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Version 16 Version 17
Greek crisis: IMF says no third bail out without debt relief - as it happened Greek crisis: IMF says no third bail out without debt relief - as it happened
(about 1 hour later)
7.08pm BST19:08
...followed by a nice pop at his predecessors (such as Antonis Samaras, who blasted Tsipras on Bloomberg TV today)
#Tsipras now, ANT1 TV: It never crossed my mind to do what other PMs did: come back (from negotiations) with a non sustainable deal. #Greece
7.07pm BST19:07
7.03pm BST19:03
A punchy soundbite:
Either you give in to ultimatums or you opt for #democracy. The Greek people can't be bled dry any longer. #Greece #Greferendum #OXI
7.02pm BST19:02
No early surprises from Alexis Tsipras in tonight’s speech (online here).
He’s insisting that Greeks will be voting for Democracy and justice in Europe on Sunday (if they vote no). OXI does not equal Grexit, he vows.
Voting #OXI / NO on a solution that isn't viable doesn't mean saying NO to Europe. It means demanding a solution that's realistic. #Greece
And he’s also repeating his criticism of Greece’s lenders, for failing to compromise:
Austerity only serves to further the crisis. Workers and pensioners can no longer shoulder the burden. #Greece #Greferendum #dimopsifisma
6.56pm BST18:56
Tsipras TV interview
Oh, one last thing...Alexis Tsipras is giving an interview on Antenna TV now.
It’s being streamed live here. We’re keeping an eye for any major announcements...
Σε λίγο, συνέντευξη στον ΑΝΤ1 & στη δημοσιογράφο Μαρία Χούκλη. #Greece pic.twitter.com/MildUJ0jgH
Updated at 7.03pm BST
5.47pm BST17:475.47pm BST17:47
Helena SmithHelena Smith
The Greek government has just announced that a number of leading musicians, singers and actors will stage a concert when a huge “no” rally is held in Syntagma square in front of the parliament tomorrow night, reports Helena Smith.The Greek government has just announced that a number of leading musicians, singers and actors will stage a concert when a huge “no” rally is held in Syntagma square in front of the parliament tomorrow night, reports Helena Smith.
“The big no rally will be a big festival of the people,” the ruling radical left Syriza party announced in a statement. “We will respond to the scene of fear that they want to impose with our songs, with our strong voice.”“The big no rally will be a big festival of the people,” the ruling radical left Syriza party announced in a statement. “We will respond to the scene of fear that they want to impose with our songs, with our strong voice.”
“In Sunday’s referendum with a proud OXI (no) we will write history. We will say the OXI of our life in order for life to emerge victorious.”“In Sunday’s referendum with a proud OXI (no) we will write history. We will say the OXI of our life in order for life to emerge victorious.”
What is sure is that the language is becoming ever more colourful.What is sure is that the language is becoming ever more colourful.
Meanwhile Aegean Airways has also just announced that it will be putting on extra flights to enable Greeks living in London and Brussels to vote in Sunday’s plebiscite.Meanwhile Aegean Airways has also just announced that it will be putting on extra flights to enable Greeks living in London and Brussels to vote in Sunday’s plebiscite.
There will be additional flights on Sunday and Monday it says - and at cut prices:There will be additional flights on Sunday and Monday it says - and at cut prices:
€199 return to Brussels and £148 return to London.€199 return to Brussels and £148 return to London.
And on that note we’ll close up for the evening, pending any major developments later. Thanks for all your comments, and we’ll be back tomorrow, counting down to Sunday’s key referendum.And on that note we’ll close up for the evening, pending any major developments later. Thanks for all your comments, and we’ll be back tomorrow, counting down to Sunday’s key referendum.
5.37pm BST17:375.37pm BST17:37
John Hooper has been sounding out voters in the villages of Corinthia. Read his piece here:John Hooper has been sounding out voters in the villages of Corinthia. Read his piece here:
Related: MPs canvas vociferous voters in Corinthia, weather vane of Greek politicsRelated: MPs canvas vociferous voters in Corinthia, weather vane of Greek politics
Updated at 5.38pm BSTUpdated at 5.38pm BST
5.34pm BST17:345.34pm BST17:34
Voters won’t be able to miss this:Voters won’t be able to miss this:
5.29pm BST17:295.29pm BST17:29
Even a yes vote in Sunday’s referendum may not be enough to keep Greece in the euro, says Mohamed El-Erian, chief economic adviser at Allianz. Commenting on the International Monetary Fund’s report, he says:Even a yes vote in Sunday’s referendum may not be enough to keep Greece in the euro, says Mohamed El-Erian, chief economic adviser at Allianz. Commenting on the International Monetary Fund’s report, he says:
The IMF’s DSA (debt sustainability analysis) for Greece offers a stark reminder of the challenges faced by all those involved in this horrid tragedy.The IMF’s DSA (debt sustainability analysis) for Greece offers a stark reminder of the challenges faced by all those involved in this horrid tragedy.
It points to an enormous need for economic reforms by a country that – repeatedly – has had huge difficulties sustaining a less ambitious effort under several governments.It points to an enormous need for economic reforms by a country that – repeatedly – has had huge difficulties sustaining a less ambitious effort under several governments.
It speaks to the need for Europe to bite the bullet and deliver a credible “debt operation” (which, most probably, would involve debt forgiveness, the very mention of which has proven an anathema to some European governments).It speaks to the need for Europe to bite the bullet and deliver a credible “debt operation” (which, most probably, would involve debt forgiveness, the very mention of which has proven an anathema to some European governments).
And all this would need to happen if the IMF (and soon, possibly, also the ECB) is to stand a chance of being paid back in a full and more timely fashion.And all this would need to happen if the IMF (and soon, possibly, also the ECB) is to stand a chance of being paid back in a full and more timely fashion.
While all sides are likely to use the IMF’s DSA to bolster their case ahead of Sunday’s referendum, it is increasingly possible that even a “yes” vote would prove insufficient to maintain the country’s membership of the European single currency.While all sides are likely to use the IMF’s DSA to bolster their case ahead of Sunday’s referendum, it is increasingly possible that even a “yes” vote would prove insufficient to maintain the country’s membership of the European single currency.
Every single day, an already challenging situation on the ground is slipping further away from the ability of politicians, whether in Greece or elsewhere in Europe, to deliver outcomes.Every single day, an already challenging situation on the ground is slipping further away from the ability of politicians, whether in Greece or elsewhere in Europe, to deliver outcomes.
5.19pm BST17:195.19pm BST17:19
European markets have ended lower ahead of the key Greek referendum decision at the weekend, with an exception being the FTSE 100 which has been lifted by BP agreeing to pay US authorities around $18.7bn relating to the 2010 Gulf of Mexico oil spill.European markets have ended lower ahead of the key Greek referendum decision at the weekend, with an exception being the FTSE 100 which has been lifted by BP agreeing to pay US authorities around $18.7bn relating to the 2010 Gulf of Mexico oil spill.
5.00pm BST17:005.00pm BST17:00
ECB board member Josef Bonnici said the terms of any future emergency funding it offered to Greek banks - including the amount of collateral - would depend on the outcome of the referendum.ECB board member Josef Bonnici said the terms of any future emergency funding it offered to Greek banks - including the amount of collateral - would depend on the outcome of the referendum.
Asked by reporters in Milan if a win for the no supporters meant the emergency liquidity assistance would end, he said:Asked by reporters in Milan if a win for the no supporters meant the emergency liquidity assistance would end, he said:
“Let’s wait and see what the result is.”“Let’s wait and see what the result is.”
He added that the ELA was not an infinite fund.He added that the ELA was not an infinite fund.
(Quotes via Reuters)(Quotes via Reuters)
4.50pm BST16:504.50pm BST16:50
Helena SmithHelena Smith
Over in Athens the Greek government spokeman, Gavriel Sakellarides, has reacted to the onslaught of support former prime ministers have made for the yes campaign today. Our correspondent Helena Smith reports:Over in Athens the Greek government spokeman, Gavriel Sakellarides, has reacted to the onslaught of support former prime ministers have made for the yes campaign today. Our correspondent Helena Smith reports:
Growing numbers in the governing Syriza party are now saying openly that the no campaign is being deliberately targeted by what the left-leaning paper Syntaktwn described as “a machine of terror” in its front page splash today.Growing numbers in the governing Syriza party are now saying openly that the no campaign is being deliberately targeted by what the left-leaning paper Syntaktwn described as “a machine of terror” in its front page splash today.
