creditors, Greek government spokesman Gabriel Sakellaridis told state TV.
"The negotiations which will start must be concluded very soon, even after 48 hours," Sakellaridis said. "We will undertake every effort to seal it soon."
Greece Finance Minister Yanis Varoufakis will hold talks with nation’s bankers later on Sunday, a finance ministry official told Reuters.
Opinion polls indicating that a majority will vote “No” would allow the Greek government to make a deal with the Troika of its international creditors, the parliamentary spokesman for the ruling Syriza party Nikos Filis told Greek television.
"I think this is guidance for the government… to move forward quickly to seek a deal and normalise the banking system," he said.
"In 24h we COULD have an agreement", I said. But our toxic media rushed to report that I predicted an agreement within 24h. Go figure!
— Yanis Varoufakis (@yanisvaroufakis) July 5, 2015
Opinion polls indicating that a majority will vote “No” would allow the Greek government to make a deal with the Troika of its international creditors, the parliamentary spokesman for the ruling Syriza party Nikos Filis told Greek television.
"I think this is guidance for the government… to move forward quickly to seek a deal and normalise the banking system," he said.
France’s President Francois Holland and German Chancellor Angela Merkel will hold a meeting Monday over the consequences of Greek referendum, a statement from the Elysee Palace said.
"The meeting is part of the constant cooperation between France and Germany to find a durable solution in Greece," said the statement.
Le président @fhollande s'entretiendra avec A. Merkel demain afin d'évaluer les conséquences du référendum en Grèce pic.twitter.com/5reyGN5LN2
— Élysée (@Elysee) July 5, 2015
According to three opinion polls, conducted by GPO, Metron Analysis and MRB, “No” is slightly ahead in the referendum. The results were released after the end of the voting.
GPO poll for @MegaGegonota Yes 48.5% No 51.5% outcome range Yes 46.5-50.5% No 49.5-53.5% #Greferendum#Greece
— MacroPolis (@MacroPolis_gr) July 5, 2015
MRB poll for Star TV Yes 46-51% No 49-54% #Grefenderum#Greece
— MacroPolis (@MacroPolis_gr) July 5, 2015
Greece #greferendum/#greekreferendum: Metron Analysis poll: Yes: 48.6% No: 51.4% #Grexit#skai_xeftilespic.twitter.com/UQXLPC1yCN
— twittprognosis/eu (@twittprognosis) July 5, 2015
2010 Yes 2011 Yes 2012 Yes 2013 Yes 2014 Yes 2015 Enough. We say NO #Greferendum#team_OXIpic.twitter.com/4TPjSyTbuT
— SYRIZA London (@SyrizaLondon) June 30, 2015
#Greece#Grefenderum#Oxi All today's secret polls predict a "No". However, experts say the result is still uncertain pic.twitter.com/RGJUDcwzdv
— SYRIZA London (@SyrizaLondon) July 5, 2015
#Οxi current projections based on today's secret polls #greferendumpic.twitter.com/Yr94YjMb4O
— SYRIZA London (@SyrizaLondon) July 5, 2015
Protesters in Athens’ Syntagma Square have thrown stones at a camera crew from German broadcaster ZDF, reports say. Several photographers working for other media companies were reportedly slightly injured in the scuffles.
RT correspondent Ilya Petrenko reported on the mood in Athens in the last hour of the crucial referendum.
Markets strongly believe #Greece will vote No and stay in Eurozone. h/t @AsmusOlsen@DavMicRothttp://t.co/kokSzn1A7lpic.twitter.com/aB4B27ewjN
— reported.ly (@reportedly) July 5, 2015
“If [the Greek people] say 'No', they will have to introduce another currency after the referendum because the euro is not available as a means of payment," said Martin Schulz, the president of the European Parliament. "And how are they going to pay salaries? How are they going to pay pensions?"
Today we're supporting #democracy–for a better future for all of us, in #Greece and Europe. http://t.co/4YHWbWeq6hpic.twitter.com/iYZrXQZWax
— Alexis Tsipras (@tsipras_eu) July 5, 2015
#Greferendum on Twitter. pic.twitter.com/ckTGLDgqnq
— Daniel Mack (@danielmack) July 5, 2015
Greek Finance Minister Yanis Varoufakis told Frankfurter Allgemeine Sonntagszeitung newspaper that he is planning to strike a deal with the Troika of international creditors on Monday.
"I expect that we will have an agreement on Monday.. And it will be independent of whether a majority vote 'Yes' or 'No' in the referendum," he said, "Don't listen to those who say the offer is off the table. Of course, it is still there because it is what they want.”
Las 18h en Naxos. A una hora de empezar a saber. Aquí, los que se significan, exclaman Oxí /o-hí/ (No) #Greferendumpic.twitter.com/xq6mOsVuax
— Lara Siscar (@larasiscar) July 5, 2015
#Greferendum. Syntagma Sq: No Camp. Preparing to celebrate? pic.twitter.com/Fuetr4Hjct
— Adam Boulton (@adamboultonSKY) July 5, 2015
Despina Koutsoumba, an activist from the Greek Civil Servants Trade Union, told RT that EU leaders are trying to influence the Greek political process and “take a position in our referendum… trying to persuade the Greek people to vote ‘Yes,’” with the European media threatening Greeks with “a disaster from Monday if Greeks say ‘No.’”
