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Greek crisis: Eurozone finance ministers look to "Plan B" following referendum - live updates Greek crisis: Eurozone finance ministers look to 'Plan B' following referendum - live updates
(35 minutes later)
2.24pm BST14:24
A couple more photos from inside the eurogroup meeting on Greece:
2.19pm BST14:19
The FT’s Peter Spiegel has got hold of the latest offer that Greece’s creditors made, and explains how there’s really no new money on offer:
On Friday, there was a bit of buzz that creditors had tabled a new €15.3bn offer to Greece to extend the current bailout through the end of November. But in reality, there was nothing new to it at all.
It is essentially all the money left in the bailout, which was presented to Athens in a more fully articulated two-page memo.
More here.
And here’s the full memo (somewhat crumpled since entering Peter’s tender clutches)
Remember that "new" €15.3bn offer to #Greece from Friday? Here's why it wasn't new. Leaked memo posted, too: http://t.co/N3zKGuv8DD
2.11pm BST14:11
Here are a a few photos from inside today eurogroup meeting, before it began:
2.03pm BST14:032.03pm BST14:03
While I was watching the eurogroup in Brussels, Greece’s prime minister was getting a standing ovation from his MPs as he arrived for today’s referendum debate:While I was watching the eurogroup in Brussels, Greece’s prime minister was getting a standing ovation from his MPs as he arrived for today’s referendum debate:
2.00pm BST14:002.00pm BST14:00
Newsflash: Yanis Varoufakis has told Reuters that he will ask fellow finance ministers for a bailout extension of “a few weeks” to accommodate the referendum.Newsflash: Yanis Varoufakis has told Reuters that he will ask fellow finance ministers for a bailout extension of “a few weeks” to accommodate the referendum.
Here what they just snapped:Here what they just snapped:
1.58pm BST13:581.58pm BST13:58
Analysts at Barclays have warned that the referendum plunges Greece into fresh turmoil, whether the result is Yes or No.Analysts at Barclays have warned that the referendum plunges Greece into fresh turmoil, whether the result is Yes or No.
Here’s a flavour of a note they sent to clients this morning:Here’s a flavour of a note they sent to clients this morning:
What happens if Greece votes no?What happens if Greece votes no?
Government officials are currently emphasizing that this is simply a vote on the negotiations and not on the Greek position within the EMU [eurozone] and EU.Government officials are currently emphasizing that this is simply a vote on the negotiations and not on the Greek position within the EMU [eurozone] and EU.
In reality, the two questions are related. We believe that the odds of a Greek exit increase substantially if Greece votes no. And if capital controls have not been imposed by then, they would almost certainly be after 5 July.In reality, the two questions are related. We believe that the odds of a Greek exit increase substantially if Greece votes no. And if capital controls have not been imposed by then, they would almost certainly be after 5 July.
What happens if Greece votes yes?What happens if Greece votes yes?
Every indication is that the existing Greek government is opposed to the creditors’ current terms.Every indication is that the existing Greek government is opposed to the creditors’ current terms.
Consequently, it is very possible that in the event of a yes vote, Greece would face a political crisis, with a new government having to be formed in order to finalize the negotiations and implement the agreed-upon reforms.Consequently, it is very possible that in the event of a yes vote, Greece would face a political crisis, with a new government having to be formed in order to finalize the negotiations and implement the agreed-upon reforms.
1.46pm BST13:461.46pm BST13:46
Yanis Varoufakis’s press officer has hit back at Peter Kazimir’s claim that the Greek finance minister lectures the rest of the eurogroup:Yanis Varoufakis’s press officer has hit back at Peter Kazimir’s claim that the Greek finance minister lectures the rest of the eurogroup:
"Lecturing" is a common excuse for shrugging off well-supported arguments that participants are unable to refute. @RaoulRuparel @OpenEurope"Lecturing" is a common excuse for shrugging off well-supported arguments that participants are unable to refute. @RaoulRuparel @OpenEurope
1.36pm BST13:361.36pm BST13:36
Eurozone finance ministers have begun debating the Greek situation.Eurozone finance ministers have begun debating the Greek situation.
The #Eurogroup begins.The #Eurogroup begins.
1.31pm BST13:311.31pm BST13:31
Slovakia’s finance minister, Peter Kažimír, looks like a man who’d rather be anywhere else than the Eurogroup (his fifth in under two weeks).Slovakia’s finance minister, Peter Kažimír, looks like a man who’d rather be anywhere else than the Eurogroup (his fifth in under two weeks).
The Greek government was elected to make decisions, so they should make them, says Kažimír.The Greek government was elected to make decisions, so they should make them, says Kažimír.
Greece can hold a referendum on anything it wants, but if they reject the package on the table, then the programme is over.Greece can hold a referendum on anything it wants, but if they reject the package on the table, then the programme is over.
Asked what he expects from Yanis Varoufakis, he replies “the same, the lecturing”, before going into the eurogroup.Asked what he expects from Yanis Varoufakis, he replies “the same, the lecturing”, before going into the eurogroup.
1.28pm BST13:281.28pm BST13:28
Ireland’s Michael Noonan says he is “disappointed” that Greece appears to have unilaterally ended negotiations.Ireland’s Michael Noonan says he is “disappointed” that Greece appears to have unilaterally ended negotiations.
He had hoped that finance ministers would have closed the gaps between the two competing proposals at today’s meeting.He had hoped that finance ministers would have closed the gaps between the two competing proposals at today’s meeting.
I don’t know what happens next week, it’s impossible to speculate. We’re entering totally uncharted waters, Noonan adds.I don’t know what happens next week, it’s impossible to speculate. We’re entering totally uncharted waters, Noonan adds.
1.25pm BST13:251.25pm BST13:25
Schauble: Greece appear to have ended talksSchauble: Greece appear to have ended talks
Germany’s finance minister, Wolfgang Schäuble, arrives, and tells a scrum of reporters that there appears to be no basis for further talks with Greece :Germany’s finance minister, Wolfgang Schäuble, arrives, and tells a scrum of reporters that there appears to be no basis for further talks with Greece :
However:However:
The Greeks appeared to have ended negotiations said German fin min #Schauble . #Greferendum #Eurogroup #Greece pic.twitter.com/vRkZ4yGdApThe Greeks appeared to have ended negotiations said German fin min #Schauble . #Greferendum #Eurogroup #Greece pic.twitter.com/vRkZ4yGdAp
1.22pm BST13:221.22pm BST13:22
There have been some rather grim faces among the finance ministers arriving at today’s Eurogroup meeting:There have been some rather grim faces among the finance ministers arriving at today’s Eurogroup meeting:
Stubb (Finland) and Guindos (Spain) both used same expression: 'Plan B' is fast turning into 'Plan A'. Not looking good at all. #GreeceStubb (Finland) and Guindos (Spain) both used same expression: 'Plan B' is fast turning into 'Plan A'. Not looking good at all. #Greece
1.19pm BST13:191.19pm BST13:19
Finland: Plan B is becoming Plan A for GreeceFinland: Plan B is becoming Plan A for Greece
Finland’s Alex Stubb has arrived at the Eurogroup, and told reporters that the referendum means we are “closing the door” on future negotiations.Finland’s Alex Stubb has arrived at the Eurogroup, and told reporters that the referendum means we are “closing the door” on future negotiations.
