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Greece crisis timeline: the weekend that rocked the eurozone Greece crisis timeline: the weekend that rocked the eurozone
(about 1 hour later)
Greeks woke on Monday to shuttered banks following a fateful weekend that has shaken Europe’s single currency and pushed down stock markets. Greeks woke on Monday to closed banks after a weekend that has shaken Europe’s single currency and pushed down stock markets.
How did it come to this? Here we look back over the last three days: How did it come to this? We look back over the events of the last three days.
Related: Greece debt crisis: Europe says referendum is euro vs drachma - liveRelated: Greece debt crisis: Europe says referendum is euro vs drachma - live
Early Friday, 26 June 2015The backdrop Friday 26 June 2015
Greece and its creditors have been locked in talks for the last five months and need to agree on reforms so that the latest chunk of bailout money due to Athens can be released in time for a big debt repayment. Two deadlines loom on Tuesday: a €1.6bn repayment from Greece to the International Monetary Fund (IMF) and the expiry of Greece’s international bailout package. But there are many sticking points between the two sides, mainly centred on Greek pension policy, VAT and corporate taxes. Early hours
After a meeting of European leaders broke up in early hours of Friday morning, key players seek to set out their stalls ahead of more meetings scheduled for the next two days. The backdrop
German chancellor Angela Merkel says a Saturday meeting of eurozone finance ministers, known as the Eurogroup, “will be decisive because time is of the essence”. Greece and its creditors have been locked in talks for the last five months and need to agree on reforms so that the latest chunk of bailout money due to Athens can be released in time for a big debt repayment. Two deadlines loom on Tuesday: a €1.6bn repayment from Greece to the International Monetary Fund (IMF), and the expiry of Greece’s international bailout package. But there are many sticking points between the two sides, mainly centred on Greek pension policy, VAT and corporate taxes.
The Greek finance minister Yanis Varoufakis says that while Greece is determined to stay in the eurozone, Athens will not sign an agreement with lenders that it considers “unviable”. After a meeting of European leaders breaks up in the early hours of Friday, key players seek to set out their stalls ahead of more meetings scheduled for the next two days.
Investment bank JP Morgan says that if no deal is reached by Sunday night, banks in Greece will stay closed on Monday. The German chancellor, Angela Merkel, says a Saturday meeting of eurozone finance ministers, known as the Eurogroup, “will be decisive because time is of the essence”.
9.45am Friday, 26 June 2015 The Greek finance minister, Yanis Varoufakis, says that while Greece is determined to stay in the eurozone, Athens will not sign an agreement with lenders that it considers unviable.
The investment bank JP Morgan says that if no deal is reached by Sunday night, banks in Greece will stay closed on Monday.
9.45am*
French, German and Greek leaders meetFrench, German and Greek leaders meet
Alexis Tsipras, the Greek prime minister, holds talks with German chancellor Angela Merkel and French president François Hollande. At their 45-minute meeting, the three reportedly discussed the possibility of extending Greece’s bailout programme. The Greek government issues a statement after the talks saying its side did not understand why creditors were insisting on such hard measures. Merkel meanwhile says: “We have taken a step towards Greece... Now it is up to the Greek side to take a similar step.” Alexis Tsipras, the Greek prime minister, holds talks with Merkel and the French president, François Hollande. At their 45-minute meeting, the three reportedly discuss the possibility of extending Greece’s bailout programme. The Greek government issues a statement after the talks saying its side does not understand why creditors are insisting on such hard measures. Merkel says: “We have taken a step towards Greece … Now it is up to the Greek side to take a similar step.”
10am, Friday, 26 June 2015 10am
Greek bank deposits hit 11-year lowGreek bank deposits hit 11-year low
Data from the European Central Bank shows people have been rushing to withdraw money from Greek banks. Deposits at Greek banks fell to their lowest level in almost 11 years in May, dropping nearly £3.7bn to £135.7bn. Data from the European Central Bank shows people have been rushing to withdraw money from Greek banks. Deposits at Greek banks fall to their lowest level in almost 11 years in May, dropping nearly £3.7bn to £135.7bn.
12.30pm, Friday, 26 June 2015 12.30pm
Bailout extension plan emergesBailout extension plan emerges
Greece’s international creditors are planning to extend the country’s bailout by five months (to November), and release rescue funds of €15.5bn so Athens can pay back the IMF on Tuesday, Reuters report. Greece’s international creditors are planning to extend the country’s bailout by five months, to November, and release rescue funds of €15.5bn so Athens can pay back the IMF on Tuesday, Reuters reports. The funds would include the €7.2bn Greece is owed from its current bailout package and €1.8bn from the ECB for profits it has made from Greek bonds.
