The majority of Greek voters appear to have rejected the reform proposals from the country's creditors, in a crucial referendum that could set the path ...
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Sunday, July 5, 2015
Merkel, Hollande to Determine Europe Response to Greek 'No'
The trip, announced Sunday shortly after polls closed in Greece, is “to jointly assess the situation after the Greek referendum and to address the ...
German Bonds Poised for Rally as Greek Vote Boosts Haven
Higher-yielding bonds from Italy and Spain are likely to decline as the Greek vote raises the potential for an exit from the euro zone that would risk ...
After Referendum Results, New Democracy Leader Samaras Steps Down
New Democracy Conservative leader Antonis Samaras, battered after his backing for austerity brought down his coalition government, has now given up the party leadership after failing to convince Greeks to support more austerity measures he said he would oppose. The post After Referendum Results, New Democracy Leader Samaras Steps Down appeared first on The National Herald.
Wonkblog: 7 key things to know about Greece’s debt crisis and what happens next
Greece has voted no, and now -- after five years of bailouts, budget battles and a battered economy -- it is on the brink of becoming the first country to leave the euro zone.If it seems as if you've been hearing some variation of that for a while now, that's because you have. This time might be different, though, since all the bad things people had only worried would happen are happening. Greece's government last week missed a critical debt payment to the International Monetary Fund, and its banks have been forced to close.Read full article
Poland Wants Greece Ousted
After Greeks rejected austerity, Poland's Prime Minister said the country has no choice but to leave the Eurozone. The post Poland Wants Greece Ousted appeared first on The National Herald.
Tusk to decide on Monday if summit can go ahead on Tuesday
PARIS (Reuters) - European Council President Donald Tusk will confirm on Monday whether a euro zone summit will take place on Tuesday as France and Germany have requested, a spokesman for France's Elysee Palace said. After the Greek 'No' vote against the terms of a bailout offer from creditors, French President Francois Hollande held a crisis meeting of his team in Paris. He spoke with Tusk, European Commission chief Jean-Claude Juncker, and Martin Schulz, president of the European Parliament. (Reporting by Julien Ponthus; Writing by Leila Abboud; Editing by Kevin Liffey)
The People’s Voice: No to Troika, Yes to Tsipras, No More Austerity Measures
Beyond any expectation – the latest projections were too close to call - and possibly beyond every logic, the sovereign Greek people declared Prime Minister Alex Tsipras as the only winner in the July 5 referendum. The post The People’s Voice: No to Troika, Yes to Tsipras, No More Austerity Measures appeared first on The National Herald.
Varoufakis Says No More Austerity
Greece's Finance Minister says the country's citizens have said "no more" to austerity as returns showed the rejected creditor demands. The post Varoufakis Says No More Austerity appeared first on The National Herald.
It’s a Rout: Greeks Reject Troika, Back Tsipras, SYRIZA
Greeks in a July 5 referendum overwhelmingly rejected creditors' demands for more austerity in exchange for rescue loans. The post It’s a Rout: Greeks Reject Troika, Back Tsipras, SYRIZA appeared first on The National Herald.
Greeks Reject Creditors’ Bailout Terms in Referendum
Partial results from Sunday’s referendum in Greece indicate voters have rejected the terms of a bailout-for-reforms deal proposed by the country’s international creditors. With over 30% of the votes counted, rejection of the bailout terms by a ‘No’ vote stood at 60%, while 40% had voted ‘Yes’ to accept the agreement put forward by creditors on 25 June. Results published by the interior ministry indicate a clear win for Greece's governing left-wing Syriza party which campaigned for a "No" vote, saying the bailout terms were humiliating. The party, which swept to power on an anti-austerity ticket, argued that a ‘No’ vote would strengthen its hand to win a better deal in talks with international creditors. The "Yes" camp, however, warned a ‘No’ vote could deny Greece badly needed bailout aid and ultimately eject the debt-laden countryout of the eurozone. After the latest official results were in, the Greek government said it wants to resume talks with its European partners. Greece's current bailout programme with the European Commission, International Monetary Fund and European Central Bank expired on Tuesday. "The negotiations which will start must be concluded very soon, even within 48 hours," government spokesman Gabriel Sakellaridis told Greek television, according to Reuters. "We will undertake every effort to seal it soon." The Greek government's chief negotiator, Euclid Tsakalotos, said talks could resume as early as this evening. The government in Athens broke off negotiations on the rescue plan just days before Greece was due to repay EUR 1.5 B to the IMF on Tuesday. With state coffers empty, Greece defaulted on its IMF debt, and was forced to impose capital controls and close banks as of Monday to halt an outflow cash as anxious Greeks rushed to withdraw money.
