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Greek debt crisis: Yanis Varoufakis says he'll resign if Greece votes Yes - live updates Greek debt crisis: Yanis Varoufakis says he'll resign if Greece votes Yes - live updates
(35 minutes later)
11.27am BST11:27
EC reserves position, says @MargSchinas when pressed on IMF report showing Greece can't pay debt back
11.24am 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.
No 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 talks
11.18am 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.
But 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 BST11:11
Helena Smith
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.
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.
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”.
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.”
11.06am BST11:06
Varoufakis will make an excellent former finance minister.
He’s not resigned yet, Stan!
11.00am 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).
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.”
Related: 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
8.55am BST08:558.55am BST08:55
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.
8.47am BST08:478.47am BST08:47
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
8.38am BST08:388.38am BST08:38
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
8.23am BST08:238.23am BST08:23
Introduction: Waiting for the referendumIntroduction: Waiting for the referendum
Good morning, and welcome to our rolling 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 9.41am BST Updated at 11.28am BST