Minute-by-minute: Tsipras ensures that “the deposits are safeguarded.” Banks closed in the second
The ECB issued a statement which ensures that the emergency line for the Greek banks will remain open. The financial stability of directors met and now make recommendations. The prime minister is expected to announce the decision after the council of ministers, but it seems certain that tomorrow the banks and the stock market not open. Follow the main events here
20.05 – Antonis Samaras, the New Democracy leader calls for Tsipras to abandon the referendum plan:. “Our country needs to stay in the heart of Europe and the euro. Mr. Tsipras should continue negotiations. If it does not get them done for you, you should try a wide national consensus. “
19h59- Jack Lew, secretary of the US Treasury, advised European leaders and creditor institutions to discuss the relief of Greek public debt already exceeds 170% of GDP. After a telephone conversation on Saturday with German officials, French and IMF, Lew warned of the need to resolve the Greek problem to ensure the maintenance of Greece within the Eurozone.
19h21 – After securing, on television, that deposits are safeguarded, Tsipras ensures, through Twitter that “the payment of salaries and pensions are also guaranteed”
19.20 – . “In the coming days it takes is patience and composure of Greek deposits are completely safe” Alexis Tsipras guarantees on his Twitter.
18h55 – “The deposits are safeguarded Greeks must remain calm.” Tsipras said in his statement to the Greek people. The Prime Minister ended his statement without making any comment on the recommendations of the central bank, Bloomberg reveals
18h48 -. The Financial Times says will advance effectively to control the capital, which contradicts what Varoufakis defended morning.
18h38- Bloomberg news agency that German Chancellor Angela Merkel and US President Barack Obama spoke by telephone on Sunday to try to find a solution to the Greek crisis. Merkel and Obama will be trying to find a solution that ensures the Greek staying in the Eurozone. Both consider “very important” that efforts within the eurozone to allow Greece to pursue the necessary reforms and return to economic growth
18h23 -. The Sky News says that in addition to banks, the Greek stock market will also be closed tomorrow.
18h21 – The meeting between Varoufakis and Stournaras is over. The Minister of Finance reveals that a recommendation will be made to the Greek Government, which will be assembled already in the cabinet. Varoufakis not reveal details. The decision should be announced by Prime Minister
18h06 -. Greek banks do not open this Monday, June 29, reveals the governor of the Bank Piraeus, quoted by Reuters and by Bloomberg.
But it is possible that the closure of banks can last more days. The Macropolis says the systemic stability of directors have decided that Greek banks will be closed all week.
17:05 – Tsipras council convenes emergency ministers to 18h of Lisbon, according to Greek state television station, quoted by Reuters.
16h38 – The IMF general secretary issued a statement which says that the IMF reaffirms its “commitment to continue to collaborate with the Greek authorities”, advocating “a balanced approach “to save Greece
16h14 -. The German Foreign Ministry recommended on Sunday the Germans wishing to go to Greece to bring enough cash, as the country is on edge of the banking collapse, according to Lusa
16h09. – German Chancellor Angela Merkel will meet on Monday with leaders of political parties parliamentary seat and with the leaders of the parliamentary groups to analyze the Greek crisis, told the daily Bild
16:00 -. The union of bank employees calls on the Government to ensure in a timely manner the deposit protection as well as ensuring that the operations of banks arise calmly. The union admits intervene with its own measures if the banking system is not experiencing a functioning normal.
At this time should be to get the board meeting of financial stability, including the finance minister and the governor of the Greek central bank, to analyze the Greek situation.
15h50 -. Pierre Moscovici, Commissioner, makes clear in his Twitter that Greece should remain in the euro and the door remains open for negotiations
15h31 – The Guardian reveals that the board meeting of financial stability of Greece will meet from 18h local, that is, 16 hours of Lisbon. The “helm” of this meeting is the Finance Minister Yannis Varoufakis, and the governor of the Central Bank of Greece Yannis Stournaras. The government has already said it is against capital controls.