Greek referendum: Greeks vote to reject bailout terms
Greeks have voted overwhelmingly to reject terms of a bailout, risking financial ruin in a show of defiance that could splinter Europe. With three quarters of the votes counted, official figures show 61.54 per cent of Greeks have voted No to a bailout ...
Maltese PM on Greek vote
Maltese Prime Minister Joseph Muscat said in reaction to Greece's referendum "No" vote on Sunday that people in creditor countries now expected their representatives to protect their interests. Muscat said in a statement the Greek vote on a bailout package could not be taken lightly since it carried consequences for the whole European project. People in creditor countries now expect their representatives to protect their interests and that of the whole European project," Muscat said.
3 big ways the crisis in Greece could affect Americans personally
The financial crisis in Greece has upended the lives — and livelihoods — of residents of the Mediterranean nation. The shutdown of the banking ...
Turnout in Greek Bailout Referendum “Over 50%” – Interior Minister
Turnout in Sunday’s referendum in Greece was “over 50%,” well above the minimum threshold 40% needed to make the vote valid,Interior Minister Nikos Voutsis said on Sunday. Many voters in Greece were driving from big cities to their home towns where they are registered in order to cast their ballots. Airlines had offered additional flights in the run-up to the vote this week to bring expat Greeks back to their country for the referendum. The government asked Greeks the following complex question: "Should the proposal that was submitted by the European Commission, the European Central Bank, and the International Monetary Fund at the Eurogroup of 25 June 2015, which consists of two parts that together constitute their comprehensive proposal, be accepted?" The referendum was held at the end of a turbulent week that has been perhaps the most difficult for Greece since its debt crisis began in 2009. Banks have been shut since Monday, ATMs dispensed up to EUR 60 per customer and businesses put deals on hold amid widespread uncertainty.
Greece Gives Thumbs-Down On Bailout Referendum
Whether or not Greece has any future in the eurozone is now even less clear. And Greek leaders now face the difficult prospect of convincing its ...
The Guardian view on Greece
… witnessed many extraordinary things. The Greek parliament licensed a hasty referendum … the altogether more clubbable George Papandreou government, northern leaders seeing the … broader eurozone, by contrast, forcing Greece out will produce no upside …
First take: Greeks tell EU, 'No means no'
A resounding 'no' vote is a 'yes' vote for Tsipras and better bailout terms.
Emerging 'No' Vote in Greece Poses Merkel's Biggest Challenge
A day earlier, the leading German newsmagazine Der Spiegel ran a cover story that lay the responsibility for the future of Greece and of the eurozone ...
Greece's 'no' vote on course for decisive victory over bailout terms
A 'no' vote threatens European economic unity and casts Greece into uncharted waters.
Merkel, Hollande want euro zone leaders' summit on Tuesday
German Chancellor Angela Merkel agreed in a phone call with French President Francois Hollande on Sunday night that a euro zone leaders' summit should be held on Tuesday after Greeks rejected bailout terms in a referendum, a German government spokesman said. France's Elysee Palace confirmed the leaders want a summit on Tuesday.
Greek conservative opposition chief Samaras resigns
Greece's conservative opposition chief Antonis Samaras on Sunday announced his resignation after the country appeared set to reject further austerity cuts in a referendum.