Stubb says:Stubb says:
I think there is a clear majority-cum-consensus inside the eurogroup that an extension of the programme is out of the question.I think there is a clear majority-cum-consensus inside the eurogroup that an extension of the programme is out of the question.
I think that as an avid pro-European, yesterdays announcement of a referendum was an unpleasant surprise, and I feel quite sad about the situation, especially from the perspective of the Greek peopleI think that as an avid pro-European, yesterdays announcement of a referendum was an unpleasant surprise, and I feel quite sad about the situation, especially from the perspective of the Greek people
And speaking to a second reporter inside the building, Stubb adds that:And speaking to a second reporter inside the building, Stubb adds that:
I would argue that Plan B is becoming Plan A.I would argue that Plan B is becoming Plan A.
1.14pm BST13:141.14pm BST13:14
Spain’s finance minister, Luis de Guindos, says that the decision to call a referendum has made life “more difficult for everyone”, making a successful end to this saga less likely:Spain’s finance minister, Luis de Guindos, says that the decision to call a referendum has made life “more difficult for everyone”, making a successful end to this saga less likely:
Spanish fin min De Guindos said that it's the time that we are closer to a plan B than a plan A. #Eurogroup #Greece #GreferendumSpanish fin min De Guindos said that it's the time that we are closer to a plan B than a plan A. #Eurogroup #Greece #Greferendum
1.12pm BST13:121.12pm BST13:12
Moscovici: Greece must prove its own willMoscovici: Greece must prove its own will
European commissioner Pierre Moscovici has arrived - and he insists that the game isn’t up:European commissioner Pierre Moscovici has arrived - and he insists that the game isn’t up:
The Commission has always worked on the position that Greece’s place is in the eurozone, says Moscovic:The Commission has always worked on the position that Greece’s place is in the eurozone, says Moscovic:
When I look at where we are, I see that there are differences, but they are quite limited, and they are well identified.When I look at where we are, I see that there are differences, but they are quite limited, and they are well identified.
Where there is a will there is a way, and the Greek government should prove its own will.Where there is a will there is a way, and the Greek government should prove its own will.
Could Greece get the extension it has asked for?Could Greece get the extension it has asked for?
We will hear from the Institutions (IMF, ECB, EC) and we will speak to the Greek finance minister, Yanis Varoufakis.We will hear from the Institutions (IMF, ECB, EC) and we will speak to the Greek finance minister, Yanis Varoufakis.
The proposals on the table are favourable to the Greek government, he insists.The proposals on the table are favourable to the Greek government, he insists.
#Greferendum we need a chat with @yanisvaroufakis. eurogroup decisions depend on what he says - @pierremoscovici#Greferendum we need a chat with @yanisvaroufakis. eurogroup decisions depend on what he says - @pierremoscovici
1.06pm BST13:061.06pm BST13:06
Lagarde: We will continue to workLagarde: We will continue to work
Christine Lagarde arrives, looking extremely serious.Christine Lagarde arrives, looking extremely serious.
She starts by expressing the IMF’s condolences and support to the families of the victims who have been killed in the terrorist attacks of recent days (the attacks in Tunisia, Kuwait and France).She starts by expressing the IMF’s condolences and support to the families of the victims who have been killed in the terrorist attacks of recent days (the attacks in Tunisia, Kuwait and France).
On Greece, she says:On Greece, she says:
Together with the other institutions, we’ve always shown flexibility in order to adjust to the new economic and political situation in Greece.Together with the other institutions, we’ve always shown flexibility in order to adjust to the new economic and political situation in Greece.
The porpose of what we’re doing is to restore the stability of the economy in Greece, and restore its financial independence, as in Portugal and Ireland.The porpose of what we’re doing is to restore the stability of the economy in Greece, and restore its financial independence, as in Portugal and Ireland.
And that is what we will continue to do.And that is what we will continue to do.
That is slightly more positive than Dijsselbloem’s statement, that the door is closed:That is slightly more positive than Dijsselbloem’s statement, that the door is closed:
#Greferendum lagarde's stress on 'continuing to work' contrasts with dijsselbloem's 'doors closed'#Greferendum lagarde's stress on 'continuing to work' contrasts with dijsselbloem's 'doors closed'
Lagarde then spells out the IMF’s position:Lagarde then spells out the IMF’s position:
Greece must implement “deep” structural reforms and growth-friendly fiscal consolidation...Greece must implement “deep” structural reforms and growth-friendly fiscal consolidation...
And its partners must provide financial support and ‘debt operation’.And its partners must provide financial support and ‘debt operation’.
Upon arrival at #eurogroup, @Lagarde once again raises need for "debt operation" on the part of Europeans. She means debt relief #GreeceUpon arrival at #eurogroup, @Lagarde once again raises need for "debt operation" on the part of Europeans. She means debt relief #Greece
#IMF #Lagarde doesn't say a word about possible extension of #Greece program #Greferendum #Eurogroup pic.twitter.com/BfBfcRUs3P#IMF #Lagarde doesn't say a word about possible extension of #Greece program #Greferendum #Eurogroup pic.twitter.com/BfBfcRUs3P
Updated at 1.34pm BSTUpdated at 1.34pm BST
12.56pm BST12:5612.56pm BST12:56
#Greferendum eurogroup finmins sound genuinely surprised. @atsipras has pulled a fast one#Greferendum eurogroup finmins sound genuinely surprised. @atsipras has pulled a fast one
12.54pm BST12:5412.54pm BST12:54
Malta’s finance minister, Edward Scicluna, tells reporters that the referendum has come as a nasty shock to the eurogroup:Malta’s finance minister, Edward Scicluna, tells reporters that the referendum has come as a nasty shock to the eurogroup:
Democratic government have the right to call a referendum, he points out, but:Democratic government have the right to call a referendum, he points out, but:
It’s the timing that is very unfortunate, and that is an understatement.It’s the timing that is very unfortunate, and that is an understatement.
The referendum should have been called months ago, Scicluna argues, once it became clear that the Greek government’s mandate meant it couldn’t accept the proposals on the table.The referendum should have been called months ago, Scicluna argues, once it became clear that the Greek government’s mandate meant it couldn’t accept the proposals on the table.