15.00 – “In the name of transparency and to inform the Greek people, the European Commission publishes the final proposal agreed between the three institutions (ECB, European Commission pursuant and IMF), which takes into account the proposals of the Greek authorities of 8,14, 22 and 25 June as well as the political and technical talks took place during the week. ” This is how Brussels justifies the publication and online availability of the list of proposals that lenders wanted the Greeks to accept.
On the basis of this text that discussions continued Friday. “The parties believed that at the Eurogroup meeting Saturday could reach a comprehensive agreement for Greece, an agreement that did not include only measures agreed between them but they could also address future funding needs and the sustainability of Greek debt. And included even adopting a growth and employment assistance package “.
However, the Commission adds in a statement, it was not possible to finalize and present to the Eurogroup due to a” unilateral decision “of the Greek authorities to abandon the process on 26 June.
13h50 – The ECB maintains a hotline for Greek banks open on Friday levels, the central bank announced in a statement.
The decision was expected after being reported by the BBC that the ECB could cut this liquidity.
“Given the circumstances, the Council decided to maintain the ceiling of the emergency line for Greek banks to the level of Friday, June 26th. ” But guarantees be ready to reconsider the situation.
Quoted in the press, Mario Draghi ensures that “we continue to work with the Bank of Greece”
13h40 – In an interview with BBC radio Yannis Varoufakis, quoted by the Guardian, insisted that Greece can not be ruled out of the eurozone. It is that there is no mechanism to exit the single currency.
With regard to capital controls, Varoufakis admits to being a matter to be solved overnight, with the authorities concerned, in Greece and Frankfurt. But adds that as finance minister “will work with the Bank of Greece and the ECB on what should be done to minimize the burden for the people of Europe by the refusal of the democréticos guarantee essential rights.”
Varoufakis also seems not expect the ECB to pull the emergency line.
It will pay 1.6 billion euros to the IMF? What Varoufakis recalled that the ECB has already earned 1.9 billion euros to Greek banks
13.30. – Yanis Varoufakis gave an interview which was against the capital controls . The same said in the tweet. “The capital controls in a monetary union is contradictory The Greek government is opposed to this concept.”
13h15 – Continue the news that many ATMs (cash machines) in Greece are already broke. At the end-of-week I had many Greeks to raise money. The latest official figures from the Bank of Greece are for May, which reached the value of deposits (in stock) lowest since May 2004 (see chart)
12h54 -. Monday to Reuters, the Greek Council of Financial Stability will have an appointment for this Sunday afternoon to analyze the situation of the banks. The Council is part of the Finance Minister Yanis Varoufakis, and his deputy Dimitris Mardas and the central bank governor Yiannis Stournaras as well as the leader of the banks association, the chairman of the Resolution Fund and the chairman of the capital market commission .
12.30 – No official news about the meeting of the ECB and, therefore, international agencies will reveal stories based on anonymous sources. The BBC, in the morning, reported that the ECB could cut the hotline, in which was followed by a Reuters news realizing that the line would remain, but that the ECB could be discussing cutting the assets again that They can be pledged as security. But the ECB is still in a meeting and therefore it is necessary to wait for the final decision. The ECB has not commented on the news
12h20 -. The news that they realized that the Austrian Minister of Finance had said that Greece euro exit seemed inevitable were corrected. After all, Hans Joerg Schelling said to Greece leaving the euro, you first need to ask to leave the EU and the partners have to agree
12h00 -. Alexis Tsipras meets If Greece with the leaders of other parties. According to the Guardian, the meeting between the Greek Prime Minister Antonis Samaras and, Greek former prime minister and leader of the main opposition party, New Democracy, has ended.
You should now meet Stavros Theodorakis, To Centre Party leader Potami.
Both parties showed up against the referendum, but were defeated in Parliament.
11.45 – Two polls were published in Greece on Sunday. Both show the will of the Greeks to remain in the eurozone, but were held before Alexis Tsipras announced the intention to call a referendum. According to the English version of the Greek newspaper Ekathimerini in Alco poll for the newspaper Proto Thema 57% of respondents say they are of the opinion that Greece should make a deal with the European partners, while 29% of respondents go towards break.