Echoing those sentiments, the government spokeman issued the following statement.Echoing those sentiments, the government spokeman issued the following statement.
“We are watching a crush of former prime minister and political figures rushing to defend a yes vote to the proposal of lenders. That’s their right.”“We are watching a crush of former prime minister and political figures rushing to defend a yes vote to the proposal of lenders. That’s their right.”
“However it is also the right of the people not to forget them. And to decide over their dignity and interests undistracted from the blackmail and unprecedented propaganda.”“However it is also the right of the people not to forget them. And to decide over their dignity and interests undistracted from the blackmail and unprecedented propaganda.”
Syriza took the step this afternoon of expanding its no campaign beyond the borders of Greece by publishing a “letter of solidarity to the Greek people” signed by 400 Italian academics.Syriza took the step this afternoon of expanding its no campaign beyond the borders of Greece by publishing a “letter of solidarity to the Greek people” signed by 400 Italian academics.
Earlier, it published a proclamation signed by 300 members of the academy in Greece also supporting the government’s no campaign.Earlier, it published a proclamation signed by 300 members of the academy in Greece also supporting the government’s no campaign.
“In the referendum on Sunday 5th July we will vote OXI (No),” the academics said. “Because we can no longer bear to see Greek society collapsing under the weight of the merciless continuation of the policies of austerity that manifestly is leading the economy ever more deeply into the vicious cycle of recession from which it is never going to emerge.”“In the referendum on Sunday 5th July we will vote OXI (No),” the academics said. “Because we can no longer bear to see Greek society collapsing under the weight of the merciless continuation of the policies of austerity that manifestly is leading the economy ever more deeply into the vicious cycle of recession from which it is never going to emerge.”
Updated at 5.05pm BSTUpdated at 5.05pm BST
4.47pm BST16:474.47pm BST16:47
Greece’s banks have come under more pressure from ratings agencies, not altogether surprisingly.Greece’s banks have come under more pressure from ratings agencies, not altogether surprisingly.
Fitch has downgraded the long-term senior debt rating of National Bank of Greece and Eurobank Ergasias from CCC to CC.Fitch has downgraded the long-term senior debt rating of National Bank of Greece and Eurobank Ergasias from CCC to CC.
Meanwhile Moody’s says it has put the ratings of National Bank of Greece, Piraeus Bank, Eurobank Ergasias, Alpha Bank and Attica Bank on review for a possible downgrade.Meanwhile Moody’s says it has put the ratings of National Bank of Greece, Piraeus Bank, Eurobank Ergasias, Alpha Bank and Attica Bank on review for a possible downgrade.
4.41pm BST16:414.41pm BST16:41
Nick Kounis at ABN Amro thinks the IMF could be underplaying Greece’s problems:Nick Kounis at ABN Amro thinks the IMF could be underplaying Greece’s problems:
The IMF's report on #Greek debt makes grim reading but its growth assumptions are too optimistic hence debt projections are too lowThe IMF's report on #Greek debt makes grim reading but its growth assumptions are too optimistic hence debt projections are too low
4.22pm BST16:224.22pm BST16:22
#IMF's chart on #Greece's financing needs, not including Europe's coverage of financing needs throu Sept pic.twitter.com/UwRr8EKLpq ~@IanTalley#IMF's chart on #Greece's financing needs, not including Europe's coverage of financing needs throu Sept pic.twitter.com/UwRr8EKLpq ~@IanTalley
4.16pm BST16:164.16pm BST16:16
And here’s our report on the IMF’s pronouncements:And here’s our report on the IMF’s pronouncements:
Related: IMF says Greece needs extra €50bn in funds and debt reliefRelated: IMF says Greece needs extra €50bn in funds and debt relief
4.05pm BST16:054.05pm BST16:05
Our correspondent Phillip Inman has read the IMF document and highlights some of the juicest segments.Our correspondent Phillip Inman has read the IMF document and highlights some of the juicest segments.
He says: “The IMF admits the deterioration in Greece’s financial position means is not in a position to cope with debt repayments for at least three years, even with a debt write-off.He says: “The IMF admits the deterioration in Greece’s financial position means is not in a position to cope with debt repayments for at least three years, even with a debt write-off.
It said: “Even with concessional financing through 2018, debt would remain very high for decades and highly vulnerable to shocks.”It said: “Even with concessional financing through 2018, debt would remain very high for decades and highly vulnerable to shocks.”
This would entail a much longer period before debt repayments are due and a longer period to pay them off.This would entail a much longer period before debt repayments are due and a longer period to pay them off.
The IMF said: “Given the fragile debt dynamics, further concessions are necessary to restore debt sustainability. As an illustration, one option for recovering sustainability would be to extend the grace period to 20 years and the amortization period to 40 years on existing EU loans and to provide new official sector loans to cover financing needs falling due on similar terms at least through 2018.”The IMF said: “Given the fragile debt dynamics, further concessions are necessary to restore debt sustainability. As an illustration, one option for recovering sustainability would be to extend the grace period to 20 years and the amortization period to 40 years on existing EU loans and to provide new official sector loans to cover financing needs falling due on similar terms at least through 2018.”
Updated at 4.06pm BSTUpdated at 4.06pm BST
4.00pm BST16:004.00pm BST16:00
IMF - Greece needs an extra €50bn and large scale debt reliefIMF - Greece needs an extra €50bn and large scale debt relief
Just days ahead of the Greek referendum, the International Monetary Fund has said the struggling country needs €50bn of extra funds over the next three years. It also requires large scale debt relief to create “a breathing space” and stabilise the economy. Larry Elliott and Phillip Inman write:Just days ahead of the Greek referendum, the International Monetary Fund has said the struggling country needs €50bn of extra funds over the next three years. It also requires large scale debt relief to create “a breathing space” and stabilise the economy. Larry Elliott and Phillip Inman write:
With three days to go before a knife-edge referendum, the IMF revealed a deep split with Europe as it warned that Greece’s debts were “unsustainable”.With three days to go before a knife-edge referendum, the IMF revealed a deep split with Europe as it warned that Greece’s debts were “unsustainable”.
Fund officials said they would not be prepared to put a proposal for a third Greek bail out package to the Washington-based organisation’s board unless it included both a commitment to economic reform and debt relief.Fund officials said they would not be prepared to put a proposal for a third Greek bail out package to the Washington-based organisation’s board unless it included both a commitment to economic reform and debt relief.
According to the IMF, Greece should have a 20-year grace period before making any debt repayments and that final payments should not take place until 2055.According to the IMF, Greece should have a 20-year grace period before making any debt repayments and that final payments should not take place until 2055.
The IMF’s analysis will be seized upon by Alexis Tsipras, the Greek prime minister, who has been insisting that he will only agree to tough new austerity measure if Greece is granted debt relief.The IMF’s analysis will be seized upon by Alexis Tsipras, the Greek prime minister, who has been insisting that he will only agree to tough new austerity measure if Greece is granted debt relief.
Full story to follow.Full story to follow.
3.46pm BST15:463.46pm BST15:46
Greek banks would have failed without capital controls - FitchGreek banks would have failed without capital controls - Fitch
Greece’s four largest banks would have failed and defaulted without this week’s capital controls due to deposit withdrawals and the European Central Bank’s decision not to raise the emergency funding cap, according to Fitch Ratings. The agency said:Greece’s four largest banks would have failed and defaulted without this week’s capital controls due to deposit withdrawals and the European Central Bank’s decision not to raise the emergency funding cap, according to Fitch Ratings. The agency said:
The Greek banking system’s liquidity and solvency positions are very weak and some banks may be nearing a point where resolution [intervention to manage the failure of a firm in an orderly fashion] becomes a real possibility. The ECB is responsible for supervising and authorising the four major Greek banks, and the Bank of Greece is resolution authority for the others.The Greek banking system’s liquidity and solvency positions are very weak and some banks may be nearing a point where resolution [intervention to manage the failure of a firm in an orderly fashion] becomes a real possibility. The ECB is responsible for supervising and authorising the four major Greek banks, and the Bank of Greece is resolution authority for the others.