Greece Appears To Vote 'No' In Referendum On Bailout Deal
In a national referendum Sunday, Greeks appeared to have resoundingly rejected a bailout deal proposed by the country's international creditors which demanded new austerity measures in return for emergency funds. "The Greek people said 'no more' to five years of austerity," Greek Finance Minister Yanis Varoufakis said on Sunday. Greece's Interior Ministry announced Sunday night that it projects more than 61 percent of voters decided against the deal. A win of the "no" camp would constitute a major victory for Greek Prime Minister Alexis Tspiras, who had campaigned heavily against the deal put forward by the European Central Bank, the International Monetary Fund and the European Commission. But it will also raise uncertainty about the country's financial future and its place in the eurozone. People celebrate in Athens on July 5, 2015 after the first exit-polls of the Greek referendum. (LOUISA GOULIAMAKI/AFP/Getty Images) People celebrate in front of the Greek parliament as early opinion polls predict a win for the Oxi, or No, campaign in the Greek austerity referendum. (Christopher Furlong/Getty Images) Waving flags and chanting "No, No, No," thousands of "no" voters descended on Athens' Syntagma Square on Sunday night in anticipation of an official announcement about the referendum's result. "This is an imprint of the will of the Greek people and now it's up to Europeans to show if they respect our opinion and want to help," Nikos Tarasis, a 23-year-old student, told Reuters. Sunday's vote came after a week of heated rhetoric from the Greek government and European leaders. Athens' years-long bailout program ran out without an agreement on a renewal on Tuesday, the same day the country failed to make a 1.6 billion euro debt payment to the IMF. Greek Prime Minister Alexis Tsipras announced the referendum last Saturday in a surprise address when it became clear that after months of negotiations both parties still differed on new budget cuts demanded by the creditors in return for emergency funds. Tsipras implored Greeks to vote against accepting the terms of the bailout, arguing that a "no" vote would strengthen Athens' position in further negotiations. Tsipras cast his ballot for the "no" campaign in front of the cameras Sunday, saying "no one can ignore the will of the people to take their lives in their hands." Greek Prime Minister Alexis Tsipras comes out of a polling booth during the Greek referendum in Athens on July 5, 2015. (ARIS MESSINIS/AFP/Getty Images) European leaders, on the other hand, had voiced heavy support for the "yes" campaign, insisting that a "no" vote would leave Greece no option but to leave the eurozone. Martin Schulz, the head of the European Parliament, told German radio on Sunday that Greece would have to introduce another currency if the "no" vote prevailed. "If they say ‘no’ they will have to introduce another currency after the referendum because the euro is not available as a means of payment," Schulz said. But in Sunday's referendum, Greek voters sent a clear message they had enough of Europe's austerity demands. "if the Europeans really wanted Greece to stand on its feet, then they could have done so without imposing such harsh measures," 26-year-old Yiannis Gkovesis told the Associated Press. "We don't want austerity measures anymore. This has been happening for the last five years and it has driven so many into poverty. We simply can't take any more austerity." It is unclear how and when talks between Greece and its creditors would move forward. Greek government officials said on Sunday they wanted to restart negotiations immediately, Reuters notes. However, a European official denied that talks would take place so soon. The euro fell sharply after news about the Greek vote spread throughout the eurozone, Reuters reports. Polling station officials opens the ballot box at a polling station in Athens on July 5, 2015. (LOUISA GOULIAMAKI/AFP/Getty Images) Millions of Greeks came out on Sunday to cast their votes at polling stations across the country. According to Greece's Interior Minister Nikos Voutsis, the participation rate was more than 50 percent, well over the 40 percent needed for the referendum to be legal. The referendum comes after a week of extreme uncertainty in the Mediterranean country. Most Greek banks have been closed all week and capital controls were put in place to prevent the collapse of its financial system. Supermarkets, gas stations and ATMs saw long lines. Some senior citizens waited for days in front of the few banks that were open to collect their pensions. More uncertainty is ahead. Louka Katseli, chairwoman of the National Bank of Greece, warned on Friday that ATMs in the country will start running dry within hours after the vote if the European Central Bank does not provide new funds or ceilings on withdrawals are not reduced. EU and Greek flags fly during a pro-European Union demonstration in Thessaloniki on 2 July, 2015. (SAKIS MITROLIDIS/AFP/Getty Images) -- This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website.
First reaction from Germany after Greek referendum
Carsten Schneider – the budgetary policy spokesman of the SPD, Angela Merkel’s coalition partner – says he doesn’t know whether it will be possible to find “common ground” with the Greek government. SPD's deputy leader Carsten Schneider: ...
Chief of Bank Associations on bank safe deposit boxes
The president of the Hellenic Bank Association Louka Katseli told Athens news agency ANA-MPA on Sunday "the clients' access to bank safe deposit boxes that they have in bank branches in Greece will be decided by the imminent Legislative ...
Varoufakis: Greeks said ‘No’ to five years of hypocrisy
Greek Finance Minister Yanis Varoufakis hailed results from the country's referendum on a bailout deal with international creditors. Speaking to reporters as the “No” camp appeared set to win a convincing victory, Varoufakis said the result returned an ultimatum to creditors - the European Central Bank, International ...
Greeks Reject Demands for More Austerity in Key Referendum
Greek finance minister: Greek people have said 'no more' to continued austerity
Greeks defy Europe with strong 'no' in referendum
Greeks have voted overwhelmingly to reject terms of a bailout, risking financial ruin in a show of defiance that could splinter Europe.
