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Greece calls snap referendum over eurozone bailout Greece calls snap referendum over eurozone bailout
(about 4 hours later)
Greece has closed the door on attempts to resolve the bailout crisis by announcing a snap referendum, a senior eurozone minister has said.Greece has closed the door on attempts to resolve the bailout crisis by announcing a snap referendum, a senior eurozone minister has said.
Jeroen Dijsselbloem, president of the eurogroup of finance ministers for the single currency, said he was disappointed by the surprise plans to stage a popular vote on debt financing proposals. Jeroen Dijsselbloem, president of the Eurogroup of finance ministers for the single currency, said he was disappointed by the surprise plans to stage a popular vote on debt financing proposals.
The Greek prime minister, Alexis Tsipras, announced in the early hours that the poll would be held on 5 July and the government has said it will campaign for a no vote. The Greek prime minister, Alexis Tsipras, announced in the early hours that the poll would be held on Sunday 5 July and the government said it would campaign for a no vote.
The leftwing Syriza leader said proposals put forward by international creditors would place “unbearable” burdens on the Greek people and was a “blackmail ultimatum”. Greeks flocked to cash machines across the country to withdraw money after the referendum announcement was made.The leftwing Syriza leader said proposals put forward by international creditors would place “unbearable” burdens on the Greek people and was a “blackmail ultimatum”. Greeks flocked to cash machines across the country to withdraw money after the referendum announcement was made.
Finance ministers are meeting in Brussels, where Greece is asking for a bailout extension as a crucial repayment deadline looms that carries the risk of bankruptcy and could lead to it crashing out of the euro.Finance ministers are meeting in Brussels, where Greece is asking for a bailout extension as a crucial repayment deadline looms that carries the risk of bankruptcy and could lead to it crashing out of the euro.
Dijsselbloem, the Dutch finance minister, said: “I am very disappointed. After our last meeting, the door on our side was still open, but that door has closed on the Greek side.”Dijsselbloem, the Dutch finance minister, said: “I am very disappointed. After our last meeting, the door on our side was still open, but that door has closed on the Greek side.”
Greece needs fresh loans to stop it defaulting when it faces a debt repayment of €1.6bn (£1.1 billion) to the International Monetary Fund on Tuesday. If it fails to meet the deadline it will be declared in default, pushing it towards the exit door from the single currency. Greece needs fresh loans to stop it defaulting when it faces a debt repayment of €1.6bn (£1.1bn) to the International Monetary Fund on Tuesday. If it fails to meet the deadline, it will be declared in default, pushing it towards the exit door from the single currency.
The Greek finance minister, Yanis Varoufakis, said the government wanted to let voters decide.The Greek finance minister, Yanis Varoufakis, said the government wanted to let voters decide.
“We received 36% of the vote. For a momentous decision of this nature we felt the need to secure 50%+1,” he said. “We received 36% of the vote. For a momentous decision of this nature, we felt the need to secure 50%+1,” he said.
The IMF head, Christine Lagarde, said creditors will continue to work with Greece and “always showed flexibility”, but insisted the country must make deep structural reforms to turn around its failing economy. The IMF head, Christine Lagarde, said creditors would continue to work with Greece and “always showed flexibility”, but insisted the country must make deep structural reforms to turn around its failing economy.