The day is being agitated in Athens and Brussels, after the Greek Prime Minister announced for July 5 to a referendum proposals from creditors. The Greek Government has proposed an extension of the program by “a few weeks” to accommodate the holding of the referendum, but the eurozone did not agree to an extension beyond June 30, the date of termination of the term of repayment to the International Monetary Fund (IMF).
Overview of the main events of the day:
– Eurogroup rejects extend assistance program for Greece beyond 30 June;
– Finance Ministers meeting suspended and returned to have debate without the presence of the Greek Minister Yanis Varoufakis. The conclusion is that you will use all instruments to maintain the stability of the euro area
-. The President of the Eurogroup, Jeroen Dijsselbloem, was asked about that matter will vote on the Greeks referendum, which is scheduled for after the assistance program expires “. You must ask that the Greek Government”
– Greek Parliament discusses the referendum, in the presence of Prime Minister Alexis Tsipras. The two parties that governed Greece alternately in the last 40 years (the conservative New Democracy and socialist Pasok) are against holding the referendum;
– the entrance to the Eurogroup, the decision to hold the referendum was strongly criticized by German Finance Minister Wolfgang Schäuble, who accused Athens of having put “an end to negotiations” unilaterally. Despite the optimistic tone Pierre Moscovici commissioner who still believed to be possible to reach agreement, the Finnish Minister Alexander Stubb have anticipated, “Plan B can become the plan A”;
– From Greece reach people queue pictures waiting to withdraw cash in ATMs. Even the deputies flocked to ATMs Parliament
Wolfgang Schäuble, German Finance Minister, also addressed the conference. One of the key ideas is this:. Today’s decisions do not mean a Greek exit from the euro zone
Accusing Greece of having abandoned the negotiations, Dijsselbloem also said that the “door is open” for further negotiations and will monitor the developments. And he stressed that the euro area continues to have 19 members.
Asked about the risk of contagion of the Greek crisis, the president of the Eurogroup insisted that the eurozone is now “in much better shape than a few years ago” and has “more instruments than in the past.”
Jeroen Dijsselbloem begins by saying that the eurozone is now stronger than at the beginning of the crisis and will “use all tools available” to maintain the stability of the euro.
There’s the new press conference of the President of the Eurogroup.
The Greek Mega TV News, cited by Guardian , has advanced some details of the conversation that Tsipras will have had the phone with Merkel. The argument of the German chancellor that a referendum is a choice between the euro and the drachma, Tsipras will have answered: “No, it’s not. This is the cradle of democracy. We are a sovereign country and no one will tell us what the question put in the referendum. “
The correspondent of the Guardian in Athens reports that even the MPs were seen in queues to raise cash in ATMs.
A new press conference of the President of the Eurogroup will take place at any time.
The French finance minister, Michel Sapin, ensures that was not discussed an exit scenario for the euro Greece and reaffirms that the country of destination is to keep the single currency, writes from Brussels newspaper Le Monde . Sapin believe that an agreement is still possible and says that France will continue to work to mediate an agreement.
Paulo Trigo Pereira writes about the agony of Greece. And remember Articles of Pacheco Pereira ( The Europe than in shame) and Vasco Pulido Valente ( The recreational).
Tsipras insists on the referendum despite Merkel and Hollande appeals, writes the French agency AFP, citing a source from the Greek Government. The referendum advances “regardless of the decision of the Eurogroup,” Tsipras said in a telephone conversation with German Chancellor and the French President. The Guardian adds that Tsipras have said that the Greek people “will survive” next week, because “it has oxygen” and that democracy is a core value in Greece.
A question of the British newspaper The Guardian summarizes the heavy atmosphere in Brussels and throughout the European Union: “And so ends the press conference Yanis Varoufakis Will there be another.?”
Footnote to the statement of the finance ministers of the single currency “. Subscribed by all Member States of the Eurogroup except Greece”
In the text, 18 ministers of the single currency reaffirm that the current program “is 30 June, as well as all agreements related to the Greek program, including transfers from Member States of the euro under the SMP [the program of debt securities markets] and equivalent profits ANFA [agreement on liquid financial assets] ” .
The Eurogroup statement accuses Greece of having broken the negotiations unilaterally. The text is in English, but here’s a quick and untidy translation.