The funds would include the €7.2bn Greece is owed from its current bailout package and €1.8bn from the ECB for profits it has made from Greek bonds. 1.30pm
1.30pm, Friday, 26 June 2015
Eurozone sources say differences narrowingEurozone sources say differences narrowing
Briefly, it looks like a cash-for-reforms deal could be within grasp. Eurozone sources tell the Guardian that differences are now minimal – that the pension issue is resolved, lots of VAT issues are resolved and that the differences on VAT amount to a risible €107m – peanuts. An EU negotiating source says: “It’s ridiculous to block agreement for so little.” Briefly, it looks like a cash-for-reforms deal could be within grasp. Eurozone sources tell the Guardian that differences are now minimal; that the pension issue is resolved, as are lots of VAT issues and that the differences on VAT amount to a risible €107m. An EU negotiating source says: “It’s ridiculous to block agreement for so little.”
2.45pm, Friday, 26 June 2015 2.45pm
European commission sees “real chance” of deal European commission sees ‘real chance’ of deal
At a joint press conference Donald Tusk, president of the European Council, and Jean-Claude Juncker, president of the European Commission seek to highlight progress in the debt talks so far. Juncker comments: “I am quite optimistic but not over optimistic... There is a real chance of concluding an agreement.” At a joint press conference Donald Tusk, the president of the European Council, and Jean-Claude Juncker, president of the European commission, seek to highlight progress in the debt talks so far. Juncker comments: “I am quite optimistic but not over optimistic … There is a real chance of concluding an agreement.”
3.30pm, Friday, 26 June 2015 3.30pm
Greek government rejects proposed bailout extensionGreek government rejects proposed bailout extension
The Greek government rejects the proposed five-month extension of the country’s bailout accord as government sources lash out at the “unacceptable” tactics employed by interlocutors representing foreign lenders at the EU, ECB and IMF. AS Tsipras prepares to leave Brussels and return to Athens, the Greek cabinet is asked to be on standby for an emergency meeting later that evening. Greece rejects the proposed five-month extension of the bailout accord as government sources lash out at the “unacceptable” tactics employed by interlocutors representing foreign lenders at the EU, ECB and IMF. AS Tsipras prepares to leave Brussels for Athens, the Greek cabinet is asked to be on standby for an emergency meeting later that evening.
4.30pm, Friday, 26 June 2015 4.30pm
Eurozone officials still hopeful of weekend dealEurozone officials still hopeful of weekend deal
While Greek officials brief that nothing has been agreed to, a senior EU official tells the news agency Reuters that hopes of a deal with Greece on Saturday are higher than 50%. While Greek officials say nothing has been agreed to, a senior EU official tells the news agency Reuters that hopes of a deal with Greece on Saturday are higher than 50%.
Greek finance minister Yanis Varoufakis also sounds an upbeat note. “I see no reason why we cannot have a deal,” he tells Greece’s Antenna TV from Brussels. But Varoufakis does express frustration at creditors’ stance, adding: “Unfortunately, every time we make a concession and we get three quarters of the way, the institutions do the exact opposite, they toughen their stance.” Varoufakis also sounds an upbeat note. “I see no reason why we cannot have a deal,” he tells Greece’s Antenna TV from Brussels. But he also expresses frustration at creditors’ stance, adding: “Unfortunately, every time we make a concession and we get three quarters of the way, the institutions do the exact opposite, they toughen their stance.”
6.30pm, Friday 26 June 2015 6.30pm
Protestors take to Athens streetsProtestors take to Athens streets
Communist party supporters start to pour into Syntagma square in Athens to protest against the demands for more austerity by creditors. Their rallying cry: “no to the new agreement, rupture with lenders.” Communist party supporters start to pour into Syntagma square in Athens to protest against the creditors’ demands for more austerity. Their rallying cry is: “No to the new agreement, rupture with lenders.”