12.50pm BST12:5012.50pm BST12:50
Goodnight, thanks for playing: Eurogroup chief @J_Dijsselbloem says 'sad' Greek referendum decision 'closes door to further talks'Goodnight, thanks for playing: Eurogroup chief @J_Dijsselbloem says 'sad' Greek referendum decision 'closes door to further talks'
12.49pm BST12:4912.49pm BST12:49
Dijsselbloem: It's a sad day for GreeceDijsselbloem: It's a sad day for Greece
Jeroen Dijsselbloem, head of the eurogroup, has just arrived in Brussels.Jeroen Dijsselbloem, head of the eurogroup, has just arrived in Brussels.
He tells reporters that:He tells reporters that:
I am very negatively surprised by today’s decision by the Greek governmentI am very negatively surprised by today’s decision by the Greek government
They have apparently rejected the final proposals from the Institutions.They have apparently rejected the final proposals from the Institutions.
Dijsselbloem is also unimpressed that the Greek government is recommending rejecting the proposal:Dijsselbloem is also unimpressed that the Greek government is recommending rejecting the proposal:
That is a sad decision for Greece, for it has closed the door on future talks.That is a sad decision for Greece, for it has closed the door on future talks.
12.45pm BST12:4512.45pm BST12:45
Greece’s finance minister, Yanis Varoufakis, has arrived at the meeting. He smiles at the cameras, but doesn’t speak to the assembled press.Greece’s finance minister, Yanis Varoufakis, has arrived at the meeting. He smiles at the cameras, but doesn’t speak to the assembled press.
Big grin but no comment from @yanisvaroufakis as he enters #EurogroupBig grin but no comment from @yanisvaroufakis as he enters #Eurogroup
12.43pm BST12:4312.43pm BST12:43
Belgium's finance minister: We must decide on issues todayBelgium's finance minister: We must decide on issues today
Belgium’s finance minister, Johan Van Overtveldt, has arrived at the eurogroup meeting in Brussels, and warned that time is running out.Belgium’s finance minister, Johan Van Overtveldt, has arrived at the eurogroup meeting in Brussels, and warned that time is running out.
Obviously June 30 is coming to us very quickly now, he says, calling the referendum a ‘bizarre move’.Obviously June 30 is coming to us very quickly now, he says, calling the referendum a ‘bizarre move’.
Are we going to see capital controls in Greece?Are we going to see capital controls in Greece?
The Eurogroup meeting starts at 2pm. We’ll look at the evidence, and depending on the conclusions, we will take appropriate action, says Van Overtveldt.The Eurogroup meeting starts at 2pm. We’ll look at the evidence, and depending on the conclusions, we will take appropriate action, says Van Overtveldt.
We can no longer prolong whever action we need to take. We will have to decide on issues today.We can no longer prolong whever action we need to take. We will have to decide on issues today.
12.34pm BST12:3412.34pm BST12:34
Finance ministers from centre-right countries are meeting first to discuss Greece, before arriving at the full eurogroup meeting.Finance ministers from centre-right countries are meeting first to discuss Greece, before arriving at the full eurogroup meeting.
That’s via Finland’s Alex Stubb:That’s via Finland’s Alex Stubb:
In Brussels. Beginning with @epp Finance Ministers. Then #Eurogroup. #GreferendumIn Brussels. Beginning with @epp Finance Ministers. Then #Eurogroup. #Greferendum
12.33pm BST12:3312.33pm BST12:33
Latest word from Brussels is that eurozone ministers are unlikely to offer Greece an extension at today’s eurogroup:Latest word from Brussels is that eurozone ministers are unlikely to offer Greece an extension at today’s eurogroup:
12.22pm BST12:2212.22pm BST12:22
Open Europe: Capital controls are now likelyOpen Europe: Capital controls are now likely
Open Europe’s analyst Raoul Ruparel fears that there are few positive outcomes for Greece now.Open Europe’s analyst Raoul Ruparel fears that there are few positive outcomes for Greece now.
As he points out, there is no guarantee that the creditors’ offer of a bailout extension will still be on offer when the referendum takes place (it may not even survive today’s eurogroup meeting)As he points out, there is no guarantee that the creditors’ offer of a bailout extension will still be on offer when the referendum takes place (it may not even survive today’s eurogroup meeting)
He writes:He writes:
No matter what, capital controls and bank holidays will likely be needed in the short term (and possibly longer) in Greece. Even if the referendum gives a positive outcome, this may still provoke uncertainty.No matter what, capital controls and bank holidays will likely be needed in the short term (and possibly longer) in Greece. Even if the referendum gives a positive outcome, this may still provoke uncertainty.
It is not clear whether the deal to be voted on is actually still on the table. Furthermore, Tsipras has set himself up to reject the proposal, so it might be hard to avoid new elections if the people back the creditors. If there is a No vote, this is likely to be seen as a vote for Grexit, since any offer on the table from creditors will be a take it or leave it one.It is not clear whether the deal to be voted on is actually still on the table. Furthermore, Tsipras has set himself up to reject the proposal, so it might be hard to avoid new elections if the people back the creditors. If there is a No vote, this is likely to be seen as a vote for Grexit, since any offer on the table from creditors will be a take it or leave it one.
There remains a small chance that the referendum may not come to pass, if a new deal is offered or the bill is not approved by the Greek Parliament or President.There remains a small chance that the referendum may not come to pass, if a new deal is offered or the bill is not approved by the Greek Parliament or President.
However, given Tsipras’ insistence on the referendum, it would again be hard from him to survive such an event.However, given Tsipras’ insistence on the referendum, it would again be hard from him to survive such an event.
It’s well worth reading the full piece:It’s well worth reading the full piece:
What will shock Greek referendum mean for the Eurozone and Greece?What will shock Greek referendum mean for the Eurozone and Greece?
12.12pm BST12:1212.12pm BST12:12
The government, though, is insisting that a referendum can be held on Greece’s bailout programme, given its importance:The government, though, is insisting that a referendum can be held on Greece’s bailout programme, given its importance:
SYRIZA spokesman Fylis says referendum question being posed as "crucial national issue," which is permitted by constitution #Greece #euroSYRIZA spokesman Fylis says referendum question being posed as "crucial national issue," which is permitted by constitution #Greece #euro
fylis: none of venizelos's arguments stand. ultimatum is a text of broader significance that determines future of our kids and our societyfylis: none of venizelos's arguments stand. ultimatum is a text of broader significance that determines future of our kids and our society
Updated at 12.15pm BSTUpdated at 12.15pm BST
12.12pm BST12:1212.12pm BST12:12
It’s going to be a long debate....It’s going to be a long debate....
syriza's fylis rebutted venizelos's arguments about referendum's constitutionality: his speech confused viewership w/substancesyriza's fylis rebutted venizelos's arguments about referendum's constitutionality: his speech confused viewership w/substance
12.07pm BST12:0712.07pm BST12:07
Venizelos is insisting that the terms of Greece’s bailout simply isn’t an issue of national security, so it can’t be the subject of a referendum....Venizelos is insisting that the terms of Greece’s bailout simply isn’t an issue of national security, so it can’t be the subject of a referendum....
