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Version 25 Version 26
Greek debt crisis: protests as EC urges yes vote in referendum – as it happened Greek debt crisis: protests as EC urges yes vote in referendum – as it happened
(30 days later)
12.06am BST12.06am BST
00:0600:06
And finally, the threat that Greeks are voting on their eurozone future on Sunday makes the front page of the Tuesday’s Guardian and the Financial Times:And finally, the threat that Greeks are voting on their eurozone future on Sunday makes the front page of the Tuesday’s Guardian and the Financial Times:
No vote means you are out of Euro. Tomorrow's Guardian front page pic.twitter.com/4n7J5MbhEXNo vote means you are out of Euro. Tomorrow's Guardian front page pic.twitter.com/4n7J5MbhEX
Guardian: Europe’s big guns warn Greek voters that a no vote means euro exitGuardian: Europe’s big guns warn Greek voters that a no vote means euro exit
FT: Greek voters warned that bailout rejection would spell 'No to Europe' #tomorrowspaperstoday #BBCPapers pic.twitter.com/tM4GjWuBWBFT: Greek voters warned that bailout rejection would spell 'No to Europe' #tomorrowspaperstoday #BBCPapers pic.twitter.com/tM4GjWuBWB
FT: EU tells Greeks: You’re voting on the euroFT: EU tells Greeks: You’re voting on the euro
Tuesday is going to be historic too -- with Greece’s bailout on track to expire at the end of the day, and an IMF default perhaps inevitable too.Tuesday is going to be historic too -- with Greece’s bailout on track to expire at the end of the day, and an IMF default perhaps inevitable too.
And as it’s just turned midnight in the UK, I’d better stop. Thanks all, and goodnight. GWAnd as it’s just turned midnight in the UK, I’d better stop. Thanks all, and goodnight. GW
11.52pm BST11.52pm BST
23:5223:52
Helena SmithHelena Smith
Before we go....It’s getting nasty in Greece tonight.Before we go....It’s getting nasty in Greece tonight.
If you thought Syriza knew how to turn a tough phrase then listen to this. The anti-capitalist bloc, Antarsya, has in the last few minutes declared that the EU president and German chancellor has declared “a war of fear” on Greece.If you thought Syriza knew how to turn a tough phrase then listen to this. The anti-capitalist bloc, Antarsya, has in the last few minutes declared that the EU president and German chancellor has declared “a war of fear” on Greece.
Helena Smith reports.Helena Smith reports.
The far-left Antarsya movement- ever growing in popularity and ever present in workers’ associations and trade unions - has just issued a blistering attack against the “black forces of capital” accusing Europe’s leaders of trying not only to influence Sunday’s vote but entrap Greeks in “a war of fear.”The far-left Antarsya movement- ever growing in popularity and ever present in workers’ associations and trade unions - has just issued a blistering attack against the “black forces of capital” accusing Europe’s leaders of trying not only to influence Sunday’s vote but entrap Greeks in “a war of fear.”
“From Juncker, Merkel and Hollande to Samaras’ New Democracy, Pasok and Potami , they are erecting a nightmarish web over the people of Greece,” the party railed in a statement released after midnight.“From Juncker, Merkel and Hollande to Samaras’ New Democracy, Pasok and Potami , they are erecting a nightmarish web over the people of Greece,” the party railed in a statement released after midnight.
“A web of war and insecurity with the aim of blackmailing an entire people into submission so that they can defame it ... and loot what has remained of the crumbs with which it has been forced to live in recent years.“A web of war and insecurity with the aim of blackmailing an entire people into submission so that they can defame it ... and loot what has remained of the crumbs with which it has been forced to live in recent years.
So that they can snatch the last piece of bread from the table of the unemployed and pensioners, to steal what has remained unsold from state assets, to destroy every last worker’s right and to eradicate what he has gained with sacrifice and struggle.”So that they can snatch the last piece of bread from the table of the unemployed and pensioners, to steal what has remained unsold from state assets, to destroy every last worker’s right and to eradicate what he has gained with sacrifice and struggle.”
UpdatedUpdated
at 11.57pm BSTat 11.57pm BST
11.36pm BST11.36pm BST
23:3623:36
Yet another example of anti-EU sentiment tonight:Yet another example of anti-EU sentiment tonight:
#Greece: at the #Syntagma demo tonight, tens of thousands against austerity: "#OXI! We didn't join #EU for this!" pic.twitter.com/IA9Qaeam2J#Greece: at the #Syntagma demo tonight, tens of thousands against austerity: "#OXI! We didn't join #EU for this!" pic.twitter.com/IA9Qaeam2J
11.02pm BST11.02pm BST
23:0223:02
The were also protests in Thessaloniki, Greece’s second city, tonight - the AFP newswire reports that around 17,000 people took part in protests in Athens and Thessaloniki.The were also protests in Thessaloniki, Greece’s second city, tonight - the AFP newswire reports that around 17,000 people took part in protests in Athens and Thessaloniki.