7.15pm, Friday 26 June 2015 7.15pm
Ministers scheduled to draw up plans to contain the crisis Ministers set to draw up plans to contain crisis
News emerges that eurozone finance ministers will use some of their time together on Saturday to draw up plans for emergency measures to ringfence Greece’s financial system unless the Greek prime minister, Alexis Tsipras, accepts creditors’ terms for a five-month extension of Athens’s bailout. News emerges that Eurogroup ministers will use some of their time together on Saturday to draw up plans for emergency measures to ringfence Greece’s financial system unless Tsipras accepts creditors’ terms for a five-month extension of the bailout.
11pm, Friday 26 June 2015 11pm
Greek PM Alexis Tsipras calls referendum Tsipras calls referendum
Following an emergency meeting of his cabinet, Greek prime minister Alexis Tsipras says his government has decided a package of austerity measures proposed by the country’s creditors would be put to popular vote. The referendum will take place on Sunday 5 July. In a national address, Tsipras says: “After five months of hard negotiations, our partners, unfortunately, ended up making a proposal that was an ultimatum towards Greek democracy and the Greek people.” After an emergency meeting of his cabinet, Tsipras says the government has decided that a package of austerity measures proposed by creditors will be put to a popular vote. The referendum will take place on Sunday 5 July. In a national address, Tsipras says: “After five months of hard negotiations, our partners, unfortunately, ended up making a proposal that was an ultimatum towards Greek democracy and the Greek people.”
Saturday 27 June, 2015 Saturday 27 June
Greek parliament vote on referendum, Eurogroup convenes again Greek parliament votes on referendum, Eurogroup reconvenes
After Greek leader Alexis Tsipras called a referendum on Friday night, Greek politicians start to head to parliament to vote on whether to back his plan. Greek politicians head to parliament to vote on whether to back Tsipras’s plan for a referendum. At the same time, eurozone finance ministers make their way to Brussels for another Eurogroup meeting.
At the same time, eurozone finance ministers make their way to Brussels for another Eurogroup meeting.
Meanwhile, queues start forming at Greek cash machines as people worry about capital controls being imposed, whereby banks close and limits are placed on ATM withdrawals.Meanwhile, queues start forming at Greek cash machines as people worry about capital controls being imposed, whereby banks close and limits are placed on ATM withdrawals.
11.25am, Saturday 27 June, 2015 11.25am
Greek parliament debate beginsGreek parliament debate begins
In Athens, Greek members of parliament begin their debate ahead of a vote on whether to hold a referendum. Greece’s interior minister, Nikos Voutsis, opens the debate by criticising the country’s lenders, calling on all parties to back the referendum and confirming that Syriza will vote “No”. In Athens, MPs begin their debate ahead of a vote on whether to hold a referendum. Greece’s interior minister, Nikos Voutsis, opens the debate by criticising the country’s lenders, calling on all parties to back the referendum and confirming that Syriza will vote no to the proposed austerity measures.
But the debate gets increasingly heated and former deputy PM Evangelos Venizelos questions whether a referendum is constitutional. But the debate gets increasingly heated and the former deputy prime minister Evangelos Venizelos questions whether a referendum is constitutional.
12.30pm, Saturday 27 June, 2015 12.30pm
Bailout extension in doubtBailout extension in doubt
Reports coming out of Brussels suggest eurozone ministers are unlikely to offer Greece an extension at the Eurogroup meeting because several countries oppose such a move. Reports coming out of Brussels suggest Eurogroup ministers are unlikely to offer Greece an extension because several countries oppose such a move.
1pm, Saturday 27 June, 2015 1pm
Eurogroup meetingEurogroup meeting
Over in Brussels, eurozone finances ministers, known as the Eurogroup, meet. 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. The meeting of eurozone finances ministers is due to get under way. 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 ECB to keep providing emergency funds.
1.20pm, Saturday 27 June, 2015 1.20pm
Finland: Plan B is becoming Plan A for Greece Finland says plan B is becoming plan A for Greece
Finland’s Alex Stubb arrives at Eurogroup, and tells reporters that the referendum means we are “closing the door” on future negotiations. 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.” He also says: “I would argue that Plan B is becoming Plan A.” Finland’s Alex Stubb arrives at Eurogroup and tells reporters that the referendum means we are “closing the door” on future negotiations. “I think there is a clear majority-cum-consensus inside the eurogroup that an extension of the programme is out of the question,” he says. “I would argue that plan B is becoming plan A.”
Germany’s finance minister, Wolfgang Schäuble, arrives, and tells reporters that there appears to be no basis for further talks with Greece.Germany’s finance minister, Wolfgang Schäuble, arrives, and tells reporters that there appears to be no basis for further talks with Greece.