MP Venizelos challenges the constitutionality of the referendum on the basis that fiscal issues no threat to national security of countryMP Venizelos challenges the constitutionality of the referendum on the basis that fiscal issues no threat to national security of country
12.05pm BST12:0512.05pm BST12:05
Amid occasional barracking and constant low-level grumbling, Evangelos Venizelos is insisting that the Greek constitution prohibits referendum on fiscal issues.Amid occasional barracking and constant low-level grumbling, Evangelos Venizelos is insisting that the Greek constitution prohibits referendum on fiscal issues.
Votes on national issues are allowed, but they mean foreign policy not financial matters, he tells MPs.Votes on national issues are allowed, but they mean foreign policy not financial matters, he tells MPs.
12.04pm BST12:0412.04pm BST12:04
Back in the Athens parliament, things are getting heated. Former deputy PM Evangelos Venizelos is on his feet, questioning whether a referendum is constitutional.Back in the Athens parliament, things are getting heated. Former deputy PM Evangelos Venizelos is on his feet, questioning whether a referendum is constitutional.
He’s reminding MPs that Alexis Tsipras was highly critical of ex PM George Papandreou’s (failed) attempt to hold a referendum in 2011, calling it a “trick” to keep himself in power.He’s reminding MPs that Alexis Tsipras was highly critical of ex PM George Papandreou’s (failed) attempt to hold a referendum in 2011, calling it a “trick” to keep himself in power.
@graemewearden A transcript of @atsipras's scathing criticism of the 2011 proposed referendum, with compliments. pic.twitter.com/TIqQ10ZAdp@graemewearden A transcript of @atsipras's scathing criticism of the 2011 proposed referendum, with compliments. pic.twitter.com/TIqQ10ZAdp
12.00pm BST12:0012.00pm BST12:00
Over in Brussels, eurozone finance ministers are starting to arrive for today’s extraordinary meeting on Greece.Over in Brussels, eurozone finance ministers are starting to arrive for today’s extraordinary meeting on Greece.
French Finance Minister Sapin has arrived at Eurogroup meeting. No doorstep declaration. #GreeceFrench Finance Minister Sapin has arrived at Eurogroup meeting. No doorstep declaration. #Greece
11.58am BST11:5811.58am BST11:58
Our Southern Europe editor, John Hooper, reports a queue at a cash machine in Syntagma Square (the site of the parliament)Our Southern Europe editor, John Hooper, reports a queue at a cash machine in Syntagma Square (the site of the parliament)
Queuing round the corner for ATM in Syntagma Square pic.twitter.com/4vyVEMVAXrQueuing round the corner for ATM in Syntagma Square pic.twitter.com/4vyVEMVAXr
Updated at 11.58am BSTUpdated at 11.58am BST
11.54am BST11:5411.54am BST11:54
I can't speak for other areas but in Kallithea it's business as usual - except for the sound of Parliament TV out of every window. #GreeceI can't speak for other areas but in Kallithea it's business as usual - except for the sound of Parliament TV out of every window. #Greece
11.53am BST11:5311.53am BST11:53
The head of the Greek Bank Association, Louka Katseli, has assured the Athens News Agency that cash machines are being “replenished smoothly.”The head of the Greek Bank Association, Louka Katseli, has assured the Athens News Agency that cash machines are being “replenished smoothly.”
Katseli, who also chairs the National Bank of Greece added that any “isolated problems” due to an increase in outflows is being dealt with “as soon as possible” by the Central Bank of Greece.Katseli, who also chairs the National Bank of Greece added that any “isolated problems” due to an increase in outflows is being dealt with “as soon as possible” by the Central Bank of Greece.
(via Reuters).(via Reuters).
Updated at 11.55am BSTUpdated at 11.55am BST
11.48am BST11:4811.48am BST11:48
Syriza MPs have been applauding warmly at several points, including as Voutsis concludes his speech.Syriza MPs have been applauding warmly at several points, including as Voutsis concludes his speech.
voutsis concludes with fact that the referendum will be groundshaking and lead to an "honest agreement" afterwards.voutsis concludes with fact that the referendum will be groundshaking and lead to an "honest agreement" afterwards.
Updated at 11.48am BSTUpdated at 11.48am BST
11.45am BST11:4511.45am BST11:45
voutsis: it's not game over for our country or its people or its government or this parliament.voutsis: it's not game over for our country or its people or its government or this parliament.
11.43am BST11:4311.43am BST11:43
Nicos Voutsis is telling MPs that the referendum can help end austerity in Greece:Nicos Voutsis is telling MPs that the referendum can help end austerity in Greece:
Twitter user Diane Shugart is tweeting the key points:Twitter user Diane Shugart is tweeting the key points:
voutsis says the multiple blackmail directed at greece cannot go unansweredvoutsis says the multiple blackmail directed at greece cannot go unanswered
voutsis: the millions of our compatriots who have been pushed to or below the poverty line will participate on equal basisvoutsis: the millions of our compatriots who have been pushed to or below the poverty line will participate on equal basis
voutsis: we all have responsibility for the fact that their voices not being heard but we are taking the initiative today to restore the >>voutsis: we all have responsibility for the fact that their voices not being heard but we are taking the initiative today to restore the >>
voutsis: we're not willing to accept that there is only a one-way street, the one-way street of austerityvoutsis: we're not willing to accept that there is only a one-way street, the one-way street of austerity
11.38am BST11:3811.38am BST11:38
Greek referendum debate beginsGreek referendum debate begins
Greece’s interior minister, Nikos Voutsis, has opened the debate. He criticises the country’s lenders, and calls on all parties to vote in favour of holding a referendum:Greece’s interior minister, Nikos Voutsis, has opened the debate. He criticises the country’s lenders, and calls on all parties to vote in favour of holding a referendum:
A unanimous decision would give us a stronger negotiating position, he argues, confirming that Syriza will vote “No”.A unanimous decision would give us a stronger negotiating position, he argues, confirming that Syriza will vote “No”.
Minister Voutsis slamming the "undemocratic logic" in the negotiations with the institutions. #Greferendum #dimopsifismaMinister Voutsis slamming the "undemocratic logic" in the negotiations with the institutions. #Greferendum #dimopsifisma
Minister Voutsis: "As obvious by yday's speech by the PM, the GR govt is not neutral; we ask to vote against the proposal." #GreferendumMinister Voutsis: "As obvious by yday's speech by the PM, the GR govt is not neutral; we ask to vote against the proposal." #Greferendum
11.30am BST11:3011.30am BST11:30
The referendum debate is being streamed live here.The referendum debate is being streamed live here.