Resolution of Greek banks, if required, is unlikely to be straightforward. We believe it would be politically unacceptable to impose losses on Greek creditors and that efforts would be made to find a solution which avoids this but still complies with EU legislation. Existing bank resolution laws in Greece are relatively mature, sharing many similarities with the EU’s Bank Recovery and Resolution Directive, although they exclude explicit bail-in of senior unsecured creditors.Resolution of Greek banks, if required, is unlikely to be straightforward. We believe it would be politically unacceptable to impose losses on Greek creditors and that efforts would be made to find a solution which avoids this but still complies with EU legislation. Existing bank resolution laws in Greece are relatively mature, sharing many similarities with the EU’s Bank Recovery and Resolution Directive, although they exclude explicit bail-in of senior unsecured creditors.
And it concludes on a grim note:And it concludes on a grim note:
A swift lifting of capital controls is highly unlikely even if there is successful resumption of negotiations with the ECB, IMF and European Commission. Controls on Cypriot banks, lifted in May, lasted two years.A swift lifting of capital controls is highly unlikely even if there is successful resumption of negotiations with the ECB, IMF and European Commission. Controls on Cypriot banks, lifted in May, lasted two years.
The full statement is here:The full statement is here:
Fitch: Many Challenges If Resolution Needed On Greek BanksFitch: Many Challenges If Resolution Needed On Greek Banks
3.11pm BST15:113.11pm BST15:11
Some responses to our Guardian Witness call out for people to share their experiences in Greece at the moment.Some responses to our Guardian Witness call out for people to share their experiences in Greece at the moment.
In some ways life is continuing as normal:In some ways life is continuing as normal:
At the local marketAt the local market
The market comes to my local area in Thessaloniki every Thursday morning, and is principally a vegetable market although there are a couple of chicken stalls, four or five for fish stalls and a few for cheese, dairy, some for eggs, some for kitchen supplies and so on.The market comes to my local area in Thessaloniki every Thursday morning, and is principally a vegetable market although there are a couple of chicken stalls, four or five for fish stalls and a few for cheese, dairy, some for eggs, some for kitchen supplies and so on.
Nothing has changed from last week, or the week before or the week before that. Plenty of produce out and no swing in prices outside of the usual seasonal variations that pertain alongside the changes in harvest times for different things. Just as many shoppers as usual.Nothing has changed from last week, or the week before or the week before that. Plenty of produce out and no swing in prices outside of the usual seasonal variations that pertain alongside the changes in harvest times for different things. Just as many shoppers as usual.
I think this demonstrates that the market is the heart of Greece; as long as we grow and pick and eat we'll get by whatever the neo-liberals in Berlin, Brussels and New York want to throw at us.I think this demonstrates that the market is the heart of Greece; as long as we grow and pick and eat we'll get by whatever the neo-liberals in Berlin, Brussels and New York want to throw at us.
Sent via Guardian WitnessSent via Guardian Witness
By s1syphusBy s1syphus
2 July 2015, 12:582 July 2015, 12:58
Elsewhere ( in this case Trikala) there are clear signs of the opposing views in the country ahead of Sunday’s referendum:Elsewhere ( in this case Trikala) there are clear signs of the opposing views in the country ahead of Sunday’s referendum:
Oxi (No) BannerOxi (No) Banner
A large Oxi (No) banner is conveniently translated on one of the bridges crossing the Lithaios River in Trikala, Greece.A large Oxi (No) banner is conveniently translated on one of the bridges crossing the Lithaios River in Trikala, Greece.
Sent via Guardian WitnessSent via Guardian Witness
By travisross42By travisross42
2 July 2015, 13:132 July 2015, 13:13
Nai (Yes) BoothNai (Yes) Booth
No large protests in the small city of Trikala, but each side does have a lovely booth. The Nai (Yes) booth has a noticeably nicer sign than the Oxi (No) booth.No large protests in the small city of Trikala, but each side does have a lovely booth. The Nai (Yes) booth has a noticeably nicer sign than the Oxi (No) booth.
Sent via Guardian WitnessSent via Guardian Witness
By travisross42By travisross42
2 July 2015, 13:062 July 2015, 13:06
Updated at 3.11pm BSTUpdated at 3.11pm BST
3.05pm BST15:053.05pm BST15:05
The European Central Bank plans to meet on Monday to discuss provision of emergency funding to Greek banks, according to Reuters.The European Central Bank plans to meet on Monday to discuss provision of emergency funding to Greek banks, according to Reuters.
The current cap is €85bn, and a decision on whether to continue it or freeze it looks likely to be made quickly once the referendum result is known.The current cap is €85bn, and a decision on whether to continue it or freeze it looks likely to be made quickly once the referendum result is known.
2.56pm BST14:562.56pm BST14:56
Greek voters: "We're not afraid of fear any more"Greek voters: "We're not afraid of fear any more"
In this mini-documentary Phoebe Greenwood meets the no and yes voters in Athens, as well as businesses affected by the continuing crisis and an academic who says referenda are a dangerous way of making decisions.In this mini-documentary Phoebe Greenwood meets the no and yes voters in Athens, as well as businesses affected by the continuing crisis and an academic who says referenda are a dangerous way of making decisions.
2.31pm BST14:312.31pm BST14:31
And the Greek referendum website is live:And the Greek referendum website is live:
#Greek government launches official #greferendum website complete with countdown clock http://t.co/wqHk33Jafd#Greek government launches official #greferendum website complete with countdown clock http://t.co/wqHk33Jafd
2.22pm BST14:222.22pm BST14:22
Here’s our story by Jennifer Rankin on the pledge by Yanis Varoufakis to resign if the country votes yes in Sunday’s referendum:Here’s our story by Jennifer Rankin on the pledge by Yanis Varoufakis to resign if the country votes yes in Sunday’s referendum:
Greece’s finance minister has pledged to resign if his country votes yes to the bailout plan proposed by international lenders.Greece’s finance minister has pledged to resign if his country votes yes to the bailout plan proposed by international lenders.
Yanis Varoufakis, the academic-turned-minister who has riled his eurozone counterparts, said he would not remain finance minister on Monday if Greece voted yes.Yanis Varoufakis, the academic-turned-minister who has riled his eurozone counterparts, said he would not remain finance minister on Monday if Greece voted yes.
In an interview with Bloomberg, the self-declared “erratic Marxist” said he would rather cut off his arm than accept another austerity bailout without any debt relief for Greece.In an interview with Bloomberg, the self-declared “erratic Marxist” said he would rather cut off his arm than accept another austerity bailout without any debt relief for Greece.
However, he was “quite confident” that the Greek people would back the government’s call for a no vote.However, he was “quite confident” that the Greek people would back the government’s call for a no vote.
The full story is here:The full story is here:
Related: Yanis Varoufakis: I'd rather cut off my arm than accept yes voteRelated: Yanis Varoufakis: I'd rather cut off my arm than accept yes vote
2.05pm BST14:052.05pm BST14:05
Only three days to go now until the referendum, and in this Guardian video columnist Jonathan Freedland and economics editor Larry Elliott consider the last few turbulent days and look ahead to Sunday’s vote:Only three days to go now until the referendum, and in this Guardian video columnist Jonathan Freedland and economics editor Larry Elliott consider the last few turbulent days and look ahead to Sunday’s vote:
1.40pm BST13:401.40pm BST13:40
Question marks over poll showing Yes vote aheadQuestion marks over poll showing Yes vote ahead
The opinion poll which showed the Yes campaign at 47% and the No campaign at 43%, is not as straightforward as first thought.The opinion poll which showed the Yes campaign at 47% and the No campaign at 43%, is not as straightforward as first thought.
GPO, the polling company which carried it out, has released a statement which says the survey was released without its permission, and is only a fragment of its research.GPO, the polling company which carried it out, has released a statement which says the survey was released without its permission, and is only a fragment of its research.
GPO says that it takes “no responsibility” for the release of the poll, and will use all legal means at its disposal to protect its interests.GPO says that it takes “no responsibility” for the release of the poll, and will use all legal means at its disposal to protect its interests.
