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Sunday, 28 June 2015

Eurogroup Statement on Greece: Implications for the Greek Referendum Question; Lagarde Comments on Legal Issues; Varoufakis Protests

The Eurogroup Statement

Eurogroup statement on Greece

Since the 20 February 2015 agreement of the Eurogroup on the extension of the current financial assistance arrangement, intensive negotiations have taken place between the institutions and the Greek authorities to achieve a successful conclusion of the review. Given the prolonged deadlock in negotiations and the urgency of the situation, institutions have put forward a comprehensive proposal on policy conditionality, making use of the given flexibility within the current arrangement. 

Regrettably, despite efforts at all levels and full support of the Eurogroup, this proposal has been rejected by the Greek authorities who broke off the programme negotiations late on the 26 June unilaterally. The Eurogroup recalls the significant financial transfers and support provided to Greece over the last years. The Eurogroup has been open until the very last moment to further support the Greek people through a continued growth-oriented programme. 

The Eurogroup takes note of the decision of the Greek government to put forward a proposal to call for a referendum, which is expected to take place on Sunday July 5, which is after the expiration of the programme period. The current financial assistance arrangement with Greece will expire on 30 June 2015, as well as all agreements related to the current Greek programme including the transfer by euro area Member States of SMP and ANFA equivalent profits. The euro area authorities stand ready to do whatever is necessary to ensure financial stability of the euro area.

 [1] Supported by all members of the Eurogroup except the Greek member.


Since the current arrangements expire on 30 June, what can sensibly be proposed as the YES/NO question for the referendum on July 5th? 

An academic friend writes: "The referendum wording is good. It's on the troika plan, only, not about euro membership or the drachma".

Christine Lagarde (on YouTube): debts to the international community; referendum legal issues - Lagarde says Greek referendum will be invalid after Tuesday

Bloomberg Business - Tsipras Asking Grandma to Figure Out If Greek Debt Deal Is Fair - "The 68-word ballot question namechecks four international institutions and asks voters for their opinion on two highly technical documents that weren’t made public before the referendum call and were only translated into Greek on Saturday".

European Commission Press Release - Scroll down to see KEY DOCUMENT:

List of prior actions - version of 26 June 20 00.pdf    (rejected by Greek government) - List which takes account of the proposals of the Greek authorities received on 8, 14, 22 and 25 June - 
Kathimerini - EU executive publishes offer that Tsipras rejected

Greece: a "Bank Holiday" and Capital Controls on Monday?  BBC News - Greece debt crisis: ECB 'to end' bank emergency lending


Has Greece "shot itself in the foot"? Spiegel Online - Pressestimmen aus Griechenland: "Selbst in den Fuß geschossen"

Lagarde to Tsipras, Mignatiou

Yanis Varoufakis' complaint; the Finance Minister makes his case

More from Mignatiou - Αλ. Τσίπρας: Οι Θεσμοί επέλεξαν να παραμείνουν Τρόικα που σκοτώνει τη δημοκρατία στην Ευρώπη

Yahoo News - Greece on the brink

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