11.27am BST11:2711.27am BST11:27
A senior member of Angela Merkel’s CDU party says there is no chance of the Bundestag approving a short-term extension to the Greek bailout:A senior member of Angela Merkel’s CDU party says there is no chance of the Bundestag approving a short-term extension to the Greek bailout:
Gunther Krichbaum added that the Greek PM has “pulled the plug”:Gunther Krichbaum added that the Greek PM has “pulled the plug”:
11.25am BST11:2511.25am BST11:25
The debate in the Greek parliament has begun, around 90 minutes later than billed:The debate in the Greek parliament has begun, around 90 minutes later than billed:
parliament approves process, with debate ending with midnight vote.parliament approves process, with debate ending with midnight vote.
11.22am BST11:2211.22am BST11:22
Here's how Greek political parties have reacted:Here's how Greek political parties have reacted:
Helena SmithHelena Smith
It is not only on the streets that tensions are on the rise, reports our correspondent Helena Smith. In parliament, where party leaders have rushed to convene emergency meetings, the rhetoric is also becoming ever more shrill. Addressing her MPs, the newly elected leader of the left-wing Pasok party, Fofi Gennimatas, said it was important the referendum did not take place .It is not only on the streets that tensions are on the rise, reports our correspondent Helena Smith. In parliament, where party leaders have rushed to convene emergency meetings, the rhetoric is also becoming ever more shrill. Addressing her MPs, the newly elected leader of the left-wing Pasok party, Fofi Gennimatas, said it was important the referendum did not take place .
She said:She said:
“They are gambling with the country. The real question is ‘yes or no’ to Europe.”“They are gambling with the country. The real question is ‘yes or no’ to Europe.”
Greece’s defense minister Panos Kammenos, who heads the government’s junior partner, the right-wing nationalist Independent Greeks party, has been busy talking to reporters this morning and has heartedly denied that Greeks have been posed with the dilemma of having to choose between the euro or drachma.Greece’s defense minister Panos Kammenos, who heads the government’s junior partner, the right-wing nationalist Independent Greeks party, has been busy talking to reporters this morning and has heartedly denied that Greeks have been posed with the dilemma of having to choose between the euro or drachma.
“We tried to compromise with lenders, this is about national dignity, about ending an era of humiliation of Greeks,” he said as he made his way through a crush of reporters outside parliament.“We tried to compromise with lenders, this is about national dignity, about ending an era of humiliation of Greeks,” he said as he made his way through a crush of reporters outside parliament.
Minister of state Alekos Flambouraris, widely seen as prime minister Alexis Tsipras’ mentor, rejected suggestions that Greeks were now being forced to make a choice about their future in the single currency. ‘That is propaganda,” he said. “This is part of the negotiating [process].” The far right Golden Dawn leader Nikos Michaloliakos has also waded in saying his party will call on Greeks to reject creditors’ proposals when the referendum is held next Sunday. “We’ll call on Greeks to say no to the profiteers and all those who for five years have wanted to humiliate our homeland,” he railed in typically combattive mood outside the 300-member House. MPs representing the conservative New Democracy party, meanwhile, have been busy lambasting the government for calling the referendum but predicted that Greeks would say ‘a big yes’ to Europe and the euro.Minister of state Alekos Flambouraris, widely seen as prime minister Alexis Tsipras’ mentor, rejected suggestions that Greeks were now being forced to make a choice about their future in the single currency. ‘That is propaganda,” he said. “This is part of the negotiating [process].” The far right Golden Dawn leader Nikos Michaloliakos has also waded in saying his party will call on Greeks to reject creditors’ proposals when the referendum is held next Sunday. “We’ll call on Greeks to say no to the profiteers and all those who for five years have wanted to humiliate our homeland,” he railed in typically combattive mood outside the 300-member House. MPs representing the conservative New Democracy party, meanwhile, have been busy lambasting the government for calling the referendum but predicted that Greeks would say ‘a big yes’ to Europe and the euro.
11.10am BST11:1011.10am BST11:10
Delaying the referendum vote means Greek MPs should know the result of today’s meeting of eurozone finance ministers on Greece (unless that also runs on until midnight!)Delaying the referendum vote means Greek MPs should know the result of today’s meeting of eurozone finance ministers on Greece (unless that also runs on until midnight!)
11.08am BST11:0811.08am BST11:08
We’re now hearing that the vote on whether to hold a referendum has been pushed back to midnight Athens time, from 7pm.We’re now hearing that the vote on whether to hold a referendum has been pushed back to midnight Athens time, from 7pm.
#Greece parliament vote on referendum to be held at midnight. It will be a very long day.#Greece parliament vote on referendum to be held at midnight. It will be a very long day.
11.05am BST11:0511.05am BST11:05
Freelance journalist Nick Barnets reports that it’s business as usual in his area of central Athens:Freelance journalist Nick Barnets reports that it’s business as usual in his area of central Athens:
So far in central #Athens between Exarchia and Syntagma, I have seen almost nobody using an ATM. Typical Saturday afternoon here. #GreeceSo far in central #Athens between Exarchia and Syntagma, I have seen almost nobody using an ATM. Typical Saturday afternoon here. #Greece
That backs up what Helena reported earlier - there are queues in some parts of town, but it’s not a panic.That backs up what Helena reported earlier - there are queues in some parts of town, but it’s not a panic.
11.01am BST11:0111.01am BST11:01
Reuters has been told that ‘security issues’ were the reason one Greek bank didn’t open as usual this morning (causing that queue flagged up earlier):Reuters has been told that ‘security issues’ were the reason one Greek bank didn’t open as usual this morning (causing that queue flagged up earlier):
By mid-morning, there were dozens queuing outside a branch of Piraeus Bank in central Athens, although that is not unusual as many Greeks who don’t use cash cards come to banks on Saturdays. The bank was still closed nearly an hour after it was meant to open at 0730 GMT.By mid-morning, there were dozens queuing outside a branch of Piraeus Bank in central Athens, although that is not unusual as many Greeks who don’t use cash cards come to banks on Saturdays. The bank was still closed nearly an hour after it was meant to open at 0730 GMT.
A senior executive at Piraeus said it intended to open the branch but was considering security issues because of the queues.A senior executive at Piraeus said it intended to open the branch but was considering security issues because of the queues.
Many banks in Greece are usually closed on Saturdays but some lenders keep open one or two branches for a few hours.Many banks in Greece are usually closed on Saturdays but some lenders keep open one or two branches for a few hours.
And one central bank official told Reuters that:And one central bank official told Reuters that:
“The Bank of Greece is making a huge effort to keep ATMs fed with cash,”“The Bank of Greece is making a huge effort to keep ATMs fed with cash,”
10.45am BST10:4510.45am BST10:45
The FT’s Peter Spiegel has heard that eurozone finance ministers are very unlikely to accept Greece’s request for a short bailout extension to accommodate the referendum, when they meet today.The FT’s Peter Spiegel has heard that eurozone finance ministers are very unlikely to accept Greece’s request for a short bailout extension to accommodate the referendum, when they meet today.