GPO adds that it is important that polling results should always be conducted in a “responsible and comprehensive manner”, including during this “critical decision of Greek people”.GPO adds that it is important that polling results should always be conducted in a “responsible and comprehensive manner”, including during this “critical decision of Greek people”.
Here’s the statement.Here’s the statement.
So, it’s not clear whether the 47%-43% result is wrong. Or just part of a wider set of results which hasn’t been released.So, it’s not clear whether the 47%-43% result is wrong. Or just part of a wider set of results which hasn’t been released.
I’ve put a call into GPO, so we may get more info later....I’ve put a call into GPO, so we may get more info later....
*GPO SAYS POLL WAS PUBLISHED IN GREEK PRESS WITHOUT PERMISSION ; *GPO SAYS `PARTIAL' RESULTS OF ITS REFERENDUM SURVEY PUBLISHED*GPO SAYS POLL WAS PUBLISHED IN GREEK PRESS WITHOUT PERMISSION ; *GPO SAYS `PARTIAL' RESULTS OF ITS REFERENDUM SURVEY PUBLISHED
#Greece GPO says 'poll w 47% YES not completed' & will seek all legal measures to protect company's interests http://t.co/km4GVSoX0o#Greece GPO says 'poll w 47% YES not completed' & will seek all legal measures to protect company's interests http://t.co/km4GVSoX0o
GPO poll giving advantage to YES was incomplete and published without permission of the polling company http://t.co/YnGMdh6aVs #GreferendumGPO poll giving advantage to YES was incomplete and published without permission of the polling company http://t.co/YnGMdh6aVs #Greferendum
Updated at 2.32pm BSTUpdated at 2.32pm BST
1.13pm BST13:131.13pm BST13:13
My colleague Jon Henley is tweeting from Greece, showing a gift shop with a stiff upper lip:My colleague Jon Henley is tweeting from Greece, showing a gift shop with a stiff upper lip:
Humour or desperation (or both)? Gift shop in Monastiraki #Greece pic.twitter.com/Y4JOiPj6wuHumour or desperation (or both)? Gift shop in Monastiraki #Greece pic.twitter.com/Y4JOiPj6wu
Updated at 1.34pm BSTUpdated at 1.34pm BST
1.06pm BST13:061.06pm BST13:06
Syriza has called on Greeks to attend a “No’ rally on Friday night, at 7:30pm local time (5.30pm BST).Syriza has called on Greeks to attend a “No’ rally on Friday night, at 7:30pm local time (5.30pm BST).
Athens will be crowded tomorrow night, with a ‘Yes’ rally also taking place.Athens will be crowded tomorrow night, with a ‘Yes’ rally also taking place.
A river of people expected to flood in Athens as both #NO & #YES rallies take place at 19:30 this Friday #Greferendum pic.twitter.com/gPajdD3oo7A river of people expected to flood in Athens as both #NO & #YES rallies take place at 19:30 this Friday #Greferendum pic.twitter.com/gPajdD3oo7
12.22pm BST12:2212.22pm BST12:22
Samaras: Don't let Tsipras take us back to the DrachmaSamaras: Don't let Tsipras take us back to the Drachma
Another former Greek PM, Antonis Samaras, has just spoken on Bloomberg TV, and called for a Yes vote.Another former Greek PM, Antonis Samaras, has just spoken on Bloomberg TV, and called for a Yes vote.
Samaras says that Sunday’s referendum is a straight choice between the euro and the drachma.Samaras says that Sunday’s referendum is a straight choice between the euro and the drachma.
We won’t let Alexis Tsipras take us back to the drachma, says Samaras. That would be disastrous -- it would kill the economy, and also kill the hopes of the Greek people.We won’t let Alexis Tsipras take us back to the drachma, says Samaras. That would be disastrous -- it would kill the economy, and also kill the hopes of the Greek people.
Former Greek PM .@samaras_antonis tells @BloombergTV: "Where are we going to go [if no deal with creditors]: Zimbabwe or Argentina?"Former Greek PM .@samaras_antonis tells @BloombergTV: "Where are we going to go [if no deal with creditors]: Zimbabwe or Argentina?"
Tsipras told voters that the country would be unrecognisable in six months - well he’s achieved that, adds Samaras (who may still be smarting about being ousted by Syriza in January).Tsipras told voters that the country would be unrecognisable in six months - well he’s achieved that, adds Samaras (who may still be smarting about being ousted by Syriza in January).
Updated at 2.10pm BSTUpdated at 2.10pm BST
12.16pm BST12:1612.16pm BST12:16
A former Greek prime minister, Kostas Karamanlis, has just called for people to vote Yes to preserve the country’s place in Europe.A former Greek prime minister, Kostas Karamanlis, has just called for people to vote Yes to preserve the country’s place in Europe.
In a TV interview, Karamanlis - PM from 2004-2009 - warned that a No result would be the first step towards leaving the eurozone.In a TV interview, Karamanlis - PM from 2004-2009 - warned that a No result would be the first step towards leaving the eurozone.
#Karamanlis: A NO vote is the first step from exit from Europe #referendum #Greece - http://t.co/HtJDlt1THL pic.twitter.com/gW0sPqzs54#Karamanlis: A NO vote is the first step from exit from Europe #referendum #Greece - http://t.co/HtJDlt1THL pic.twitter.com/gW0sPqzs54
former greek pm kostas karamanlis now making statement in favor of 'yes' vote in #Greferendumformer greek pm kostas karamanlis now making statement in favor of 'yes' vote in #Greferendum
former conservative greek pm karamanlis said a 'no' vote would be the first step towards exiting europe #Greferendumformer conservative greek pm karamanlis said a 'no' vote would be the first step towards exiting europe #Greferendum
karamanlis's statement is important bcz of the perceived cordial relations between former conservative pm and tsipras #greecekaramanlis's statement is important bcz of the perceived cordial relations between former conservative pm and tsipras #greece
12.05pm BST12:0512.05pm BST12:05
In a sign of mounting tension in the Greek government, three members of the junior coalition party, Independent Greeks, have distanced themselves from the referendum.In a sign of mounting tension in the Greek government, three members of the junior coalition party, Independent Greeks, have distanced themselves from the referendum.
The Greek Kathimerini newspaper says:The Greek Kathimerini newspaper says:
Last Saturday when I voted in favor of the referendum I had assurances that there would be no capital controls,” noted Larissa MP Vassilis Kokkalis, on Thursday, adding that he did not have a mandate for closed banks.Last Saturday when I voted in favor of the referendum I had assurances that there would be no capital controls,” noted Larissa MP Vassilis Kokkalis, on Thursday, adding that he did not have a mandate for closed banks.
A second MP, Costas Damavolitis, has now urged voters to tick the ‘yes’ box to stay in the eurozone.A second MP, Costas Damavolitis, has now urged voters to tick the ‘yes’ box to stay in the eurozone.
And a third, Piraeus MP Dimitris Kammenos, has released a statement called for the withdrawal of the referendum.And a third, Piraeus MP Dimitris Kammenos, has released a statement called for the withdrawal of the referendum.
12.01pm BST12:0112.01pm BST12:01
Helena SmithHelena Smith
Over in Athens our correspondent Helena Smith says a Yes vote would almost certainly trigger political movement, with Tsipras’ own role in government highly questionable.Over in Athens our correspondent Helena Smith says a Yes vote would almost certainly trigger political movement, with Tsipras’ own role in government highly questionable.
Whether resounding or not, a yes vote would make it high nigh impossible for the government to continue in its present make-up. Some form of change - be it elections, the creation of a national unity cross-party government or the formation of a Mario Monti-style administration led by technocrats - would become inevitable.Whether resounding or not, a yes vote would make it high nigh impossible for the government to continue in its present make-up. Some form of change - be it elections, the creation of a national unity cross-party government or the formation of a Mario Monti-style administration led by technocrats - would become inevitable.
Yanis Varoufakis’ candid announcement that he would rather resign than put his name to an agreement with creditors that did not deal with the issue of the country’s unsustainable debt burden, gives a taste of what will follow if the no camp is defeated.Yanis Varoufakis’ candid announcement that he would rather resign than put his name to an agreement with creditors that did not deal with the issue of the country’s unsustainable debt burden, gives a taste of what will follow if the no camp is defeated.