2pm, Saturday 27 June, 2015Greece wants “few weeks” extension on bailout 2pmGreece wants bailout extension of a ‘few weeks’
Greek finance minister Yanis Varoufakis says he will ask fellow eurozone finance ministers for a bailout extension of “a few weeks” to accommodate the referendum. Varoufakis says he will ask fellow Eurogroup ministers for a bailout extension of “a few weeks” to accommodate the referendum.
4pm, Saturday 4pm
Greece’s request for an extension has been turned down, says the news agency AFP. Minutes later, reports emerge that Greece’s delegation is leaving the Eurogroup meeting and that talks will continue among the remaining 18 countries. Greece’s request for an extension has been turned down, says the news agency Agence France-Presse. Minutes later, reports emerge that Greece’s delegation is leaving the Eurogroup meeting and talks will continue among the remaining 18 countries.
4.30pm, Saturday 4.30pm
Dijsselbloem: Greek programme will expire on Tuesday nightDijsselbloem: Greek programme will expire on Tuesday night
Jeroen Dijsselbloem, president of the Eurogroup, tells a press conference in Brussels that talks were still continuing between Greece and the creditors on Friday night, when the Greek delegation suddenly had to leave the room. The proposals were not concluded, but yet the Greek government had rejected them and put them to the Greek people, he says. As a result, the Greek bailout programme will not be extended and will expire on Tuesday night, he confirms. Jeroen Dijsselbloem, the president of the Eurogroup, tells a press conference in Brussels that talks were still continuing between Greece and the creditors on Friday night when the Greek delegation suddenly had to leave the room. The proposals were not concluded, but yet the Greek government had rejected them and put them to the Greek people, he says. As a result, the Greek bailout programme will not be extended and will expire on Tuesday night, he confirms.
5pm, Saturday 5pm
Varoufakis: We couldn’t accept creditors’ proposals Varoufakis: We could not accept creditors’ proposals
Greek finance minister Yanis Varoufakis holds his own press conference in Brussels and says Greece couldn’t accept the recessionary consequences of the proposals from its lenders. Nor did we have the mandate to reject them - only the Greek people could decide, he adds. He denies that the July 5 referendum would be about eurozone membership. Varoufakis holds his own press conference in Brussels and says Greece couldn’t accept the recessionary consequences of the proposals from its lenders. Nor did the government have the mandate to reject them – only the Greek people could decide, he adds.
He also says a deal can still be reached by Tuesday - adding that the Greek government could even support it if creditors offered better terms. He denies that the 5 July referendum will be about eurozone membership. He also says a deal can still be reached by Tuesday, and that the Greek government could even support it if creditors offered better terms.
6.40pm, Saturday 6.40pm
France’s Sapin: We want Greece to stay in the euroFrance’s Sapin: We want Greece to stay in the euro
The remaining 18 finance minister end their meeting -- French finance minister Michel Sapin tells reporters France is ready to restart talks at any time with Greece and that nobody wants Grexit. And he criticises the decision to call a referendum. The remaining 18 finance minister end their meeting. The French finance minister, Michel Sapin, tells reporters France is ready to restart talks at any time with Greece and that nobody wants Greece to leave the euro. He criticises the decision to call a referendum.
6.45pm, SaturdayTense phone call 6.45pmTense phone call
Details emerge of a phone call during the afternoon between Greek leader Alexis Tsipras with the German chancellor Angela Merkel and French president Francois Hollande. Tsipras rejected Merkel’s protestations that the referendum would ultimately boil down to a choice “between the euro and drachma” and countered that Greece would not be told what question to ask in the referendum. Details emerge of a phone call during the afternoon between Tsipras, Merkel and Hollande. Tsipras rejects Merkel’s protestations that the referendum will boil down to a choice “between the euro and drachma” and counters that Greece will not be told what question to ask in the referendum.
7.40 pm, SaturdayEurogroup says stands ready to support Greece 7.40pmEurogroup says it stands ready to support Greece
Eurogroup president Jeroen Dijsselbloem tells a news conference the 18 eurozone finance ministers without Greece discussed “our strong determination to ensure the strength of our monetary union”. We will use all the instruments at our disposal to ensure financial stability, alongside the ECB, he says. The eurogroup still consists of 19 members and we stand ready to support Greece if and when required, after the bailout programme expires, he adds. Dijsselbloem tells a news conference the 18 eurozone finance ministers without Greece discussed “our strong determination to ensure the strength of our monetary union”. He says the group will use all the instruments at its disposal to ensure financial stability, alongside the ECB. “The Eurogroup still consists of 19 members and we stand ready to support Greece if and when required, after the bailout programme expires.”