Two senior #eurozone officials tell me it's highly unlikely #eurogroup will extend #Greece bailout beyond Tues.Two senior #eurozone officials tell me it's highly unlikely #eurogroup will extend #Greece bailout beyond Tues.
Ministers were already expected to work on a Plan B for Greece, if their latest offer of a five-month extension was rejected, as Ian Traynor explained last night:Ministers were already expected to work on a Plan B for Greece, if their latest offer of a five-month extension was rejected, as Ian Traynor explained last night:
Related: Creditors draw up emergency measures in case of Greek defaultRelated: Creditors draw up emergency measures in case of Greek default
10.34am BST10:3410.34am BST10:34
Helena SmithHelena Smith
Greek government ministers have been making their way into parliament, where the governing Syriza party is to hold a meeting of its political secretariat:Greek government ministers have been making their way into parliament, where the governing Syriza party is to hold a meeting of its political secretariat:
Asked if banks were at risk, the interior minister Nikos Vroutsis told reporters minutes ago:Asked if banks were at risk, the interior minister Nikos Vroutsis told reporters minutes ago:
“I am very optimistic and optimistic about banks.”“I am very optimistic and optimistic about banks.”
Dimitris Stratoulis, the deputy social security minister, said the referendum would arm the leftist-led government with renewed determination to forge ahead with its programme. “Why should [the result of the vote] have negative consequences?” he asked.Dimitris Stratoulis, the deputy social security minister, said the referendum would arm the leftist-led government with renewed determination to forge ahead with its programme. “Why should [the result of the vote] have negative consequences?” he asked.
“I am optimistic, optimistic that Greeks will say a resounding ‘no’ to their [creditors’] brazen demands.”“I am optimistic, optimistic that Greeks will say a resounding ‘no’ to their [creditors’] brazen demands.”
Smiles all round among Syriza officials in parliament. They are a happy bunch today #greece #GreferendumSmiles all round among Syriza officials in parliament. They are a happy bunch today #greece #Greferendum
Updated at 10.35am BSTUpdated at 10.35am BST
10.29am BST10:2910.29am BST10:29
Some Athens banks still quietSome Athens banks still quiet
Helena SmithHelena Smith
Over in Athens, our correspondent Helena Smith says queues now forming outside banks are noticeably longer in the less affluent areas of the capital.In the suburbs of Athens, especially in areas worst hit by the biting effects of austery, queues are much longer than they are down town.Over in Athens, our correspondent Helena Smith says queues now forming outside banks are noticeably longer in the less affluent areas of the capital.In the suburbs of Athens, especially in areas worst hit by the biting effects of austery, queues are much longer than they are down town.
In the plush area of Kolonaki, it is coffee shops that are drawing people, not banks, according to my colleague John Hooper who happens to be just there.In the plush area of Kolonaki, it is coffee shops that are drawing people, not banks, according to my colleague John Hooper who happens to be just there.
In the historic district of Plaka, home to some of the wealthiest Greeks, too, and from where I now write these lines (from my humble office), there are -- with the exception of tourists attempting to withdraw cash -- almost no lines outside banks.In the historic district of Plaka, home to some of the wealthiest Greeks, too, and from where I now write these lines (from my humble office), there are -- with the exception of tourists attempting to withdraw cash -- almost no lines outside banks.
Updated at 10.31am BSTUpdated at 10.31am BST
10.19am BST10:1910.19am BST10:19
My colleague Jon Henley is tweeting from the Greek capital:My colleague Jon Henley is tweeting from the Greek capital:
Tensions that little bit higher in Athens today - furious row between press photographers and ppl queuing to take cash out #GreeceTensions that little bit higher in Athens today - furious row between press photographers and ppl queuing to take cash out #Greece
10.15am BST10:1510.15am BST10:15
Euro zone finance ministers are still planning to hold their emergency meeting on Greece today, despite the referendum, one EU official has told Reuters.Euro zone finance ministers are still planning to hold their emergency meeting on Greece today, despite the referendum, one EU official has told Reuters.
The meeting is due to start at 2pm Brussels time (1pm UK, 3pm Athens)The meeting is due to start at 2pm Brussels time (1pm UK, 3pm Athens)
Greece will ask the Eurogroup to extend their bailout programme by a few days, beyond 30 June, to accommodate the referendum.Greece will ask the Eurogroup to extend their bailout programme by a few days, beyond 30 June, to accommodate the referendum.
But there is no guarantee that this will be granted. And if Greece is no longer in a bailout programme, it is harder for the European Central Bank to keep providing emergency funds.But there is no guarantee that this will be granted. And if Greece is no longer in a bailout programme, it is harder for the European Central Bank to keep providing emergency funds.
EU official: "Cannot see how bailout extension can possibly be accommodated by eurogroup". #Greece talks today more likely to be on "plan B"EU official: "Cannot see how bailout extension can possibly be accommodated by eurogroup". #Greece talks today more likely to be on "plan B"
Enormous sense of betrayal in Brussels. First that there was no pre-warning of referendum. 2nd that Tsipras has already chosen his answerEnormous sense of betrayal in Brussels. First that there was no pre-warning of referendum. 2nd that Tsipras has already chosen his answer
10.08am BST10:0810.08am BST10:08
More from Sky’s reporting team in Athens:More from Sky’s reporting team in Athens:
We have seen an ATM run out of money and the queue move down to next bank. Radio stns broadcasting which ATMs still have cash.We have seen an ATM run out of money and the queue move down to next bank. Radio stns broadcasting which ATMs still have cash.
9.57am BST09:579.57am BST09:57
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And here’s another queue outside a Greek bank in the capital, via Associated Press (who say it didn’t actually open in the end)And here’s another queue outside a Greek bank in the capital, via Associated Press (who say it didn’t actually open in the end)
9.42am BST09:429.42am BST09:42
From Athens, Sky News’s Rob Nisbet reports a long queue at one ATM machine:From Athens, Sky News’s Rob Nisbet reports a long queue at one ATM machine:
At least 40 people queueing at this ATM in Kallithea pic.twitter.com/1KDPHBcRFdAt least 40 people queueing at this ATM in Kallithea pic.twitter.com/1KDPHBcRFd
9.34am BST09:349.34am BST09:34
“We would consider the recent turn of events as a particularly negative market outcome”.“We would consider the recent turn of events as a particularly negative market outcome”.
That’s the snap verdict from Deutsche Bank, who say the question of Greece’s membership of the euro is now “officially opened”.That’s the snap verdict from Deutsche Bank, who say the question of Greece’s membership of the euro is now “officially opened”.