What was not conveyed, however, was the extraordinary influence Varoufakis exerts on Alexis Tsipras, the Greek prime minister, who has to the last followed his finance minister’s agenda of game theory and brinkmanship in dealing with the EU and IMF.What was not conveyed, however, was the extraordinary influence Varoufakis exerts on Alexis Tsipras, the Greek prime minister, who has to the last followed his finance minister’s agenda of game theory and brinkmanship in dealing with the EU and IMF.
The young premier has stuck by Varoufakis despite his closest aides, and reportedly even the deputy prime minister Yannis Dragasakis, disagreeing vehemently with the way negotiations have been conducted since the fiasco euro group in Riga on April 24.The young premier has stuck by Varoufakis despite his closest aides, and reportedly even the deputy prime minister Yannis Dragasakis, disagreeing vehemently with the way negotiations have been conducted since the fiasco euro group in Riga on April 24.
Many blame the academic-turned politician personally for the isolation Greece now finds itself in internationally. “There are many who would rather he had done things differently,” a senior government official told me this week.Many blame the academic-turned politician personally for the isolation Greece now finds itself in internationally. “There are many who would rather he had done things differently,” a senior government official told me this week.
Should Varourfakis go, it might only be a matter of time before Tsipras also stepped down. On Monday the leftwing leader hinted that he might do as much in an interview with state run TV, highlighting the extent to which Sunday’s referendum is also about Syriza and its battle for survival in power.Should Varourfakis go, it might only be a matter of time before Tsipras also stepped down. On Monday the leftwing leader hinted that he might do as much in an interview with state run TV, highlighting the extent to which Sunday’s referendum is also about Syriza and its battle for survival in power.
11.58am BST11:5811.58am BST11:58
According to Reuters, Greek state minister Nikos Pappas has told journalists that the banks will reopen “as soon as we get an agreement.”According to Reuters, Greek state minister Nikos Pappas has told journalists that the banks will reopen “as soon as we get an agreement.”
11.52am BST11:5211.52am BST11:52
You can use GuardianWitness to share your experiences of what’s going on in Greece today. Tell us what’s happening in your local area? Περιγράψτε μας την κατάσταση στην Ελλάδα σήμερα; Στείλτε μας τι συμβαίνει στην περιοχή σας;You can use GuardianWitness to share your experiences of what’s going on in Greece today. Tell us what’s happening in your local area? Περιγράψτε μας την κατάσταση στην Ελλάδα σήμερα; Στείλτε μας τι συμβαίνει στην περιοχή σας;
11.46am BST11:4611.46am BST11:46
Watch Yanis Varoufakis's interview hereWatch Yanis Varoufakis's interview here
Don’t worry if you missed Yanis Varoufakis’s interview, in which he promises that he won’t be finance minister on Monday night Greece votes ‘Yes’ on Sunday:Don’t worry if you missed Yanis Varoufakis’s interview, in which he promises that he won’t be finance minister on Monday night Greece votes ‘Yes’ on Sunday:
Bloomberg has now uploaded it, here:Bloomberg has now uploaded it, here:
Varoufakis Says he Will Quit if Greeks Vote ‘Yes’Varoufakis Says he Will Quit if Greeks Vote ‘Yes’
Well worth watching (the pledge to resign is around 5 minutes in).Well worth watching (the pledge to resign is around 5 minutes in).
Updated at 2.15pm BSTUpdated at 2.15pm BST
11.27am BST11:2711.27am BST11:27
EC reserves position, says @MargSchinas when pressed on IMF report showing Greece can't pay debt backEC reserves position, says @MargSchinas when pressed on IMF report showing Greece can't pay debt back
11.24am BST11:2411.24am BST11:24
Over in Brussels, the EC’s chief spokesman Margaritis Schinas has confirmed that talks with Athens are now on ice until Greece has voted on its future on Sunday.Over in Brussels, the EC’s chief spokesman Margaritis Schinas has confirmed that talks with Athens are now on ice until Greece has voted on its future on Sunday.
No further talks till Sunday,we will take into consideration the results of #referendum #Greeks r voting for their future says @MargSchinasNo further talks till Sunday,we will take into consideration the results of #referendum #Greeks r voting for their future says @MargSchinas
Now is the moment for the Greek people to choose their future, says @MargSchinas - no more talksNow is the moment for the Greek people to choose their future, says @MargSchinas - no more talks
11.18am BST11:1811.18am BST11:18
Sky News Europe correspondent, Rob Nisbet, reports that the yes campaign is dominating TV adverts in the run-up to Sunday’s poll.Sky News Europe correspondent, Rob Nisbet, reports that the yes campaign is dominating TV adverts in the run-up to Sunday’s poll.
But the 'yes' campaign is swamping TV ad breaks. It's clearly well financed as evidenced by support of #Olympiacos and Greek Orthodox ChurchBut the 'yes' campaign is swamping TV ad breaks. It's clearly well financed as evidenced by support of #Olympiacos and Greek Orthodox Church
11.11am BST11:1111.11am BST11:11
Helena SmithHelena Smith
Over in Athens, polls this morning polls are suggesting that Sunday’s referendum will be a close run thing.Over in Athens, polls this morning polls are suggesting that Sunday’s referendum will be a close run thing.
The difference in support between the “yes” and “no” camps so narrow that the result is essentially too close to call.The difference in support between the “yes” and “no” camps so narrow that the result is essentially too close to call.
A GPO poll released by euro2day.gr suggested this morning a “yes” vote - ballots cast by Greeks who believe that country must remain in the euro zone at any cost - would prevail with 47 % saying they would cast such ballots.A GPO poll released by euro2day.gr suggested this morning a “yes” vote - ballots cast by Greeks who believe that country must remain in the euro zone at any cost - would prevail with 47 % saying they would cast such ballots.
However, 43% (with the vast majority being supporters of the governing Syriza party) said they would back the government’s call for a “no” vote that would reject the harsh austerity imposed by foreign lenders on Greece. But that number is far from assured as the margin of error in the poll was 3.1 percentage points, and three days left for people to change their minds.However, 43% (with the vast majority being supporters of the governing Syriza party) said they would back the government’s call for a “no” vote that would reject the harsh austerity imposed by foreign lenders on Greece. But that number is far from assured as the margin of error in the poll was 3.1 percentage points, and three days left for people to change their minds.
Last night, Greece’s fiery parliament president Zoe Konstantopoulou denounced what she described as the “extreme intervention” of those now wanting to cancel the popular vote.Last night, Greece’s fiery parliament president Zoe Konstantopoulou denounced what she described as the “extreme intervention” of those now wanting to cancel the popular vote.
“Yes means yes to ultimatums,” she said, calling on Greeks to vote No and “repulse this latest intimidation”.“Yes means yes to ultimatums,” she said, calling on Greeks to vote No and “repulse this latest intimidation”.
Laying out the arguments, Konstantopoulou, a prominent figure on Syriza’s far left who has become ever more vocal despite her position as head of the 300-seat parliament said:Laying out the arguments, Konstantopoulou, a prominent figure on Syriza’s far left who has become ever more vocal despite her position as head of the 300-seat parliament said:
“Yes means yes to … submission, unemployment, insecurity, endless taxes, the undermining of the Greek economy. People will say NO to artificial dilemmas, no to the strangulation of people by closed banks, no to the slavery of member-states, no to economic and political subordination.”“Yes means yes to … submission, unemployment, insecurity, endless taxes, the undermining of the Greek economy. People will say NO to artificial dilemmas, no to the strangulation of people by closed banks, no to the slavery of member-states, no to economic and political subordination.”
11.06am BST11:0611.06am BST11:06
Varoufakis will make an excellent former finance minister.Varoufakis will make an excellent former finance minister.
He’s not resigned yet, Stan!He’s not resigned yet, Stan!
11.00am BST11:0011.00am BST11:00
Vassilis Korkidis, who heads the National Confederation of Hellenic Commerce, has also heard talk that the banks may indeed run out of cash by Monday (as The Times reports today).Vassilis Korkidis, who heads the National Confederation of Hellenic Commerce, has also heard talk that the banks may indeed run out of cash by Monday (as The Times reports today).
Korkidis told our correspondent Helena Smith yesterday that the Greek economy is grinding to a halt.Korkidis told our correspondent Helena Smith yesterday that the Greek economy is grinding to a halt.
