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Saturday, 27 June 2015

Greece: PM Tsipras Calls a Referendum - On What? The Big Question - Separate or Integrate...

Update: Eurozone rejects Greek bailout extension request (AP/Yahoo)

BBC News - Eurozone refuses bailout extension

Reuters: Germany says surprise Greek referendum plan shuts door on negotiations

Reuters: 18 Eurozone countries' unanimous rejection of extension - "The swift rejection was a startling demonstration of the degree to which Tsipras had alienated the rest of the currency bloc".

Bloomberg: Schaeuble Calls Time on Greek Negotiations as ATMs Empty

Euronews - Athens gives its view on Greece’s financial future

Kathimerini: Will the government manage to organise a referendum?

Earlier today:

CNN News: Wrong Prime Minister in Video!

The correct Prime Minister: Alexis Tsipras, address

Varoufakis to be quizzed (Kathimerini/Bloomberg)

How Greece ended up with a referendum - Πώς φτάσαμε στη «βόμβα» του δημοψηφίσματος

BBC Report - In a televised address, he described the plan as "humiliation" and condemned "unbearable" austerity measures demanded by creditors...In the speech, Mr Tsipras said: "These proposals, which clearly violate the European rules and the basic rights to work, equality and dignity show that the purpose of some of the partners and institutions was not a viable agreement for all parties, but possibly the humiliation of an entire people."

EU Observer - "A “No” vote would almost certainly see the country default on its debts and could likely lead to Greece becoming the first country to leave the eurozone. A default could happen as early as 30 June when a €1.6 billion repayment to the IMF is due".

Bloomberg report - Vote Puts Fate of Euro in Their Hands

Washington Post report - Greeks face new uncertainty

Reuters report - "The euro zone had offered to release billions in frozen aid if Greece accepted and implemented pension and tax reforms that are anathema to its leftist government, elected in January on a promise to end austerity. Without the bailout funds, Athens is due to default on 1.6 billion euros in repayments to the International Monetary Fund on Tuesday, pushing Greece closer to being forced out of the euro, causing chaos for its economy and financial markets".

Kathimerini; Referendum could be called off - "Defense Minister and Independent Greeks leader Panos Kammenos said on Saturday morning that the government would call off the referendum if the country’s creditors accept the Greek government's proposal containing 7.9 billion euros of fiscal measures for this year and next".

Wall Street Journal report - Greek Prime Minister Alexis Tsipras called a surprise referendum for July 5

Financial Times report - "The referendum also raises legal questions. Patroklos Koudounis, head of the Athens-based Adequate group risk consultancy, said the Greek constitution stipulated that referendums were not allowed on fiscal issues. “In the way that Mr Tsipras described the question, it appears that question falls within the category of fiscal issues,” he said".

No one seems sure what the question will be, since the creditors are withdrawing their proposals, it seems.

The answer may be found at the ATM machines, which are being cleaned out by the people who are apparently waiting in long queues to withdraw money (I am not going out at 5.20 am to check).

CNN Money

Some advice from America's Koko Taylor: "Get ready. get ready soon or you will be too late - we got to separate or integrate" (YouTube song)

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