8pm, SaturdayGermany predicts “difficult situation” in Greece 8pmGermany predicts ‘difficult situation’ in Greece
Germany’s finance minister Wolfgang Schäuble tells his own press conference that Greece is likely to get into a “difficult situation” in the days ahead. But today’s decisions don’t mean Greece is leaving the eurozone, Schäuble adds. Schäuble tells a press conference that Greece is likely to get into a difficult situation in the days ahead, but Saturday’s decisions don’t mean Greece is leaving the eurozone.
8.10pm, Saturday 8.10pm
Greece “must take measures to ensure stability” Greece ‘must take measures to ensure stability’
The European Council issues official statement following meeting of the other 18 finance ministers, warning Athens must take measures to ensure financial stability, once its bailout ends. The European Council issues an official statement after meeting of the other 18 finance ministers, saying Athens must take measures to ensure financial stability once its bailout ends.
1am, Sunday 28 June, 2015 Greek government wins referendum vote Sunday 28 June 2015
The count is in and a majority of Greek MPs have voted in favour of holding a referendum on its bailout terms on Sunday, 5th July. The government easily passed the 151-vote threshold needed to authorise the referendum, with deputies from the far-right Golden Dawn voting with the government and pro-European opposition parties New Democracy, Pasok and To Potami and the KKE Communist party voting against. 1am Greek government wins referendum vote
11.30am, Sunday The count is in and a majority of MPs have voted in favour of holding a referendum on Greece’s bailout terms on Sunday 5 July. The government easily passes the 151-vote threshold needed to authorise the referendum, with deputies from the far-right Golden Dawn voting with the government and pro-European opposition parties New Democracy, Pasok and To Potami and the KKE Communist party voting against.
UK Treasury says preparing for “all eventualities” 11.30am
A spokesperson for HM Treasury says: “We urge the people of Greece to resolve the current uncertainty, and ensure economic and financial stability across Europe. We have taken measures to increase our economic security so we can deal with risks like this from abroad, and we continue to take steps to prepare and protect ourselves from all eventualities”. UK Treasury says it is preparing for ‘all eventualities’
1.40pm, Sunday A spokesperson for HM Treasury says: “We urge the people of Greece to resolve the current uncertainty, and ensure economic and financial stability across Europe. We have taken measures to increase our economic security so we can deal with risks like this from abroad, and we continue to take steps to prepare and protect ourselves from all eventualities.”
ECB maintains emergency funding but not raising it 1.40pm
The European Central Bank decides to maintain the emergency liquidity support on offer to Greece, but it has also not provided any extra help to cover the funds that have flowed out of Greek banks this weekend. In a statement, the ECB says that it has decided to maintain the emergency liquidity assistance (ELA) ceiling at Friday’s limit (that’s €89bn). ECB maintains emergency funding level but does not raise it
4.30pm, Sunday The European Central Bank decides to maintain the emergency liquidity support on offer to Greece, but it has not provided any extra help to cover the funds that have flowed out of Greek banks over the weekend. In a statement, the ECB says it has decided to maintain the emergency liquidity assistance (ELA) ceiling at Friday’s limit (that’s €89bn).
4.30pm
Lagarde: IMF stands ready to helpLagarde: IMF stands ready to help
Christine Lagarde, managing director of the International Monetary Fund, reiterates that the IMF believes Greece’s debt sustainability needs to be addressed – code for saying that the eurozone must put more money up. And the Fund is still prepared to work with both sides. Christine Lagarde, the managing director of the IMF, reiterates that the fund believes Greece’s debt sustainability needs to be addressed – code for saying that the eurozone must put up more money. And the fund is still prepared to work with both sides.
In a statement, she says: “I continue to believe that a balanced approach is required to help restore economic stability and growth in Greece, with appropriate structural and fiscal reforms supported by appropriate financing and debt sustainability measures.”In a statement, she says: “I continue to believe that a balanced approach is required to help restore economic stability and growth in Greece, with appropriate structural and fiscal reforms supported by appropriate financing and debt sustainability measures.”