“No one trusts anyone anymore, so no transactions are taking place between wholesale and retail.”“No one trusts anyone anymore, so no transactions are taking place between wholesale and retail.”
Related: Bank closures taking their toll on businesses across GreeceRelated: Bank closures taking their toll on businesses across Greece
10.51am BST10:5110.51am BST10:51
Helena SmithHelena Smith
With just €1.5bn euro in reserves on Friday - and the cash being fast depleted - it is far from assured that banks will be able to open after the referendum on Tuesday.With just €1.5bn euro in reserves on Friday - and the cash being fast depleted - it is far from assured that banks will be able to open after the referendum on Tuesday.
“The Greek prime minister [Tsipras] is telling lies when he says the banks will open soon,” Stavros Theodorakis who heads the pro-European Potami party told SKAI TV.“The Greek prime minister [Tsipras] is telling lies when he says the banks will open soon,” Stavros Theodorakis who heads the pro-European Potami party told SKAI TV.
“How will the banks open? Who will give money and this problem is going to affect poor people. Besides the rich have taken their money overseas.”“How will the banks open? Who will give money and this problem is going to affect poor people. Besides the rich have taken their money overseas.”
10.41am BST10:4110.41am BST10:41
Snap summary: Vote Yanis! (or not)Snap summary: Vote Yanis! (or not)
It’s too late to reprint Sunday’s ballot papers. But if they could, the question could be changed to “Do you want a new finance minister?”It’s too late to reprint Sunday’s ballot papers. But if they could, the question could be changed to “Do you want a new finance minister?”
In three little words, Yanis Varoufakis has now made the referendum about himself – and in a way he was right to.In three little words, Yanis Varoufakis has now made the referendum about himself – and in a way he was right to.
Greeks must now decide whether the “sustainable deal” that Varoufakis has been banging on about for months is really achievable. Or is the offer on the table last week the best that Greece can get?Greeks must now decide whether the “sustainable deal” that Varoufakis has been banging on about for months is really achievable. Or is the offer on the table last week the best that Greece can get?
And there really is no way back now -- with Varoufakis insisting he’d rather ‘cut his arm off’ than sign a deal that doesn’t include debt relief.And there really is no way back now -- with Varoufakis insisting he’d rather ‘cut his arm off’ than sign a deal that doesn’t include debt relief.
Don't know whether incitement to vote "yes" or "no": Bloomberg Markets @markets *GREECE'S VAROUFAKIS SAYS WILL RESIGN IF THERE'S YES VOTEDon't know whether incitement to vote "yes" or "no": Bloomberg Markets @markets *GREECE'S VAROUFAKIS SAYS WILL RESIGN IF THERE'S YES VOTE
Greek Fin Min @yanisvaroufakis won't sign deal without debt restructuring. #GreeceCrisis http://t.co/C6Qf4aQdLz pic.twitter.com/gbgHrr1ksDGreek Fin Min @yanisvaroufakis won't sign deal without debt restructuring. #GreeceCrisis http://t.co/C6Qf4aQdLz pic.twitter.com/gbgHrr1ksD
Varoufakis also remains amazingly confident that a deal could be agreed quickly, if Greece votes no.Varoufakis also remains amazingly confident that a deal could be agreed quickly, if Greece votes no.
Will creditors really wake up on Monday morning, see Greece has backed its government, and quickly agree a new deal including debt relief?Will creditors really wake up on Monday morning, see Greece has backed its government, and quickly agree a new deal including debt relief?
If they don’t, the ECB has no reason to turn on liquidity to the banks again, right? The €89bn question....If they don’t, the ECB has no reason to turn on liquidity to the banks again, right? The €89bn question....
And Varoufakis came as close as possible to confirm that he believes Berlin is out to get Tsipras. “You may very well think that, I couldn’t possibly comment” indeed....And Varoufakis came as close as possible to confirm that he believes Berlin is out to get Tsipras. “You may very well think that, I couldn’t possibly comment” indeed....
Updated at 10.47am BSTUpdated at 10.47am BST
10.17am BST10:1710.17am BST10:17
Have you spoken to Alexis Tsipras about whether he’d resign?Have you spoken to Alexis Tsipras about whether he’d resign?
This is no time to talk about defeat, says Varoufakis (just minutes after saying his own job is on the line!!).This is no time to talk about defeat, says Varoufakis (just minutes after saying his own job is on the line!!).
We’re going to win on Sunday, we’re going to be here... he insistsWe’re going to win on Sunday, we’re going to be here... he insists
Greek finmin @yanisvaroufakis : "When you go into battle you don't talk about defeat" on whether @atsipras would also quit if YES vote winsGreek finmin @yanisvaroufakis : "When you go into battle you don't talk about defeat" on whether @atsipras would also quit if YES vote wins
Remarkable interview, well done Guy Johnson and Bloomberg.Remarkable interview, well done Guy Johnson and Bloomberg.
Reaction to follow.....Reaction to follow.....
Updated at 10.17am BSTUpdated at 10.17am BST
10.13am BST10:1310.13am BST10:13
On @BloombergTV, @yanisvaroufakis says he hasn't waited on ATM line. "Let's not personalise this too much. Wife & I living a v frugal life"On @BloombergTV, @yanisvaroufakis says he hasn't waited on ATM line. "Let's not personalise this too much. Wife & I living a v frugal life"
10.12am BST10:1210.12am BST10:12
Why haven’t we seen you at the cash machines, Mr Varoufakis?Why haven’t we seen you at the cash machines, Mr Varoufakis?
I’ve been rather busy, for one thing. But yes, my wife and I must be the only people who haven’t queued up. It feels ‘inappropriate’, Varoufakis adds, but suggests we shouldn’t personalise the issue.I’ve been rather busy, for one thing. But yes, my wife and I must be the only people who haven’t queued up. It feels ‘inappropriate’, Varoufakis adds, but suggests we shouldn’t personalise the issue.
Bloomberg’s Guy Johnson suggests that people may doubt that Varoufakis is here for the long haul.....Bloomberg’s Guy Johnson suggests that people may doubt that Varoufakis is here for the long haul.....
I left a job at the University of Texas to come here, Varoufakis replies. And even if he does resign as finance minister, he’ll still be an MP.I left a job at the University of Texas to come here, Varoufakis replies. And even if he does resign as finance minister, he’ll still be an MP.
Updated at 10.13am BSTUpdated at 10.13am BST
10.10am BST10:1010.10am BST10:10
Varoufakis says he’s confident that the Greek people will vote No.Varoufakis says he’s confident that the Greek people will vote No.
And he denies that a No vote will lead to Grexit.And he denies that a No vote will lead to Grexit.
Greeks want to stay in the euro, so they need to decide the best way to achieve that -- with a sustainable deal or an unsustainable one.Greeks want to stay in the euro, so they need to decide the best way to achieve that -- with a sustainable deal or an unsustainable one.
He’s insisting that Greece’s creditors will be prepared to negotiate with him on a third bailout programme, if Greece votes No. And we could have an agreement quickly.He’s insisting that Greece’s creditors will be prepared to negotiate with him on a third bailout programme, if Greece votes No. And we could have an agreement quickly.
10.03am BST10:0310.03am BST10:03
Is Berlin seeking regime change? Varoufakis at first declines to comment, but then comes close to confirming the charge.Is Berlin seeking regime change? Varoufakis at first declines to comment, but then comes close to confirming the charge.
10.03am BST10:0310.03am BST10:03
Varoufakis channels Francis UrquhartVaroufakis channels Francis Urquhart
Do you think Angela Merkel is seeking regime chance?Do you think Angela Merkel is seeking regime chance?
I’ll quote from a BBC programme, Varoufakis smiles:I’ll quote from a BBC programme, Varoufakis smiles:
You may very well think that, I couldn’t possibly comment.You may very well think that, I couldn’t possibly comment.
[that’s the Original (and quite brilliant) House of Cards, of course][that’s the Original (and quite brilliant) House of Cards, of course]
But do you think other European governments don’t want to work with you?But do you think other European governments don’t want to work with you?