“There is no legal way for an exit from the euro,” said Greek Finance Minister Yanis Varoufakis, after the Eurogroup meeting, which issued a statement, without the agreement of Greece to reaffirm that the bailout program ends on 30 June
Varoufakis says he explained to the European colleagues why the referendum:. the government had no mandate to accept “an unviable proposition,” not to make a decision “without consulting the Greek people.” Varoufakis says the executive “is fully determined to find a solution”, but rejects the proposal of the creditors. The extension of the rescue “for five months, that was on the table, it was technically inadequate”, it was not a plan that would give “hope to investors, consumers, depositors” and to allow “a period of consolidation” able to put a point end the crisis, justified.
According to Greece farther than ever:
The ministers of the euro zone Finance decided that there are no conditions for further negotiations with Greece, after the government of Alexis Tsipras has called for a popular referendum on the latest proposal from creditors.
The President of the Eurogroup Jeroen Dijsselbloem, said ministers will again meet this afternoon, but already without the presence of the Greek Minister Yanis Varoufakis.
Dijsselbloem confirmed that the deadline for the next payment is even next Tuesday, and said that the Greek government does not have enough credibility to promise to implement what the Greeks decide in a referendum.
Asked about that matter will the Greeks vote since the referendum will be scheduled for later Tuesday, the president of the Eurogroup said: “You must ask that the Greek Government. “
After all, it seems that the press conference will even take place. In site the European Commission is scheduled for 17:15 in Brussels (16:15 in continental Portugal), but it’s after hours and not yet started:
As has been habit, another twist. The press conference of the President of the Eurogroup has been cleared. Or not. Some say yes; some say no; the more certain is maybe. Five minutes ago, journalists began to leave the room of the press conference, but are returning now. As he wrote on Twitter the AFP reporter Danny Kemp, is a “madness”.
Dijsselblscreens presser was announced on screens, now canceled and press room empties. Madness
– Danny Kemp (dannyctkemp) June 27, 2015
The press conference President of the Eurogroup, Jeroen Dijsselbloem, has no appointment, but may be accompanied live on the European Commission website:
Eurogroup suspended finance ministers prepare a statement. After speaking to reporters, discussions will continue but without the presence of Greece – to discuss the “Plan B”. The journalist from ZDF Stefan Leifert advances that will not be marked any meeting of Heads of State and Government, and that a final decision will be announced on Saturday.
Eurogroup working on the declaration. Will keep after press conference without Greece to discuss Plan B. #Greece
– Stefan Leifert (StefanLeifert) June 27, 2015
Greece wanted more “few weeks” to pay creditors, but that seems to be out of the question, according to the correspondent of the German television ZDF in Brussels:
German government official: No extension of greek bailout program. Discussion in Eurogroup is very clear on that. #Greece #Eurogroup
– Stefan Leifert (StefanLeifert) June 27, 2015
“Representative of the German Government:. The Greek rescue program will not be extended The Eurogroup is very clear about it. ”
In a race against time and against the intensification of the race to surveys, the ECB Governing Council will meet on Sunday to consider remains standing the Emergency Assistance mechanism (ALS, the English acronym) provided to central banks, whose limit is currently at 89 billion euros, reports Reuters.
In addition to defending a program extension for “several weeks” Varoufakis proposes that Greece receives the profits made by the ECB in the Greek debt purchase in the amount of 1 900 million euros, the Athens time getting repay the IMF in terça- fair.
The latest proposal of the institutions of troika put on the table an extension of five months of the current program, providing funding until November.
The amount involved round 15,300 million euros. Apart from the latter part of the loan of the European Union and the last tranches of the IMF would be used some of the money the reserved loan to recapitalize the banks and returned the profits achieved by the Eurosystem with the Greek debt.
The finance minister of Greece Yanis Varoufakis, told Reuters he would seek an extension of “a few weeks” of the rescue program to “accommodate the referendum” announced by the prime minister.
Alexis Tsipras is this Saturday to discuss the Greek Parliament to hold a referendum on the latest proposal from creditors. To be approved, must take place on July 5
The two parties that governed Greece alternately the past 40 years. – Conservative New Democracy and socialist Pasok – are against the referendum. The first consider the referendum is unconstitutional and the latter asked the dismissal of Tsipras and the calling of early elections.
Still speaking to Reuters, the Greek finance minister says his government will “implement the referendum result “and” quickly come to an agreement with creditors. “
Day portraits in Brussels and Athens. In the capital of Belgium, the finance ministers of the eurozone and the representatives of the troika try to get closer to an agreement; in the capital of Greece, people took to the streets to raise money:
The Greek prime minister, Alexis Tsipras, is in parliament to discuss the referendum on the proposals of creditors.
In Athens there are queues to raise money.