Koutsoumba added said that “the EU and the IMF have never been Greece’s saviors," as there is “nothing that looks like saving,” referring to the fact that the Greek debt has only increased as the country followed the bailout program proposed by the creditors.
'#OXI', '#NAI' signs abound in Athens as voters decide on bailout http://t.co/4yRNfQuIxUpic.twitter.com/X6id7uWiOc
— Ruptly (@Ruptly) July 5, 2015
Yes or no, come make an easier choice at Zappeion. Whatever you choose it's the same on the inside #greferendumpic.twitter.com/sa9dK7u61p
— Omaira Gill (@OmairaGill) July 5, 2015
Voting in Plaka #Athens - some say "yes", some say "no" #Greece#Greferendumpic.twitter.com/TfBZW1usb3
— Spela Novak (@SpelaNovak) July 5, 2015
#Grefrendum turnout - 35%, 2 hours left till polls close (LIVE UPDATES) http://t.co/s2oS5HJSUWpic.twitter.com/UxHuJ2HaUv
— RT (@RT_com) July 5, 2015
If the “No” vote wins, “the Greek government will probably go to Brussels to negotiate,” Stathis Kalyvas, a political scientist from Yale University, told RT.
[The Syriza government] will “probably face a refusal from its [EU] partners because its tactics have destroyed any sense of trust,” he added.
However, if the “Yes” campaign wins there will still be a tough economic situation, analysts say. “But at least there is a prospect for a political change in Greece and a better deal with the European Union,” he said.
Στο Μπιλμπάο (Χώρα των Βάσκων) ψηφίσαμε: #ΟΧΙ#Greziarekin#Greferendum#dhmopsifisma#team_OXIpic.twitter.com/V5tyWB3UTn
— aialuski (@aialuski) July 5, 2015
Greek timeline: From joining Eurozone to #Greferendumhttps://t.co/RLMmQ2tttc LIVE UPDATES: http://t.co/s2oS5HJSUWpic.twitter.com/FHvYjZsnKD
— RT (@RT_com) July 5, 2015
RT correspondent Ilya Petrenko visited a polling station, delivering a first-hand report on the voting.
Yes or No? ⚡️ Nai i Oxi? #greferendumpic.twitter.com/5dW1ASrBMq
— Megan Leppla (@meganleppla) July 5, 2015
Bundesbank chief Jens Weidmann has warned the German government that a Greek exit from the Euro would lead to heavy financial losses for the German budget in the coming years, German business daily Handelsblatt reports. Weidmann said that a Grexit would hit the Bundesbank’s profits made on Greek securities that would later go to the German budget, with losses accounting for more than €14.4 billion ($16 billion).
Crosses only please (nothing to do with the Greek flag, as I initially thought). #Greferendumpic.twitter.com/idk7lEXS0R
— Ilya Petrenko (@ilpetrenko_rt) July 5, 2015
With four more hours left before polls close, the turnout at the Greek referendum is remarkably high so far, now accounting for 35 percent, as Greeks stand in queues at polling stations, particularly in Athens, Associated Press reports, citing the private Mega TV channel.
The turnout must be higher than 40 percent for the referendum to be valid.
That's not a line at a polling station - that a line in front of an ATM. #Greferendumpic.twitter.com/jjppzTMI25
— Ilya Petrenko (@ilpetrenko_rt) July 5, 2015
Greek Finance Minister Yanis Varoufakis has reiterated in an interview with Germany’s Bild newspaper that he will resign if Greeks vote “Yes” in Sunday's referendum.
But he added: "There will not be a majority for 'Yes'," Reuters reported.
Speaking to journalists after casting a vote, Varoufakis once again slammed Athens’ creditors for using “terrorist methods.”
Finance Minister Yanis Varoufakis has cast his ballot in the referendum. A day before, he had accused foreign creditors of “terrorizing” Greece.
“What they are doing with Greece has a name: terrorism,” Varoufakis told Spain’s El Mundo daily. “Why have they forced us to close the banks? To make people frightened. And when it comes to spreading terror, this phenomenon is called terrorism.”
Media circus around Varoufakis after his vote #GReferendum#GreeceCrisis@Ruptlypic.twitter.com/FauiKyjFSX
— denise reese (@denice_ruptly) July 5, 2015
Former PM Antonis Samaras has cast his vote.
"Today, we Greeks decide on the fate of our country," conservative opposition leader Antonis Samaras said as he voted, AP reports. "We vote 'yes' to Greece. We vote 'yes' to Europe."
A lot of fathers bring their kids to the #GReferendum vote in Athens - love it #FatherOfTheYear#GreeceCrisis@Ruptlypic.twitter.com/ygGXILvCaN
— denise reese (@denice_ruptly) July 5, 2015
Prime Minister Alexis Tsipras has cast his vote.
"Today, the Greek people send a very powerful message," Tsipras said in a statement. "A message of dignity, of determination. A message that they are taking control of their choices. Many may try to ignore the will of a government. But no one can ignore the will of a people who are seeking to live with dignity, to live life on their own terms."
Some Greeks go to polls today, others rush to ATMs - LIVE STREAM from #Greecehttp://t.co/DGhU1NotIkpic.twitter.com/KyOjcmlIG4
— RT (@RT_com) July 5, 2015
Greeks cast first ballots at polling station in Athens
Polling stations opened at 7 am local time (0400 GMT). The voting will continue until 7 pm (1600 GMT) on Sunday.