The Latest: Poland: If 'no' wins, Greece must exit eurozone
ATHENS, Greece (AP) — The latest from the bailout referendum in Greece (all times local):
Varoufakis on Referendum Result: “Greeks Returned Ultimatum to Creditors
“The ultimatum has been returned to to the creditors,” noted Yanis Varoufakis on Sunday night from Athens after the official results of the Greek Referendum showed that most Greeks say no to a previous take-it-or-leave-it proposal offered to the creditors. “Today’s no is a big yes to a democratic Europe,” said a smiling Varoufakis. After the landslide win of the NO vote he supported, Greece’s Finance Minister Yanis Varoufakis said that tonight Greece put an end to 5 years of bad medicine. Varoufakis said that creditors wrongly believed that the bankruptcy of the Greek state could be averted with new loans the poor would have to pay. “We said no to new loans unless we have restructured our old ones,” however Varoufakis said that he fully supports real reforms that kill corruption. The end of austerity and the restructure of Greece’s debt was always a discussion creditors did not want to have, but now they will have to negotiate based on the NO vote win. Even under the fear that was spread through the “mass media of oligarchy” and with Greek banks closed in absence of ECB liquidity, Varoufakis noted that the vast majority of Greeks still said a big NO to the creditors previous proposal. “We are ready to sit on the negotiations table and we are looking forward to hold discussions with the ECB who kept a neutral position, the IMF that agrees with our position of debt restructuring and the European Commission that could play a positive role for Greece.
More than 61% of Greeks say 'No' in crucial bailout referendum – early results
More than 61 percent of Greeks have voted “No” in Sunday’s referendum on the bailout deal and austerity measures, reported the Interior Ministry after more than 70 percent of the vote had been counted.Read Full Article at RT.com
Greece's Varoufakis says 'No' vote bolsters Europe
Greece's finance minister Yanis Varoufakis said a 'No' vote from Greeks to a bailout package from lenders on Sunday was a vote in favour of democracy and social justice that allowed Athens to call on its partners to find a fair deal. "As of tomorrow, Europe, whose heart is beating in Greece tonight, is starting to heal its wounds, our wounds.
Greek voters reject bailout offer
With two-thirds of the votes counted in the bailout referendum, Greeks have overwhelmingly rejected the terms offered by international creditors.
Greek Referendum Results: Landslide Win for No Vote in Greece
The first official estimation for Sunday’s Greek referendum results show a victory for the NO vote with a 61% against a 39% YES vote with 46% of the votes counted, according to The Ministry of Interior and Administrative Reconstruction. This is a very significant victory for the Greek government, which was campaigning in favor of the NO vote arguing that it will strengthen Greece’s negotiating power in its attempt to strike a better deal with its international creditors than the one previously offered. On the other hand, European Commission President Jean Claude Juncker said on Friday that a NO vote would “dramatically weaken” the Greek negotiating position. The implications of the vote are unclear at this moment. The referendum was organized within a week, a period well below the 20 days most elections take to be organized. The Greek parliament’s ratification of the referendum last Saturday evening triggered a series of events that made up for a very long week in Greece. On Sunday, the European Central Bank decided to not increase the European Liquidity Assistance to Greek banks and in response the government imposed capital controls and withdrawal restrictions on the same evening. On Tuesday Prime Minister Tsipras requested a two year deal with the ESM which led to urgent Eurogroup meetings on the same and the next day. The outcome of the meetings was to postpone any further talks on the Greek request until after the referendum. Stavros Theodorakis, the leader of the Potami party, was verbally attacked by around 30 voters in the voting station when he went to cast his ballot but there were no further incidents. Overall, the voting process went smoothly without any problems reported.
New Democracy Leadership Future Uncertain After Referendum
The centre-right wing New Democracy party could be facing a leadership crisis after the first result of an overwhelming NO result in Sunday’s referendum. Antonis Samaras, the current party leader and Greece’s prime minister from June 2012 to January 2012, is allegedly facing pressure to step down. According to New Democracy sources, longtime New Democracy party member Dora Mpakogianni, who also served as Minister of Foreign Affairs from 2006 to 2009, contacted Samaras on Saturday urging him to step down from the position to help prevent a NO victory. Nikos Dendias, a New Democracy party member and former Minister of Public Order and Citizen Protection, made a series of tweets after Sunday’s first estimations. “The responsibility for the results is not the same for all of us” one tweet read while Dendias later tweeted “Let us protect the political heritage of Konstantinos Karamnlis in the morning” and “Today is not the right moment to discuss what we will do at New Democracy. We will look at that tomorrow.” Furthermore, Sakis Ioannidis, the President of the Ogranization of the New Democracy Youth, posted a message on his Facebook wall in which he notes that Greece will go through tough times and calls for unity among Greeks. “Only one thing is certain, that the old political regime, as it had been structured, is being erased” the post read. According to Parapolitika.gr, sources say that Ioannidis will soon publicly ask Samaras to resign as New Democracy leader.