Here’s the key points from a new research note issued by DB this morning:Here’s the key points from a new research note issued by DB this morning:
First, the European political response.First, the European political response.
A Euro leaders summit may be called at short notice. Similarly to the Papandreou referendum proposal in 2012, we expect that Europeans will make it clear that the government’s referendum will be equivalent to a question on euro membership. The Europeans will also need to decide on whether to grant a short-term legal extension to the loan agreement. Though we are still waiting for the European reaction, we consider a more likely outcome that the program is allowed to expire: extension requires multiple parliamentary approval processes, and given the tone of the Greek PM’s speech it is unlikely that the political appetite exists to grant such an extension. The IMF response will also be important: when and if Lagarde notifies the IMF board of a non-payment event, this will trigger cross-default on Greece’s EFSF loans and the EFSF board of directors (the finance ministers) will have the option, but not the obligation, to call these loans immediately due and payable.A Euro leaders summit may be called at short notice. Similarly to the Papandreou referendum proposal in 2012, we expect that Europeans will make it clear that the government’s referendum will be equivalent to a question on euro membership. The Europeans will also need to decide on whether to grant a short-term legal extension to the loan agreement. Though we are still waiting for the European reaction, we consider a more likely outcome that the program is allowed to expire: extension requires multiple parliamentary approval processes, and given the tone of the Greek PM’s speech it is unlikely that the political appetite exists to grant such an extension. The IMF response will also be important: when and if Lagarde notifies the IMF board of a non-payment event, this will trigger cross-default on Greece’s EFSF loans and the EFSF board of directors (the finance ministers) will have the option, but not the obligation, to call these loans immediately due and payable.
Second, the ECB response.Second, the ECB response.
The central bank has been holding daily reviews of Greek bank ELA provision this week, and officials have in multiple statements last week made it clear that ongoing liquidity provision is based on a “credible perspective” of an agreement being reached. Decisions are likely to be taken in conjunction with the European political response and program extension this weekend. The situation remains very fluid, but as things stand we consider the most likely outcome being an ECB decision not to raise ELA funding beyond existing levels as of this past Friday, or alternatively an aggressive adjustment in collateral haircuts resulting in an implicit cap at some point next week. The Greek deputy PM has said he will seek a meeting with ECB’s Draghi on Saturday.The central bank has been holding daily reviews of Greek bank ELA provision this week, and officials have in multiple statements last week made it clear that ongoing liquidity provision is based on a “credible perspective” of an agreement being reached. Decisions are likely to be taken in conjunction with the European political response and program extension this weekend. The situation remains very fluid, but as things stand we consider the most likely outcome being an ECB decision not to raise ELA funding beyond existing levels as of this past Friday, or alternatively an aggressive adjustment in collateral haircuts resulting in an implicit cap at some point next week. The Greek deputy PM has said he will seek a meeting with ECB’s Draghi on Saturday.
The third factor to watch will be public opinion polls on the referendum question.The third factor to watch will be public opinion polls on the referendum question.
So far, these have shown that support for euro membership when an “unconditional” (“simple”) question is asked stands at around 70%. However, when this question is made conditional on more austerity, support drops to 55--65% depending on how the question is phrased. We expect the Greek PM’s position and the phrasing of the question itself to likely lead to additional swing towards a “no” vote. This is particularly so as Greek government officials have stated that the referendum will not be on euro membership, but rather the agreement. The extent to which European pressure and the situation of the banking system next week swings the vote the other way remains an open question. Overall, we expect the outcome to be very close and uncertain. The closer opinion polls are to a “no” vote, the greater probability is the market likely to price to a Greek Eurozone exit.So far, these have shown that support for euro membership when an “unconditional” (“simple”) question is asked stands at around 70%. However, when this question is made conditional on more austerity, support drops to 55--65% depending on how the question is phrased. We expect the Greek PM’s position and the phrasing of the question itself to likely lead to additional swing towards a “no” vote. This is particularly so as Greek government officials have stated that the referendum will not be on euro membership, but rather the agreement. The extent to which European pressure and the situation of the banking system next week swings the vote the other way remains an open question. Overall, we expect the outcome to be very close and uncertain. The closer opinion polls are to a “no” vote, the greater probability is the market likely to price to a Greek Eurozone exit.
9.27am BST09:279.27am BST09:27
Greece will be given a straight choice whether to accept, or reject, the package of measures drawn up by the IMF, ECB and EU:Greece will be given a straight choice whether to accept, or reject, the package of measures drawn up by the IMF, ECB and EU:
SORTED refQ saga: "THOSE CITIZENS REJECTING PROPOSAL OF 3 INSTITUTIONS -- NO "THOSE CITIZENS SUPPORTING PROPOSAL OF 3 INSTITUTIONS -- YESSORTED refQ saga: "THOSE CITIZENS REJECTING PROPOSAL OF 3 INSTITUTIONS -- NO "THOSE CITIZENS SUPPORTING PROPOSAL OF 3 INSTITUTIONS -- YES
Here is Referendum question (h/t @antheecarassava) Do citizens reject the proposal of the three institutions? NAI / OXIHere is Referendum question (h/t @antheecarassava) Do citizens reject the proposal of the three institutions? NAI / OXI
Updated at 10.44am BSTUpdated at 10.44am BST
9.23am BST09:239.23am BST09:23
Greeks 'odd-on' to reject bailout termsGreeks 'odd-on' to reject bailout terms
Ladbrokes, the betting firm, reckons that Greeks are likely to reject the proposal drawn up by its lenders:Ladbrokes, the betting firm, reckons that Greeks are likely to reject the proposal drawn up by its lenders:
#Greece bailout #referendum odds: 1/3 NO to deal 2/1 YES to deal http://t.co/4CWIfTXJ2p pic.twitter.com/dY7OqtsnXX#Greece bailout #referendum odds: 1/3 NO to deal 2/1 YES to deal http://t.co/4CWIfTXJ2p pic.twitter.com/dY7OqtsnXX
9.15am BST09:159.15am BST09:15
Coalition leader: Greeks shouldn't panicCoalition leader: Greeks shouldn't panic
The head of the junior coalition party in Greece, Panos Kammenos, has told Greeks to remain calm, as banks will remain open.The head of the junior coalition party in Greece, Panos Kammenos, has told Greeks to remain calm, as banks will remain open.
Kammenos told local TV that the decision to call a referendum shouldn’t spark alarm.Kammenos told local TV that the decision to call a referendum shouldn’t spark alarm.
“Citizens should not be scared - there is no blackmail,”“Citizens should not be scared - there is no blackmail,”
“The banks won’t shut, the ATMs will (have cash). All this is exaggeration.”“The banks won’t shut, the ATMs will (have cash). All this is exaggeration.”
Kammenos, who leads the populist right-wing Independent Greek party, has also suggested that the referendum could yet be cancelled if creditors blink.Kammenos, who leads the populist right-wing Independent Greek party, has also suggested that the referendum could yet be cancelled if creditors blink.