The President of the Eurogroup Jeroen Dijsselbloem, greets the managing director of the IMF, Christine Lagarde .
The Greek Finance Minister, Yannis Varoufakis, through the President of the Eurogroup Jeroen Dijsselbloem – the two most visible faces of the extremes in the discussion on Greece
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Members of Syriza’s youth symbolically placed a canvas “Anti-austerity” in the White Tower of Thessaloniki, with whom are making a protest in favor of the “no” in the referendum proposals to creditors. The AFP captured the image.
At the entrance to the Eurogroup begin to emerge different positions on the next steps. While the European commissioner for economic and financial affairs, the French Pierre Moscovici, says it is still possible to reach an agreement since Greece “show that will have” German finance minister, Wolfgang Schäuble, says Tsipras “put an end to negotiations” unilaterally. The Austrian Minister Hans Jörg Schelling left everything open, saying that we must wait to see what proposals the Greek colleague Yanis Varoufakis will present this afternoon. “It’s very unclear what will happen after June 30 [the date of termination of the period of repayment of the loan the IMF", said Austrian Finance Minister. Varoufakis did not speak to reporters on arrival at the meeting.
The English edition of the journal Kathimerini reported here in full the speech that Tsipras made to the country on Friday. Today the Prime Minister is in Athens Parliament in the debate on the referendum, criticized both by the socialist PASOK and the conservative New Democracy
The managing director of the IMF, Christine Lagarde, promises to "continue working" to ensure the financial stability of Greece , which has been considering what the IMF and institutions have done. "Constantly we have adapted our proposals, advancing in negotiations with a double objective: restore financial stability [Greece] and allow the development of growth and competitiveness”
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In parliament in Athens, where the Prime Minister is faced the referendum. The New Democracy party, which was in government before the coalition Syriza and the Independent Greeks, abandoned parliamentary proceedings, considering that the referendum is unconstitutional, reports on Twitter Greek journalist Nick Malkoutzis, the English edition of the journal Kathimerini .
New Democracy Also says referendum proposal is unconstitutional and walks out of parliamentary debate #Greece # Euro Nick Malkoutzis (NickMalkoutzis) June 27, 2015
On arrival at the meeting of ministers of the euro zone finance in Brussels, the President of the Eurogroup, Jeroen Dijsselbloem, called the referendum proposal as a “sad decision” that closes the door to negotiations with partners which, he said, they were still open to discuss with Athens. “I was very negatively surprised by the decision of the Greek Government, which apparently rejected the latest proposals put on the table by the three institutions.” The holding of the referendum, he said, “is a sad decision for the Greek people, because it closes the door to negotiations.” The meeting of finance ministers serve to talk about the “future consequences” of the decision of the Greek government.
The Greek Defense Minister Panos Kammenos, party Independent Greeks (Ring), admitted this morning that the government can go back in referendum if the partners of the euro area accept the settlement offer made by Athens.
According to Reuters, Alexis Tsipras spoke with President of the European Central Bank (ECB), Mario Draghi, also on Friday on the issue of referendum announced the country. For this Saturday is expected a meeting between representatives of the Greek Government and the dome of the ECB.
Athens arrive pictures long lines of people waiting to reach the automatic boxes to raise money . The scenario of a capital controls, as came to fruition in 2013 in Cyprus when rushing a run on deposits, has been considered inevitable by some analysts, but not yet stood in recent weeks. Given the pace of withdrawal of deposits, the European Central Bank has increased the daily limit of Emergency Liquidity Assistance mechanism (ALS, the English acronym) provided to financial institutions by the central bank of Greece.
A day after the Greek Prime Minister to announce a referendum on July 5 to the agreement proposed by the creditors, the Greek Parliament debate the holding of the referendum announced by Alexis Tsipras, while in Brussels awaiting the arrival of the finance ministers of the euro zone for the Eurogroup meeting, which remains scheduled for 14h Brussels (13h in Portugal).
From Berlin, it is still unclear whether Germany is willing to accept an extension of the program troika as of the referendum. According to British newspaper The Guardian , the deputy CDU Gunther Krichbaum, political ally of Chancellor Angela Merkel, came ever consider that Tsipras’ stretched the rope, “saying not believe that the German Parliament can approve an extension the program until July 5. But the vice-chancellor of the “grand coalition”, Sigmar Gabriel, the SPD held that a referendum on the negotiations “can make sense.”
The Austrian Chancellor, Werner Faymann, still expects an agreement by the end of the day Tuesday, when the deadline for Greece to write off about 1,600 million euros to the International Monetary Fund (IMF).
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