Greek Gov’t Spokesman: ‘The Greek PM Received a Clear Mandate’
Greek government spokesman Gavriil Sakellaridis expressed his satisfaction for the “No” vote lead in the first estimates of the Greek referendum outcome. “This result provides the prime minister with a clear mandate from the Greek people,” he said, adding that “This mandate was given under very difficult circumstances and this only adds to its importance. It gives the government instructions to defend its own proposal and its own positions, so the negotiations will not start from scratch. Now, we need to start a substantive negotiation on a more solid foundation,” said Sakellaridis. Furthermore, he added that the “No” vote was constantly gaining ground over the last 24 hours, and the rally in Syntagma Square on Friday, July 3, “one of the largest seen to this day”, was indicative of this fact. Finally, he stated that after Friday’s rally the messages coming from abroad had changed. “We need to ensure that the people who voted today remain united, regardless of their vote. We need to show national unity,” he concluded.
Russia central bank
The Russian central bank said on Sunday that the Greek debt crisis did not pose a threat to the Russian banking system, TASS news agency reported, citing a statement from the central bank's press service. The central bank also said the size of Russian banks' assets in Greece as of April 1 this year was around $14 million (9 million pounds).
Referendum: Official Projection: NO 61%, YES 39% -Live Blog from Athens
Ballot boxes closed at 7 o’ clock in the afternoon. Immediately, several private television channels started to public results of public opinion surveys conducted among Greeks before and after they voted. However these results were not exit polls. Orange: NO Green YES Live Blog starts here 07:30 pm – First […]
Greek 'No' Vote Is No Solution, Makes Any Debt Deal More Difficult While 'Grexit' Looms Large
Greek voters rejected a financial compromise with the EU and IMF on its debts of more than 300 billion euros in a flash referendum, with Greek people ...
Greek referendum: Greece vote No as half of ballots counted
Greeks have voted overwhelmingly to reject terms of a bailout, risking financial ruin in a show of defiance that could splinter Europe. With over half of the votes counted, official figures show 61.34 per cent of Greeks have voted No to a bailout offer ...
Is the Greek Rejection of Austerity the End of Modern Europe?
Ignoring the demands of their European partners, and heeding the call of their prime minister, Alexis Tsipras, Greek voters rejected austerity demands ...
Greek government must explain next step
LUXEMBOURG (Reuters) - The Greek government must explain how it sees the next steps after Greeks voted overwhelmingly on Sunday to reject the terms of a bailout, Luxembourg Prime Minister Xavier Bettel said, voicing optimism that a solution can be found. "The Greek government has to explain how it sees the way forward, respecting European procedures. Negotiations have not become easier, but Europe is strong and I am confident that we find a solution," Bettel, whose country has just taken over the EU's rotating presidency, said in a statement sent to Reuters. ...
Greek referendum to create volatility but euro zone can cope
ROME (Reuters) - Uncertainty following a "No" vote in the Greek referendum will create market volatility but the euro currency bloc can deal with it, an Italian treasury source said on Sunday. Italy is prepared to absorb any potential shocks from the Greek crisis, the source said, adding a new rescue plan for Greece must take account of the depth of its economic crisis and include investments and reforms. "All the member states of the euro zone are committed to preserving the single currency and therefore working to ensure Greece's total financial independence," the source said. ...
The view from the divided Athens suburbs
Greek cafes are still full, but people joke, “These are the Last Days of Pompeii.”
Germany's Gabriel says Tsipras has torn down last bridge of compromise
BERLIN (Reuters) - German Economy Minister Sigmar Gabriel told the Tagesspiegel daily that it was hard to imagine talks on a new bailout programme with Greece after the country clearly rejected bailout terms in a referendum. "With the rejection of the rules of the euro zone ... negotiations about a programme worth billions are barely conceivable," said Gabriel, leader of the Social Democrats (SPD) who share power with Chancellor Angela Merkel's conservatives. ...
The Latest: Varoufakis: Greeks say 'no more' to austerity
ATHENS, Greece (AP) — The latest from the bailout referendum in Greece (all times local):
Early results show Greece votes "no" to Europe's bailout offer
Before the referendum, European leaders said a "no" vote would destroy the basis for talks, because it would show that Greece was unwilling to take ...
Greece Heads for 'No' Vote, Raising Risk of Departure From Euro
Supporters of the No vote celebrate after the first results of the referendum at Syntagma square in Athens, on July 5, 2015. Photographer: Petros ...
Greece's economy will be in ruins if there's a 'no' vote
Greece flag REUTERS/Yannis BehrakisParliament employees raise a mast after they replaced a torn-off Greek flag with a new one atop the ...
The Greeks deserve more than threats
People need something more hopeful than talk of further cuts and tax rises, writes Nick Malkoutzis