AFP explains:AFP explains:
“Our lives do not belong to the creditors!” read banners held aloft by demonstrators, many of whom support Prime Minister Alexis Tsipras and said they would heed his call to vote against the latest deal in Sunday’s referendum -- despite risks it could send the country crashing out of the eurozone.“Our lives do not belong to the creditors!” read banners held aloft by demonstrators, many of whom support Prime Minister Alexis Tsipras and said they would heed his call to vote against the latest deal in Sunday’s referendum -- despite risks it could send the country crashing out of the eurozone.
“The people of Greece have made many sacrifices. What interests me is not the euro but guaranteeing a dignified way of life for the next generations,” 50-year-old Vanguelis Tseres, who has been unemployed since the start of the debt crisis in 2010, told AFP in Syntagma square in the capital.“The people of Greece have made many sacrifices. What interests me is not the euro but guaranteeing a dignified way of life for the next generations,” 50-year-old Vanguelis Tseres, who has been unemployed since the start of the debt crisis in 2010, told AFP in Syntagma square in the capital.
Some 17,000 anti-bailout demonstrators rally in GreeceSome 17,000 anti-bailout demonstrators rally in Greece
10.43pm BST10.43pm BST
22:4322:43
Greek government applauds tonight's demonstratorsGreek government applauds tonight's demonstrators
Helena SmithHelena Smith
Over in Athens the governing Syriza party has issued a statement applauding what it described as a huge turn-out for tonight’s rally.Over in Athens the governing Syriza party has issued a statement applauding what it described as a huge turn-out for tonight’s rally.
“Today, in Syntagma, thousands of citizens responded to the ultimatums [made by creditors],” the statement said.“Today, in Syntagma, thousands of citizens responded to the ultimatums [made by creditors],” the statement said.
“People said a big and resounding “no” to blackmail, terrorisation, threats internally and externally, and a big “yes” to democracy, dignity, popular sovereignty, values that are the foundation of modern European civilisation.”“People said a big and resounding “no” to blackmail, terrorisation, threats internally and externally, and a big “yes” to democracy, dignity, popular sovereignty, values that are the foundation of modern European civilisation.”
“In these historic moments, the “struggle of this land for life” will be expressed next Sunday with a clear “NO,” the announcement said.“In these historic moments, the “struggle of this land for life” will be expressed next Sunday with a clear “NO,” the announcement said.
UpdatedUpdated
at 10.50pm BSTat 10.50pm BST
10.29pm BST10.29pm BST
22:2922:29
The ratings agencies are busy tonight - Fitch has just downgraded Greece’s major banks to ‘restricted default’.The ratings agencies are busy tonight - Fitch has just downgraded Greece’s major banks to ‘restricted default’.
It took the move following the imposition of capital controls - had that not happened, Fitch says, they would not have survived long:It took the move following the imposition of capital controls - had that not happened, Fitch says, they would not have survived long:
The downgrade of NBG’s, Piraeus’, Eurobank’s and Alpha’s VR to ‘f’ from ‘ccc’ reflects Fitch’s view that these banks have failed and would have defaulted had capital controls not been imposed, given the high rates of ongoing deposit withdrawal and the ECB’s decision on 28 June 2015 not to raise the Bank of Greece’s Emergency Liquidity Assistance (ELA) ceiling.The downgrade of NBG’s, Piraeus’, Eurobank’s and Alpha’s VR to ‘f’ from ‘ccc’ reflects Fitch’s view that these banks have failed and would have defaulted had capital controls not been imposed, given the high rates of ongoing deposit withdrawal and the ECB’s decision on 28 June 2015 not to raise the Bank of Greece’s Emergency Liquidity Assistance (ELA) ceiling.
Here’s the statement.Here’s the statement.