You don’t need to ask that, it’s self-evident, Varoufakis says. All the centrist parties campaigned against us before January’s election.You don’t need to ask that, it’s self-evident, Varoufakis says. All the centrist parties campaigned against us before January’s election.
Have they lost trust in you?Have they lost trust in you?
No, Varoufakis argues, it’s because they trust that we WILL deliver on our promises.No, Varoufakis argues, it’s because they trust that we WILL deliver on our promises.
10.00am BST10:0010.00am BST10:00
@yanisvaroufakis "I prefer to cut my arm off" than sign a deal that doesn't make Greece's debts sustainable via @business @BloombergTV@yanisvaroufakis "I prefer to cut my arm off" than sign a deal that doesn't make Greece's debts sustainable via @business @BloombergTV
9.57am BST09:579.57am BST09:57
Varoufakis: I'll resign if Greece votes YesVaroufakis: I'll resign if Greece votes Yes
Yanis Varoufakis says that the proposal which creditors posed last week will “certainly be on the table” next week if the Greek people vote Yes on Sunday.Yanis Varoufakis says that the proposal which creditors posed last week will “certainly be on the table” next week if the Greek people vote Yes on Sunday.
But maybe there will be changes within the Greek government, Varoufakis suggests.But maybe there will be changes within the Greek government, Varoufakis suggests.
Personally I will not sign a new “extend and pretend” agreement that doesn’t learn from the mistakes of the past, and tackle vital issues such as debt sustainability.Personally I will not sign a new “extend and pretend” agreement that doesn’t learn from the mistakes of the past, and tackle vital issues such as debt sustainability.
Bloomberg’s Guy Johnson tries to nail Varoufakis down on the consequences of Sunday’s vote.Bloomberg’s Guy Johnson tries to nail Varoufakis down on the consequences of Sunday’s vote.
Are you saying that if there is a Yes vote on Sunday, you will not be finance minister on Monday night?Are you saying that if there is a Yes vote on Sunday, you will not be finance minister on Monday night?
I will not.I will not.
But I will help whoever is, to push the agreement through there, Varoufakis adds, pointing at the Athens parliament.But I will help whoever is, to push the agreement through there, Varoufakis adds, pointing at the Athens parliament.
*** @yanisvaroufakis says that if there is a YES vote, he will RESIGN as finance minister. "I will not" stay on. He tells @GuyJohnsonTV*** @yanisvaroufakis says that if there is a YES vote, he will RESIGN as finance minister. "I will not" stay on. He tells @GuyJohnsonTV
And he reiterates that he doesn’t have the “moral right” to sign a deal that doesn’t include debt restructuring.And he reiterates that he doesn’t have the “moral right” to sign a deal that doesn’t include debt restructuring.
Updated at 10.07am BSTUpdated at 10.07am BST
9.48am BST09:489.48am BST09:48
What are the consequences of a yes vote, or a no verdict?What are the consequences of a yes vote, or a no verdict?
We have said if there’s a Yes, we will sign the deal that was on offer on the dotted line, says Varoufakis. We are unreconstructed democrats, after allWe have said if there’s a Yes, we will sign the deal that was on offer on the dotted line, says Varoufakis. We are unreconstructed democrats, after all
And if there is a No, we will start talks on a new agreement, and “believe you me, there will be an agreement.”And if there is a No, we will start talks on a new agreement, and “believe you me, there will be an agreement.”
Updated at 9.49am BSTUpdated at 9.49am BST
9.45am BST09:459.45am BST09:45
But how can the ECB let your banks reopen, by raising the ELA limits, on Monday, as Greece won’t be in a bailout programme?But how can the ECB let your banks reopen, by raising the ELA limits, on Monday, as Greece won’t be in a bailout programme?
The ECB has been making the rules up since this crisis began, says Varoufakis. What else was Mario Draghi’s “Whatever it takes” speech in 2012?The ECB has been making the rules up since this crisis began, says Varoufakis. What else was Mario Draghi’s “Whatever it takes” speech in 2012?
We politicians need to give Mario Draghi and the ECB the chance to make the right decision.We politicians need to give Mario Draghi and the ECB the chance to make the right decision.
9.43am BST09:439.43am BST09:43
Varoufakis: Greek bank closures are a political decisionVaroufakis: Greek bank closures are a political decision
Yanis Varoufakis is on Bloomberg now.Yanis Varoufakis is on Bloomberg now.
Will the Greek banks open on Tuesday?Will the Greek banks open on Tuesday?
Absolutely, says Varoufakis. This is not like Cyprus in 2013 - this is not a banking crisis.Absolutely, says Varoufakis. This is not like Cyprus in 2013 - this is not a banking crisis.
Europe has taken a “Political decision to shut the banks down” as a way to force Greece to accept a non-viable decision.Europe has taken a “Political decision to shut the banks down” as a way to force Greece to accept a non-viable decision.
Once we have given our verdict on Sunday, the banks will reopen.Once we have given our verdict on Sunday, the banks will reopen.
9.38am BST09:389.38am BST09:38
Greece’s finance minister Yanis Varoufakis about to be interviewed on Bloomberg TV. It will be streamed live hereGreece’s finance minister Yanis Varoufakis about to be interviewed on Bloomberg TV. It will be streamed live here
I’ll cover the key points.I’ll cover the key points.
.@yanisvaroufakis due on @BloombergTV in 1 minute!.@yanisvaroufakis due on @BloombergTV in 1 minute!
9.36am BST09:369.36am BST09:36
Greece could be in a real pickle by the time Sunday’s referendum is held. One banking insider has told The Times that banks might start to run dry before the end of the weekend.Greece could be in a real pickle by the time Sunday’s referendum is held. One banking insider has told The Times that banks might start to run dry before the end of the weekend.
'It could be 80 hours,' senior banking official on Greece literally running out of cash | @antheecarassava http://t.co/ZsPOkTLjrm'It could be 80 hours,' senior banking official on Greece literally running out of cash | @antheecarassava http://t.co/ZsPOkTLjrm
9.33am BST09:339.33am BST09:33
Mario Draghi’s massive stimulus programme just ratcheted up another notch.Mario Draghi’s massive stimulus programme just ratcheted up another notch.
The European Central Bank has just announced that it is expanding its QE bond-buying programme, to include corporate bonds issuers.The European Central Bank has just announced that it is expanding its QE bond-buying programme, to include corporate bonds issuers.
That will help the ECB keep pumping liquidity into the markets, which could be very valuable if the Greek crisis really hits the markets.That will help the ECB keep pumping liquidity into the markets, which could be very valuable if the Greek crisis really hits the markets.
The ECB is committed to buying €60bn of debt each month, with newly created euros, until September 2016.The ECB is committed to buying €60bn of debt each month, with newly created euros, until September 2016.
How very Japanese and indeed Swiss as the #ECB expands the list of private debt its #QE will buy http://t.co/aoEIVHmw46How very Japanese and indeed Swiss as the #ECB expands the list of private debt its #QE will buy http://t.co/aoEIVHmw46
ECB extends QE to corporate bonds. Alegria!! http://t.co/eOPv7NHqWrECB extends QE to corporate bonds. Alegria!! http://t.co/eOPv7NHqWr
9.20am BST09:209.20am BST09:20
Greek journalist Omaira Gill has tweeted pictures from an Athens supermarket yesterday, showing heavy demand for basic goods.Greek journalist Omaira Gill has tweeted pictures from an Athens supermarket yesterday, showing heavy demand for basic goods.
Supermarket employee:pasta, flour, rice, sugar& evap milk flying off the shelves faster than they can restock #greece pic.twitter.com/1NS6TpNBOvSupermarket employee:pasta, flour, rice, sugar& evap milk flying off the shelves faster than they can restock #greece pic.twitter.com/1NS6TpNBOv
@OmairaGill I must mention not all the shelves looked this empty. Just those holding the basics mentioned@OmairaGill I must mention not all the shelves looked this empty. Just those holding the basics mentioned
She also shows that the situation remained calm in the historic area of old Athens earlier this week:She also shows that the situation remained calm in the historic area of old Athens earlier this week:
Since I'm being accused of propaganda, this was Plaka on Tuesday evening. Business as usual. #greece #greferendum pic.twitter.com/f3tvcxbLKtSince I'm being accused of propaganda, this was Plaka on Tuesday evening. Business as usual. #greece #greferendum pic.twitter.com/f3tvcxbLKt
9.09am BST09:099.09am BST09:09
Christine Lagarde has punctured hopes of early debt relief for Greece.Christine Lagarde has punctured hopes of early debt relief for Greece.