Ind Greeks leader Kammenos (coalition party) says if creditors back down & accept Greek proposal "everything changes-referendum called off."Ind Greeks leader Kammenos (coalition party) says if creditors back down & accept Greek proposal "everything changes-referendum called off."
Updated at 9.18am BSTUpdated at 9.18am BST
9.12am BST09:129.12am BST09:12
Cash machine queues in AthensCash machine queues in Athens
There are signs that worried Greeks are heading to the cash machines in greater numbers this morning.There are signs that worried Greeks are heading to the cash machines in greater numbers this morning.
Ουρές σε ΑΤΜ στο Γαλάτσι pic.twitter.com/7LvU8v6AoiΟυρές σε ΑΤΜ στο Γαλάτσι pic.twitter.com/7LvU8v6Aoi
Denis MacShane, the former Labour MP, says he’s had some trouble getting money out in Athens:Denis MacShane, the former Labour MP, says he’s had some trouble getting money out in Athens:
2 out of 3 ATM in Athens refused my card and could only get €100 out of Eurobank one. Old Greek ladies shoving 1, 2, 3 cards into ATMs2 out of 3 ATM in Athens refused my card and could only get €100 out of Eurobank one. Old Greek ladies shoving 1, 2, 3 cards into ATMs
However, the situation seems calm on the Greek island of Poros:However, the situation seems calm on the Greek island of Poros:
bank run watch, poros: two people at the ATM, both weekending yachties from athens. locals haggling with fishermen over day's catch.bank run watch, poros: two people at the ATM, both weekending yachties from athens. locals haggling with fishermen over day's catch.
9.00am BST09:009.00am BST09:00
Introduction: Referendum debate and Eurogroup meetingIntroduction: Referendum debate and Eurogroup meeting
Good morning.Good morning.
Europe has woken up to a new phase of uncertainty this morning after Greek Alexis Tsipras stunned the nation, and beyond, by calling a referendum on its bailout deal.Europe has woken up to a new phase of uncertainty this morning after Greek Alexis Tsipras stunned the nation, and beyond, by calling a referendum on its bailout deal.
Related: Greek PM Alexis Tsipras calls referendum on bailout termsRelated: Greek PM Alexis Tsipras calls referendum on bailout terms
By taking the issue to the people, Tsipras has ensured that the next week or so will be absolutely critical for deciding Greece’s future in the eurozone. Starting right now.By taking the issue to the people, Tsipras has ensured that the next week or so will be absolutely critical for deciding Greece’s future in the eurozone. Starting right now.
Greek PMs will be heading to parliament shortly to vote on whether to back Tsipras’s plan for a national vote on Sunday 5th June.Greek PMs will be heading to parliament shortly to vote on whether to back Tsipras’s plan for a national vote on Sunday 5th June.
The debate starts at noon local time (or 10am BST), with a vote expected seven hours later. A simple majority is all it needs to put the issue in the hands of the Greek population.The debate starts at noon local time (or 10am BST), with a vote expected seven hours later. A simple majority is all it needs to put the issue in the hands of the Greek population.
#Greece parliament plenary session at noon, #Eurogroup at 3pm (GR), vote on #Greferendum at 7pm (GR). #politics #euro#Greece parliament plenary session at noon, #Eurogroup at 3pm (GR), vote on #Greferendum at 7pm (GR). #politics #euro
And while that’s happening, eurozone finance ministers will be heading to Brussels for another Eurogroup meeting.And while that’s happening, eurozone finance ministers will be heading to Brussels for another Eurogroup meeting.
That session was due to start at 1pm Central European time (2pm Athens, or noon BST). Ministers were expected to see Greece handed a “take-it-or-leave-it” offer, in return for a bailout extension.That session was due to start at 1pm Central European time (2pm Athens, or noon BST). Ministers were expected to see Greece handed a “take-it-or-leave-it” offer, in return for a bailout extension.
Tsipras, though, has already dismissed this offer of “severe and humiliating austerity without end”, and is asking creditors for a short extension to the current bailout (which expires on Tuesday).Tsipras, though, has already dismissed this offer of “severe and humiliating austerity without end”, and is asking creditors for a short extension to the current bailout (which expires on Tuesday).
Will they agree, or will they press on with work on a “Plan B” for Greece, including capital controls?Will they agree, or will they press on with work on a “Plan B” for Greece, including capital controls?
Today's Eurogroup has a big decision to make: do they extend bailout to 5th July or not? The Greeks have requested that & it would 1/2Today's Eurogroup has a big decision to make: do they extend bailout to 5th July or not? The Greeks have requested that & it would 1/2
allow the ECB to keep funding the banks. But why agree from their point of view? Would require a difficult Bundestag vote. 2/2allow the ECB to keep funding the banks. But why agree from their point of view? Would require a difficult Bundestag vote. 2/2
Tsipras’s decision to take the issue to the people has already fanned fears over its banks ability to keep running; will the European Central Bank continue to provide emergency help?Tsipras’s decision to take the issue to the people has already fanned fears over its banks ability to keep running; will the European Central Bank continue to provide emergency help?
As our Athens correspondent Helena Smith reported:As our Athens correspondent Helena Smith reported:
Describing the vote as a “historic decision”, Tsipras said he had informed the leaders of France, Germany and Mario Draghi, the head of the European Central Bank about the decision. “I asked them to extend our current bailout by a few days so this democratic process could take place,” he said.Describing the vote as a “historic decision”, Tsipras said he had informed the leaders of France, Germany and Mario Draghi, the head of the European Central Bank about the decision. “I asked them to extend our current bailout by a few days so this democratic process could take place,” he said.
Greeks would be asked whether they wanted to accept or reject excoriating tax hikes and pension cuts that the EU, ECB and International Monetary Fund have set as a condition to release desperately needed bailout funds. Greece’s current rescue programme, already extended once, expires on 30 June.Greeks would be asked whether they wanted to accept or reject excoriating tax hikes and pension cuts that the EU, ECB and International Monetary Fund have set as a condition to release desperately needed bailout funds. Greece’s current rescue programme, already extended once, expires on 30 June.
Panic-stricken depositors, worried that capital controls may only be hours away, rushed to ATMs to withdraw savings. Queues quickly formed outside banks around the capital .Panic-stricken depositors, worried that capital controls may only be hours away, rushed to ATMs to withdraw savings. Queues quickly formed outside banks around the capital .
After months of wrangling between the Greek government and its creditors, matters are finally, dramatically, coming to a head.After months of wrangling between the Greek government and its creditors, matters are finally, dramatically, coming to a head.
I’ll be tracking all the action though the day.....I’ll be tracking all the action though the day.....
Updated at 9.01am BSTUpdated at 9.01am BST