10.21pm BST10.21pm BST
22:2122:21
Jon HenleyJon Henley
The Guardian’s Jon Henley is in Syntagma Square tonight, and reports that No protesters are united behind one cause - bringing Greece’s dignity back:The Guardian’s Jon Henley is in Syntagma Square tonight, and reports that No protesters are united behind one cause - bringing Greece’s dignity back:
He writes:He writes:
Rallying in front of the Greek parliament on Monday night, supporters of the Syriza-led government of prime minister Alexis Tsipras demanded an end to the “economic asphyxia” and “social catastrophe” of austerity – and the return of dignity.Rallying in front of the Greek parliament on Monday night, supporters of the Syriza-led government of prime minister Alexis Tsipras demanded an end to the “economic asphyxia” and “social catastrophe” of austerity – and the return of dignity.
“I’m here to support my country,” said Katherine, a psychologist.“I’m here to support my country,” said Katherine, a psychologist.
“I want freedom for my country and dignity for its people, because right now my country does not have its freedom and its people do not have their dignity. It might be very hard work after Sunday, but freedom needs hard work.”“I want freedom for my country and dignity for its people, because right now my country does not have its freedom and its people do not have their dignity. It might be very hard work after Sunday, but freedom needs hard work.”
Waving banners and placards calling for a no vote in Sunday’s referendum on whether Athens should accept or reject the reforms-for-aid package Greece’s creditors have said must be agreed before they will extend the country’s bailout, the demonstrators acknowledged the risk that Greece could crash out of the eurozone (as many EU leaders warned today).Waving banners and placards calling for a no vote in Sunday’s referendum on whether Athens should accept or reject the reforms-for-aid package Greece’s creditors have said must be agreed before they will extend the country’s bailout, the demonstrators acknowledged the risk that Greece could crash out of the eurozone (as many EU leaders warned today).
“We probably have a lot to lose if we leave Europe,” said Alex Zoubouglou, a photographer.“We probably have a lot to lose if we leave Europe,” said Alex Zoubouglou, a photographer.
“But it will be worth if if that is what it takes to recover our dignity. We’re here because we’re fed up with being treated as if we were ignorant. We’re well educated, we’re civilised, we’ve been around and we’re being being treated like so much less.”“But it will be worth if if that is what it takes to recover our dignity. We’re here because we’re fed up with being treated as if we were ignorant. We’re well educated, we’re civilised, we’ve been around and we’re being being treated like so much less.”
Here’s Jon’s full dispatch:Here’s Jon’s full dispatch:
Related: 'It's a question of dignity': Syriza rally demands end to 'economic asphyxia'Related: 'It's a question of dignity': Syriza rally demands end to 'economic asphyxia'
10.14pm BST10.14pm BST
22:1422:14
VIDEO: Tsipras urges no Vote in the referendumVIDEO: Tsipras urges no Vote in the referendum
A treat for non-Greek readers - here’s an English translation of Alexis Tsipras calling for the Greek people to vote “no” on Sunday, and predicting that lenders won’t push for Grexit.A treat for non-Greek readers - here’s an English translation of Alexis Tsipras calling for the Greek people to vote “no” on Sunday, and predicting that lenders won’t push for Grexit.
Our Athens correspondent watched the whole interview, and confirms that Tsipras hinted that he might resign if the Yes campaign wins.Our Athens correspondent watched the whole interview, and confirms that Tsipras hinted that he might resign if the Yes campaign wins.
#Greek PM #AlexisTsipras says his gov will "respect" result of Sunday ref but "will not serve it" if outcome is not the one he wants#Greek PM #AlexisTsipras says his gov will "respect" result of Sunday ref but "will not serve it" if outcome is not the one he wants
9.50pm BST9.50pm BST
21:5021:50
Channelling FDR again....Channelling FDR again....
We have justice on our side. If we can overcome fear, then there is nothing left to fear. @ErtSocial #ert #Greece pic.twitter.com/EISB3xw93mWe have justice on our side. If we can overcome fear, then there is nothing left to fear. @ErtSocial #ert #Greece pic.twitter.com/EISB3xw93m
9.36pm BST9.36pm BST
21:3621:36
Alexis Tsipras is suggesting that he’s still prepared to negotiate, while also warning that Greece won’t repay €1.6bn to the International Monetary Fund tomorrow.Alexis Tsipras is suggesting that he’s still prepared to negotiate, while also warning that Greece won’t repay €1.6bn to the International Monetary Fund tomorrow.