In an interview with Reuters, the IMF chief said that it would be “preferable to see a deliberate move towards reforms”, before tackling the issue of Athens’s debt pileIn an interview with Reuters, the IMF chief said that it would be “preferable to see a deliberate move towards reforms”, before tackling the issue of Athens’s debt pile
Here’s the story, by Jennifer Rankin in Brussels:Here’s the story, by Jennifer Rankin in Brussels:
Related: IMF tells Greece: no debt relief before reformsRelated: IMF tells Greece: no debt relief before reforms
Don’t forget, though, that the IMF’s own research shows that Greece has no chance of hitting the target of cutting debt “well below 110% of GDP by 2022”Don’t forget, though, that the IMF’s own research shows that Greece has no chance of hitting the target of cutting debt “well below 110% of GDP by 2022”
IMF own analysis shows #Greece debt still unsustainable in 2030-even with austerity + III bailout-w/out restructuring http://t.co/1tZc46DC46IMF own analysis shows #Greece debt still unsustainable in 2030-even with austerity + III bailout-w/out restructuring http://t.co/1tZc46DC46
Updated at 9.09am BSTUpdated at 9.09am BST
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The Greek limbo extends to the financial markets, where the main indices are broadly flat in early trading.The Greek limbo extends to the financial markets, where the main indices are broadly flat in early trading.
Investors are waiting for the Greek crisis to develop, says Tony Cross of Trustnet direct:Investors are waiting for the Greek crisis to develop, says Tony Cross of Trustnet direct:
The political grandstanding continues over the Greek debt talks and although the next key indicator here is likely to be the result of Sunday’s referendum, there’s still the prospect of either side throwing in a firework.The political grandstanding continues over the Greek debt talks and although the next key indicator here is likely to be the result of Sunday’s referendum, there’s still the prospect of either side throwing in a firework.
The euro is also becalmed - hovering around $1.105. Perhaps London traders are simply overcome with sunstroke and unable to put many bids it.The euro is also becalmed - hovering around $1.105. Perhaps London traders are simply overcome with sunstroke and unable to put many bids it.
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Over in the FT’s letters section, one young Greek citizen has written about her fears for the future:Over in the FT’s letters section, one young Greek citizen has written about her fears for the future:
A young Greek, 21, writes from the heart about her country's fate pic.twitter.com/9aNpgK22OjA young Greek, 21, writes from the heart about her country's fate pic.twitter.com/9aNpgK22Oj
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Having made optimistic noises in recent weeks, France’s finance minister sounds increasingly like a glass-half-empty man.Having made optimistic noises in recent weeks, France’s finance minister sounds increasingly like a glass-half-empty man.
Speaking on iTELE, Michel Sapin warned that a No vote could lead to Grexit, as:Speaking on iTELE, Michel Sapin warned that a No vote could lead to Grexit, as:
“You cannot reach a deal with someone who tells you ‘No’.”“You cannot reach a deal with someone who tells you ‘No’.”
(quote via Reuters)(quote via Reuters)
A Yes vote, though, would lead to negotiations resuming immediately. All eurozone finance ministers were united on this point at yesterday’s meeting, Sapin added.A Yes vote, though, would lead to negotiations resuming immediately. All eurozone finance ministers were united on this point at yesterday’s meeting, Sapin added.
*EUROGROUP UNITED IN SAYING ACCORD IMPOSSIBLE BEFORE VOTE: SAPIN*EUROGROUP UNITED IN SAYING ACCORD IMPOSSIBLE BEFORE VOTE: SAPIN
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Introduction: Waiting for the referendumIntroduction: Waiting for the referendum
Good morning, and welcome to our rolling coverage of the Greek debt crisis.Good morning, and welcome to our rolling coverage of the Greek debt crisis.
We’re entering a period of limbo this morning, with both sides now firmly entrenched ahead of Sunday’s referendum.We’re entering a period of limbo this morning, with both sides now firmly entrenched ahead of Sunday’s referendum.
In Athens, Alexis Tsipras is pressing on with the vote, insisting it will give him a stronger mandate to agree a third bailout and put Greece on a brighter path.In Athens, Alexis Tsipras is pressing on with the vote, insisting it will give him a stronger mandate to agree a third bailout and put Greece on a brighter path.
But after yesterday’s TV address, slamming the “extremist conservative forces” in Europe who have tried to undermine him, the rest of Europe hunkering down until Sunday.But after yesterday’s TV address, slamming the “extremist conservative forces” in Europe who have tried to undermine him, the rest of Europe hunkering down until Sunday.
Last night, euro finance ministers refused to even discuss a third bailout until Sunday’s polls are closed, the ballot boxes emptied, and a result declared.Last night, euro finance ministers refused to even discuss a third bailout until Sunday’s polls are closed, the ballot boxes emptied, and a result declared.
And maybe not even then, if the No side win.And maybe not even then, if the No side win.
As Ian Traynor explained last night:As Ian Traynor explained last night:
The trenchant criticism of Tsipras from Berlin reinforced the view that the German government might refuse to negotiate with the leftwing Syriza administration on any new rescue package after Sunday’s referendum in Greece – which Berlin insists is a vote on whether to stay in the euro.The trenchant criticism of Tsipras from Berlin reinforced the view that the German government might refuse to negotiate with the leftwing Syriza administration on any new rescue package after Sunday’s referendum in Greece – which Berlin insists is a vote on whether to stay in the euro.
Related: Greece crisis: Berlin accuses Tsipras of seeking scapegoats outside own ranksRelated: Greece crisis: Berlin accuses Tsipras of seeking scapegoats outside own ranks
Eurozone leaders have ruled out more talks with Greece until after the latter’s Sunday referendum. Effectively going over Syriza’s headEurozone leaders have ruled out more talks with Greece until after the latter’s Sunday referendum. Effectively going over Syriza’s head
Writing in our comment section today, Seamus Milne argues that Berlin and Brussels are determined to achieve “regime change” in Athens:Writing in our comment section today, Seamus Milne argues that Berlin and Brussels are determined to achieve “regime change” in Athens:
There’s no suggestion of genuine compromise. The aim is apparently to humiliate Tsipras and his government in preparation for its early replacement with a more pliable administration.There’s no suggestion of genuine compromise. The aim is apparently to humiliate Tsipras and his government in preparation for its early replacement with a more pliable administration.
We know from the IMF documents prepared for last week’s “final proposals” and reported in the Guardian that the creditors were fully aware they meant unsustainable levels of debt and self-defeating austerity for Greece until at least 2030, even on the most fancifully optimistic scenario....We know from the IMF documents prepared for last week’s “final proposals” and reported in the Guardian that the creditors were fully aware they meant unsustainable levels of debt and self-defeating austerity for Greece until at least 2030, even on the most fancifully optimistic scenario....
Related: Syriza can’t just cave in. Europe’s elites want regime change in Greece | Seumas MilneRelated: Syriza can’t just cave in. Europe’s elites want regime change in Greece | Seumas Milne
Wolfgang Munchau of Euro Intelligence sums it up:Wolfgang Munchau of Euro Intelligence sums it up:
Just as the mood in Greece is shifting towards a Yes, the mood in Germany is shifting towards a No. A fine mess. http://t.co/5k79LAUuoqJust as the mood in Greece is shifting towards a Yes, the mood in Germany is shifting towards a No. A fine mess. http://t.co/5k79LAUuoq
So now we wait....Three days of uncertainty lie ahead, with Greece’s economy continuing to bleed from the imposition of capital controls. Last night, the European Central Bank maintained the cap on Greek emergency funding, meaning the banks won’t open before the referendum either.So now we wait....Three days of uncertainty lie ahead, with Greece’s economy continuing to bleed from the imposition of capital controls. Last night, the European Central Bank maintained the cap on Greek emergency funding, meaning the banks won’t open before the referendum either.
We’ll be tracking all the main events through the day...We’ll be tracking all the main events through the day...
Updated at 11.28am BSTUpdated at 11.28am BST