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Greek shares fall for third day as euro exit fears grow Juncker says Greece is 'misleading' voters over Greece
(about 2 hours later)
Greek shares have fallen for a third day as fears it could leave the euro grew, while the government in Athens reaffirmed its anti-austerity stance. Jean-Claude Juncker has accused the Greek government of misleading voters as Alexis Tsipras said its creditors were trying to "humiliate" the country.
Shares on the Athens ATG stock exchange were down 4.77% at close of trade. That followed the two previous days' falls of 4.7% and 5.9%. The European Commission president said the government had not told the truth about its bailout proposals.
Greek Prime Minister Alexis Tsipras said there had been an attempt to "humiliate" his government. "I am blaming the Greeks [for telling] things to the Greek public which are not consistent with what I've told the Greek prime minister," Mr Juncker said.
And he said demands by its lenders for more cuts were politically motivated. Mr Tsipras said the IMF bore "criminal responsibility" for austerity measures.
'Spread burden' Demands by its lenders for more cuts were politically motivated, the Greek leader added.
Greece needs to strike a deal with its creditors before the end of June or face defaulting on payments of €1.6bn (£1.5bn) due to the IMF.
Mr Tsipras had earlier said the main factor blocking a deal were differences between its European and IMF creditors over debt restructuring.
"The big contradiction is the IMF's presence, which wants measures and a restructuring, [whereas] the others want measures but no restructuring," he said. "They want an a-la-carte IMF."
He said he wanted a deal that would end talk of a Greek eurozone exit, but that "the mandate we have got from the Greek people is to end austerity policy".He said he wanted a deal that would end talk of a Greek eurozone exit, but that "the mandate we have got from the Greek people is to end austerity policy".
"In order to achieve that, we have to seek a deal which will spread the burden evenly and which will not hurt wage earners and pensioners," he added. The Greek stock market fell 4.7% on Tuesday, following similar falls on Monday and last Friday.
Mr Tsipras had earlier said the main factor blocking a deal was a difference between its European and International Monetary Fund (IMF) creditors over debt restructuring. Elsewhere in Europe, the FTSE 100 in London closed flat after falling 1.1% on Monday, while the Dax in Frankfurt and the Cac 40 in Paris both closed up 0.5%.
"The big contradiction is the IMF's presence, which wants measures and a restructuring, (whereas) the others want measures but no restructuring. They want an a-la-carte IMF." Meanwhile, White House spokesman Josh Earnest said that both Greece and its creditors should aim to restore the Greek economy without disrupting global financial markets.
Elsewhere in Europe, the FTSE 100 in London was virtually unchanged at 6,710.10, while the Dax in Frankfurt was up 0.54% and the Cac 40 in Paris was up 0.51%. In Germany, a senior member of Chancellor Angela Merkel's Christian Democrat (CDU) party said that a Greek exit from the eurozone would result if Athens failed to present a convincing economic reform package.
'State of denial''State of denial'
Meanwhile, a senior member of German Chancellor Angela Merkel's Christian Democrat (CDU) party said on Tuesday that a Greek exit from the eurozone would have to be accepted if Athens failed to present a convincing economic reform package.
Michael Grosse-Broemer, the CDU's deputy floor leader in parliament, said: "In the event a solid reform package is not presented, then a 'Grexit' would have to be accepted if necessary."Michael Grosse-Broemer, the CDU's deputy floor leader in parliament, said: "In the event a solid reform package is not presented, then a 'Grexit' would have to be accepted if necessary."
Mr Grosse-Broemer added it was up to Greece to give up its "state of denial" and move towards more reforms that creditors are seeking to unlock aid. He said it was up to Greece to give up its "state of denial", adding: "I'm not so sure anymore if the Greek government is really interested in averting damage for the people of Greece."
"I'm not so sure anymore if the Greek government is really interested in averting damage for the people of Greece," he said. In another development on Tuesday, the European Court of Justice ruled the European Central Bank (ECB) had not acted unlawfully in 2012 when it said it stood ready to buy government bonds.
In another development on Tuesday, the European Court of Justice (ECJ) ruled the European Central Bank (ECB) had not acted unlawfully in 2012 when it said it stood ready to buy government bonds.
Germany objected to the ECB's announcement of a bond-buying programme, despite the fact it was never used, saying it contravened EU law.Germany objected to the ECB's announcement of a bond-buying programme, despite the fact it was never used, saying it contravened EU law.
The action of the ECB at the time helped to calm markets which, at the time, were being buffeted by one crisis after another.The action of the ECB at the time helped to calm markets which, at the time, were being buffeted by one crisis after another.
'Significant gaps'
Talks with Greek and EU officials in Brussels on Sunday failed to reach an agreement that would release bailout funds to Greece.
A European Commission spokesman said while progress was made at Sunday's talks, "significant gaps" remained.
Eurozone finance ministers will meet on Thursday, but Greek Finance Minister Yanis Varoufakis said he did not plan to present new proposals at the meeting.
"The Eurogroup [of eurozone finance ministers] is not the right place to present proposals which haven't been discussed and negotiated on a lower level before," he told German newspaper Bild.
Europe wants Greece to make spending cuts worth €2bn (£1.44bn) to secure a deal that will unlock bailout funds.
Greece must also repay a €1.5bn in loans to the IMF and a further €5.2bn in short term loans by the end of the month amid a growing sense that the country has simply run out of cash altogether.
But disagreements over further economic reforms have led to delays in the government receiving €7.2bn of bailout funds.
How serious for us is the Greek tragedy?How serious for us is the Greek tragedy?