#Greek PM #AlexisTsipras - conciliatory! "We have not left the negotiating table, we are still at the negot table," he says in TV i/view#Greek PM #AlexisTsipras - conciliatory! "We have not left the negotiating table, we are still at the negot table," he says in TV i/view
Having asphyxiated banks & denied extension request, is it reasonable to expect that IMF installment will be paid tomorrow? #ert #GreeceHaving asphyxiated banks & denied extension request, is it reasonable to expect that IMF installment will be paid tomorrow? #ert #Greece
The partners accept IMF's proposals for tough austerity measures but not proposals for restructuring debt. #ert #Greece #GreferendumThe partners accept IMF's proposals for tough austerity measures but not proposals for restructuring debt. #ert #Greece #Greferendum
9.19pm BST
21:19
For anyone just tuning in, here’s our latest news story on today’s major developments in Greece:
Related: Europe's big guns warn Greek voters that a no vote means euro exit
9.18pm BST
21:18
Relations between Alexis Tsipras and Jean-Claude Juncker look as damaged as ever, judging by tonight’s TV interview.
The Greek PM has criticised the EC president for toeing the IMF’s line, rather than proposing measure in line with European values.
Speaking of the IMF, Tsipras suggests that Athens could possibly meet the €1.6bn repayment due to the International Monetary Fund on Tuesday, if creditors propose a workable deal extremely soon (however there’s no sign that is about to happen....)
Greek PM Tsipras: If there is an agreement tonight, #Greece will pay #IMF tomorrow. (DJ)
Greek Prime Minister Alexis Tsipras says Athens would pay the IMF tomorrow if creditors offer #Greece a deal today
8.58pm BST
20:58
This looks like good news tonight for Greece’s pensioners, hit hard by the imposition of capital controls:
Daily withdrawal limit for pensioners increases to €120 (from €60), 850 bank branches to pay pensions open on Wed (via @capitalgr) #Greece
8.56pm BST
20:56
The turnout at tonight’s “No” protest is reminiscent of the major demonstrations seen back in 2011 and 2012, although there’s no sign of the violence seen at times back then.
Proud to have been there today #OXI #Greferendum #Greece #Syntagma pic.twitter.com/BYlefWo0h8
8.53pm BST
20:53
Tsipras says he will ‘respect the outcome’ of the referendum, and act in accordance with the Greek constitution -- which suggests he’s resign if the public vote Yes.
As if there wasn’t enough riding on this vote already....
More: Tsipras hints strongly he would resign if "yes" vote wins #Greece
8.43pm BST
20:43
The Greek PM rejects the suggestion that a No vote will lead inevitably to Grexit -- that would be simply too costly for the other side....
Greek PM @tsipras_eu says of creditors, 'I don't think they want to throw us out of the euro because the cost is too great for them.'
8.40pm BST
20:40
Tsipras is rebutting the suggestion that he wrecked hopes of a good deal by walking away:
#Tsipras insisting he was given 48 hours to accept a take-it-or-leave-it offer, rejects claim that #Greece walked away from talks #euro
8.38pm BST
20:38
Tsipras: Reject lenders' offer with all our strength
Alexis Tsipras is being interviewed on the ERT TV station now.
After some tumultuous days, the Greek PM is appealing to the people to vote No on Sunday, to ensure Greece has a better future:
“We’re asking you to reject it with all our strength’”.
Tsipras is rebutting Jean-Claude’s Juncker’s attack this morning. We did everything humanely possible in the five months since winning power, he says. and blames the Institutions for the failure to reach a deal in recent days.
And Tsipras is adamant that a NO vote on Sunday will give Athens the mandate to seek a better deal.
The Greek people have a right to decide on their future. @ErtSocial #ert #Greece #Greferendum
The higher the participation & numbers of people voting "NO" / #OXI, the stronger our position will be. @ErtSocial #ert #Greece #Greferendum
8.27pm BST
20:27
Tonight’s demonstration was firm, but gentle No to the deal on offer from creditors, says Phoebe Greenwood in her last video clip from Syntagma Square tonight.
Updated
at 8.27pm BST
8.23pm BST
20:23
Dominic Rushe
US stock markets are still in the red. The Dow is down over 1.5%, the S&P 1.7% and the Nasdaq has suffered the most at over 2%. Still US investors don’t seem overly concerned about Greece.
Jack Ablin, chief strategist at BMP Private Bank writes:
The breakdown of talks between the Greek government and the eurozone leadership has pushed global stock markets lower and volatility higher, suggesting the news was a surprise. However, the most likely scenario in the event of a Greek default and the country’s departure from the eurozone is not a global economic crisis...
However, we must recognize that while traders could take advantage of near-term dips, most equity markets are relatively expensive; a modest pullback probably doesn’t represent buying opportunities for longer-term investors. We will continue to monitor global economic progress, liquidity levels and momentum – and the good news is that they all remain positive.