5.20pm, Sunday 5.20pm
UK government warns tourists of cash shortagesUK government warns tourists of cash shortages
The British government updates its advice to people travelling to Greece, to include a warning that cash machines might run short of funds, with little warning. The British government updates its advice to people travelling to Greece to include a warning that cash machines might run short of funds with little warning.
6pm, SundayGreek bank closures expected 6pmGreek bank closures expected
Greek banks will not open on Monday, according to the head of Greece’s Piraeus Bank. But Greek finance minister Yanis Varoufakis has said Greek government opposes such moves. Greek banks will not open on Monday, according to the head of Greece’s Piraeus Bank. But Varoufakis says the Greek government opposes such moves.
Capital controls within a monetary union are a contradiction in terms. The Greek government opposes the very concept.Capital controls within a monetary union are a contradiction in terms. The Greek government opposes the very concept.
6.10pm, Sunday 6.10pm
Greek stock market to stay closedGreek stock market to stay closed
The Athens stock market won’t open tomorrow morning either, Reuters reports. The Athens stock market will not open on Monday morning either, Reuters reports.
7pm, Sunday 7pm
Tsipras announces capital controls and bank holidayTsipras announces capital controls and bank holiday
It’s official, capital controls are being imposed in Greece. Speaking on live TV, Greek PM Alexis Tsipras says that the Greek central bank has been forced to recommend a bank holiday and the introduction of capital controls. It’s official: capital controls are being imposed in Greece. Speaking on live TV, Tsipras says the Greek central bank has been forced to recommend a bank holiday and the introduction of capital controls.
Greeks will be restricted to taking out just €60 per day for the next week, and banks won’t reopen until July 7 – two days after the referendum has been held. Greeks will be restricted to taking out just €60 a day for the next week, and banks will not reopen until 7 July – two days after the referendum.
8pm, Sunday 8pm
Euro tumbles as markets wake up Euro tumbles as markets open
The euro plunges at the start of trading in Asia, as the financial markets finally get an opportunity to react to the last 48 hours.The euro plunges at the start of trading in Asia, as the financial markets finally get an opportunity to react to the last 48 hours.
9.40pm, Sunday 9.40pm
White House confirms Obama waded in White House confirms president waded in
The White House confirms that president Barack Obama called Angela Merkel on Sunday and they agreed that Greece needed to find its way back to a path of reform without exiting the eurozone. The White House confirms that Barack Obama called Merkel on Sunday and they agreed that Greece needs to find its way back to a path of reform without leaving the eurozone.
8am, Monday, 29 June 2015Stock markets slump Monday 29 June
Share prices slump across Europe as Greece shutters its banks for a week. In London, the FTSE 100 tumbles by 150 points - more than 2% - when trading begins at 8am. There were even sharper falls across Europe, with the French and German markets both tumbling by 4%. European banking shares were the hardest hit, suffering losses of up to 10%. Overnight in Tokyo the Nikkei index fell almost 3% and in Hong Kong shares slid 2.5%. 8am
Stock markets slump
Share prices slump across Europe as Greece shuts its banks for a week. In London, the FTSE 100 tumbles by 150 points – more than 2% – when trading begins at 8am. There are even sharper falls across Europe, with the French and German markets both dropping by 4%. European banking shares are the hardest hit, suffering losses of up to 10%. Overnight in Tokyo the Nikkei index fell almost 3% and in Hong Kong shares slid 2.5%.
The Athens stock exchange remains closed.The Athens stock exchange remains closed.
11.45am, MondayAngela Merkel: “If the euro fails, Europe fails” 11.45amAngela Merkel: ‘If the euro fails, Europe fails’
The German chancellor also tells her CDU party that solidarity and reforms go together. The German chancellor tells her CDU party that solidarity and reforms go together.
11.45am, Monday 11.45am
Juncker’s plea for a Greek Yes vote Juncker’s plea for a Greek yes vote
Jean-Claude Juncker, president of the European commission, makes a remarkable intervention into the Greek crisis in what looks like desperate, last-gasp bid to prevent the country ploughing out of the eurozone. Juncker makes a remarkable intervention; a seemingly desperate, last-gasp attempt to prevent Greece leaving the eurozone.
He effectively tells the Greek people that they are choosing between the euro and the exit door on Sunday, that their government has lied to them, and that he has been their friend and ally at the negotiating table.He effectively tells the Greek people that they are choosing between the euro and the exit door on Sunday, that their government has lied to them, and that he has been their friend and ally at the negotiating table.
Note: All times approximate, BST * All times approximate, BST