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Greece debt crisis: Tsipras announces bailout referendum Greece debt crisis: Tsipras announces bailout referendum
(about 11 hours later)
Greece will hold a referendum on 5 July on a controversial bailout deal with foreign creditors, Prime Minister Alexis Tsipras has announced. Greece's prime minister has called a referendum on 5 July for voters to decide whether to accept a bailout deal offered by international creditors.
In a televised address, he described the plan as "humiliation" and condemned "unbearable" austerity measures demanded by creditors. Alexis Tsipras made clear he was against the "unbearable" bailout plan.
The Greek government earlier rejected the proposals, aimed at avoiding the country defaulting on its debt. As parliament began meeting to consider whether to ratify the vote, some queues were seen outside banks in Athens.
Greece has to make a €1.5bn ($1.7bn; £1.06bn) IMF debt repayment on 30 June. For the referendum even to take place, eurozone finance ministers will have to agree to extend Greece's current bailout, which expires on Tuesday.
In the speech, Mr Tsipras said: "These proposals, which clearly violate the European rules and the basic rights to work, equality and dignity show that the purpose of some of the partners and institutions was not a viable agreement for all parties, but possibly the humiliation of an entire people." The Eurogroup is set to meet in Brussels to discuss its response to Mr Tsipras's referendum decision.
A senior centre-left politician in Germany's coalition government, Carsten Schneider, called for the European Central Bank (ECB) immediately to stop propping up Greece's economy with an economic lifeline that currently stands at about $89bn.
BBC economics editor Robert Peston said that if the ECB continued its emergency support, some members of its governing council feared it would be breaking all central banking rules.
The head of Mr Tsipras's coalition partners, Panos Kammenos, called for calm amid reports that worried Greeks had begun queuing outside banks to withdraw their money.
'Humiliation'
In a televised address, Mr Tsipras described the bailout plan as "humiliation" and condemned "unbearable" austerity measures demanded by creditors.
"I call on you to decide - with sovereignty and dignity as Greek history demands - whether we should accept the extortionate ultimatum that calls for strict and humiliating austerity without end, and without the prospect of ever standing on our own two feet, socially and financially," he said.
"The people must decide free of any blackmail," he added."The people must decide free of any blackmail," he added.
Greek Finance Minister Yanis Varoufakis tweeted in support of the referendum.
The government had earlier rejected the proposals from its international creditors which aim to stop the country defaulting on its debt.
Greece has to make a €1.5bn ($1.7bn; £1.06bn) IMF debt repayment on 30 June, the same day the terms of the current bailout run out.
Analysis: Chris Morris, BBC News, Brussels
The government portrays the referendum as yes or no to austerity. The opposition says it is, in effect, yes or no to Europe. Some of them say the referendum itself is unconstitutional, and are urging the Greek president to reject it.
But Mr Tsipras will argue that he had no other option. He was elected to get a better deal rather than no deal at all. But no better deal was on offer.
As for Greece's creditors I think they will be one part flabbergasted, one part anxious, and one part wondering what on earth they do next.
Eurozone finance ministers will have to consider Mr Tsipras's request to extend his country's current international bailout by a few days to prevent the Greek economy collapsing before a referendum can be held.
But some of the ministers will also want to talk about Plan B - how to ring-fence Greece and protect the rest of the eurozone from any potential economic shocks ahead.
Mr Tsipras was speaking hours after talks in Brussels, where the IMF and EU offered a five-month extension to Greece's bailout programme.
The proposal would have released €15.5bn of funding, €1.8bn of which would have been available immediately. However, that was conditional on Greece carrying out reforms.
German Chancellor Angela Merkel had urged Athens to accept what she called an "extraordinarily generous" offer.
Greek debt talks - main sticking pointsGreek debt talks - main sticking points
What if the Greek talks failWhat if the Greek talks fail
Can Greece stay in the euro?Can Greece stay in the euro?
Chris Morris: Tsipras may face impossible choiceChris Morris: Tsipras may face impossible choice
How did Greece get in this mess?How did Greece get in this mess?
Mr Tsipras was speaking just hours after talks in Brussels, where the creditors offered a five-month extension to Greece's bailout programme.
The proposal would have released €15.5bn of funding, €1.8bn of which would have been available now. However, that was conditional on Greece carrying out reforms.
The offer is due to be discussed at a meeting of eurozone finance ministers on Saturday.
German Chancellor Angela Merkel had urged Athens to accept what she called an "extraordinarily generous" offer.
The protracted negotiations are stalled over what reforms Athens is prepared to take, with disputes emerging on pensions and increasing Value Added Tax.The protracted negotiations are stalled over what reforms Athens is prepared to take, with disputes emerging on pensions and increasing Value Added Tax.
If Greece does default, it could exit the eurozone, with possible repercussions for the rest of Europe and the world economy.If Greece does default, it could exit the eurozone, with possible repercussions for the rest of Europe and the world economy.
Only once agreement is reached will the European Commission, the European Central Bank (ECB) and the International Monetary Fund (IMF) unlock the final €7.2bn tranche of bailout funds for cash-strapped Greece. Only once agreement is reached will the European Commission, European Central Bank (ECB) and International Monetary Fund (IMF) unlock the final €7.2bn tranche of bailout funds for cash-strapped Greece.
Greece has been in recession for six years. After winning elections in January, Mr Tsipras' left-wing Syriza party promised to end tough austerity measures.Greece has been in recession for six years. After winning elections in January, Mr Tsipras' left-wing Syriza party promised to end tough austerity measures.
Syriza says tough bailout conditions have impoverished Greece, fuelling unemployment - currently at more than 20% - and failing to reduce the massive debt pile.Syriza says tough bailout conditions have impoverished Greece, fuelling unemployment - currently at more than 20% - and failing to reduce the massive debt pile.