Another survey, the Kapa Research for To Vima newspaper showed that 47.2% of respondents would vote in favor of a new agreement and austere, compared with 33% that they would vote in disfavor and 18.4% of indicisos.
Both polls were conducted between 24 and 26 June. But it was only in the early hours of June 26 that Alexist Tsipras announced the referendum. The margin of Alco survey error is 3.1% and the Kappa is 3.09%
11.15 -. Paul Krugman, Nobel Prize in Economics, write an opinion article in its usual blog on the New York Times that “if I am asked, was a monstrous act of madness by governments of creditors and institutions reach this point. But they did it and I can not in any way blame Tsipras for it have turned their voters instead of them have turned their backs. ” Also because “if you win the referendum, the Greek government is strengthening the democratic legitimacy which I think is still important in Europe (if not, we need to know).”
10h23 – “All we did to reach an agreement,” he said, to the antenna itele, the French Prime Minister, Manuel Valls, quoted by Le Figaro. And she regretted that the Greek government has “decided to discontinue unilaterally the negotiations. When we summon the people is a sovereign choice that respect, but there is a real risk, if not, the euro exit.” Still, the French Prime Minister said that “an agreement is still possible.” And launched a request to Alexis Tsipras:. “I invite Greece to return to the negotiating table”
As for the ECB, Manuel Valls says the institution is independent, but will assume its responsibilities. I do not think that it can not continue to give support to Greece “, he maintains, noting that in a week were raised over billion euros of Greek financial system
10:02 -. Various news were aware that the Austrian Minister of Finance stated that the Greek exit from the eurozone “seems almost inevitable” after the refusal of ministers of the Eurogroup in prolonging the Greek assistance program. But a few hours most afternoons, it was reported that had been a mistranslation of the words of the Austrian minister. What have said is that a Greek exit will only be possible if Athens first placing the order to leave the European Union and other countries to accept.
In that, “Greece is the only responsible for a failure of negotiations,” warned Hans Jorg Schelling in an interview with Austrian daily Die Presse, quoted by Lusa
10:00 -. BBC news the ECB cut line of credit, but there is still confirmation
9:40 -. It’s all waiting for the ECB meeting. The European Central Bank began the meeting at dawn to analyze the situation. Bloomberg believes that Maria Draghi faces the dilemma of cutting support for the Greek financial system and hear that is interfering politically or continue to inject money and risk the credibility of the euro. On Friday, the hotline (ELA) was almost 89 billion euros. In February the line was less than 60 billion euros, but it was when the ECB announced that it no longer accept Greek debt as collateral for loans to banks in the eurozone.
On Friday the Greek Government guarantee that banks would open normally Monday, but in the end-of-week already noted rush to cash machines.
The Governing Council of the ECB will hold a meeting in due course to discuss the situation. The ECB is closely monitoring developments.
The next Dates – key to Greece, although no further meetings in view
The schedule is tight. And on Monday the banks open in Greece? The Greek Deputy Minister George Katrougkalos, quoted by Reuters, said on Friday that yes, open, and there will be no capital controls. But the people took to the streets … and stopped in front of the ATM
June 30:. The rescue program of the troika ends. On the same day wins [18h Lisbon, 23h in Washington] the payment of 1.6 billion
euros to the IMF, an accumulated value of four installments due in June and that the Greek government had asked to pay all at once at the end of the month
July 1:. No financial assistance program, this may mean that there is no emergency liquidity provided by the European Central Bank .
July 5:. referendum in Greece [for approval conditions are no longer on the table]
July 10 : Greek Treasury securities in the amount of 2 billion euros, have to be repaid
20 July:. Bonds amounting to 3500 million coming to maturity and have to be paid to the partners of the Euro Zone
20 August:. 3.2 billion euros in Greek bonds due and must be reimbursed.
No comments:
Post a Comment