Referendum 05 July

[Maik]

Alexis Tsipras announces referendum on creditor's 'unbearable' austerity demands
Mr Tsipras described the terms of the bailout deal as 'blackmail'

Greece is to hold a referendum on whether to accept austerity measures described as “unbearable” by the country’s Prime Minister.

In a speech on national television after a late night cabinet meeting on Friday, Alexis Tsipras said the Greek people would vote on 5 July whether to accept conditions imposed by Greece’s three main creditors, the European Union, the European Central Bank and the International Monetary fund, known collectively as the Troika.

German Chancellor Angela Merkel had earlier said the deal to extend the bailout by five months was “very generous”.

However Mr Tsipras, who was elected in January on an anti-austerity platform, described the terms as “blackmail” and “unbearable”.

Athens’ request for debt relief appears to have fallen on deaf ears, despite a warning in a Financial Times editorial earlier this year that servicing such a large debt would “require Greece to operate as a quasi-slave economy”

But without the continuation of loans from the Troika, the Government will default on its existing debts and Greece will almost certainly be forced out of the euro.

http://www.independent.co.uk/news/world/europe/greece-crisis-alexis-tsipras-announces-referendum-on-creditors-unbearable-austerity-demands-10349543.html

[Maik]

Greek party leader says banks will stay open and urges calm after referendum call

A senior Greek politician on Saturday issued an assurance that banks would remain open and asked people to remain calm, hours after Prime Minister Alexis Tsipras announced a surprise referendum on bailout terms offered by foreign creditors.

Panos Kammenos, head of the government's junior coalition ally, told local television, "The banks won't shut, the ATMs will (have cash).

"The Bank of Greece is making a huge effort to keep ATMs fed with cash," an official at the central bank told Reuters.

http://uk.reuters.com/article/2015/06/27/eurozone-greece-banks-idUKL5N0ZD03O20150627

[Maik]

Alexis Tsipras refuses to bow in the face of threats to shut down Greece's banking system
Greek prime minister vows to press ahead with referendum that has been labelled as 'dumb' by Germany and destroy the banking system

http://www.telegraph.co.uk/finance/economics/11712094/Alexis-Tsipras-refuses-to-bow-in-the-face-of-threats-to-shut-down-Greeces-banking-system.html

[Maik]

Greece's highest court to rule on legality of referendum
Council of state to question whether referendum violates constitution as yes and no camps appear neck and neck in polls

http://www.theguardian.com/world/2015/jul/03/greece-referendum-highest-court-rule-legality

[Maik]

Tsipras quells rebellion as Greek parliament backs tougher three-year rescue package
Deal looks to be more severe than the proposal rejected by Sunday's referendum and - crucially - there is no mention of debt sustainability

http://www.telegraph.co.uk/finance/economics/11730463/Greece-news-live-Tsipras-quells-rebellion-as-Greeks-set-to-pass-tougher-three-year-rescue-package.html

[Aristarches]

Tsipras quells rebellion as Greek parliament backs tougher three-year rescue package
Deal looks to be more severe than the proposal rejected by Sunday's referendum and - crucially - there is no mention of debt sustainability

http://www.telegraph.co.uk/finance/economics/11730463/Greece-news-live-Tsipras-quells-rebellion-as-Greeks-set-to-pass-tougher-three-year-rescue-package.html

WTF was the point of it all?  WTF have the Greeks done to deserve yet another government of weak, self serving fools?  Is it really down the UK to be the only country to stand up to the euro-bullies?  If we have the balls!

[U4ea]

Ari
Thankfully (IMHO) we didn't elect Balls. 

[Maik]

WTF was the point of it all?  WTF have the Greeks done to deserve yet another government of weak, self serving fools?  Is it really down the UK to be the only country to stand up to the euro-bullies?  If we have the balls!

Yanis... will return, probably as a Leader of Greece.

Have to wonder how long it will be before Greece finds yet more debt is unsustainable and yet more austerity is unbearable and the whole thing kicks off yet again.

Also have to wonder how long Tsipras' popularity will endure and if Yanis would really be the right guy to turn things around...  ...not sure about that...