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| Greek banks to stay closed on Monday | |
| (about 4 hours later) | |
| Greek banks will not open on Monday, the head of one of the country’s biggest banks said on Sunday. | |
| Anthimos Thomopoulos, the boss of Piraeus Bank, said that the banks would not open on Monday after leaving a meeting of the Greek financial stability council. | |
| Related: Greek crisis live: Banks to stay shut on Monday - reports | |
| He made his remarks amid speculation that public holidays looked inevitable in Greece this week after the European Central Bank declined to increase its emergency financial lifeline to the Greek banks, cash that is keeping the country’s financial system functioning. | |
| With Greece holding a controversial referendum on its creditors’ terms for its bailout in less than a week and the eurozone deciding to terminate the bailout on Tuesday, the pressure was on Mario Draghi, the president of the ECB, to make the call as to whether Greece would sink or swim. | With Greece holding a controversial referendum on its creditors’ terms for its bailout in less than a week and the eurozone deciding to terminate the bailout on Tuesday, the pressure was on Mario Draghi, the president of the ECB, to make the call as to whether Greece would sink or swim. |
| In a finely calibrated decision, the governing council of the ECB decided on Sunday to leave the so-called emergency liquidity assistance to Greece at €89bn (£63bn), unchanged from last Friday. | |
| “We continue to work closely with the Bank of Greece,” said Draghi. | “We continue to work closely with the Bank of Greece,” said Draghi. |
| Yannis Stournaras, the governor of the Bank of Greece and a member of the ECB council, said: “The Bank of Greece, as a member of the Eurosystem, will take all measures necessary to ensure financial stability for Greek citizens in these difficult circumstances.” | Yannis Stournaras, the governor of the Bank of Greece and a member of the ECB council, said: “The Bank of Greece, as a member of the Eurosystem, will take all measures necessary to ensure financial stability for Greek citizens in these difficult circumstances.” |
| The decision to maintain life support supplied a little oxygen to a Greece in the throes of suffocation. On the other hand, no fresh funds were made available while Greeks resorted in ever-increasing numbers to withdraw their savings from ATMs, meaning that bank reserves were running low and not being replenished. | The decision to maintain life support supplied a little oxygen to a Greece in the throes of suffocation. On the other hand, no fresh funds were made available while Greeks resorted in ever-increasing numbers to withdraw their savings from ATMs, meaning that bank reserves were running low and not being replenished. |
| It was one of the the most momentous decisions in the ECB’s brief history and came after the Greek parliament upped the stakes when it voted 178 to 120 in favour of holding the referendum proposed by the prime minister, Alexis Tsipras, on Friday. Embarrassingly for his radical left-led coalition, the neo-Nazi Golden Dawn party joined it in endorsing the proposal, which has to be approved by Greece’s president, Prokopsis Pavlopoulos. | It was one of the the most momentous decisions in the ECB’s brief history and came after the Greek parliament upped the stakes when it voted 178 to 120 in favour of holding the referendum proposed by the prime minister, Alexis Tsipras, on Friday. Embarrassingly for his radical left-led coalition, the neo-Nazi Golden Dawn party joined it in endorsing the proposal, which has to be approved by Greece’s president, Prokopsis Pavlopoulos. |
| As his debt-laden country edged ever closer to exit from the eurozone, queues formed at ATMs in many parts of Athens. Lines of cars waited at petrol stations and supermarkets reported a higher than usual volume of sales as Greeks bought in stocks to see them through a possible crisis. Yet in the centre and more fashionable areas, there was a slightly unreal air of normality. | As his debt-laden country edged ever closer to exit from the eurozone, queues formed at ATMs in many parts of Athens. Lines of cars waited at petrol stations and supermarkets reported a higher than usual volume of sales as Greeks bought in stocks to see them through a possible crisis. Yet in the centre and more fashionable areas, there was a slightly unreal air of normality. |
| That was not the only paradox in the fast-evolving crisis. If the head of state gives his blessing to a referendum next Sunday, Greeks may be called to vote on a proposal from Greece’s creditors that will no longer be on offer. | That was not the only paradox in the fast-evolving crisis. If the head of state gives his blessing to a referendum next Sunday, Greeks may be called to vote on a proposal from Greece’s creditors that will no longer be on offer. |
| The latest proposal from the ECB, the International Monetary Fund (IMF) and the European commission was based on Greece’s bailout programme, which is due to expire on Tuesday. But on Saturday the so-called Eurogroup of eurozone finance ministers turned down Tsipras’s request for a one-month extension so the referendum could be held without external pressures. | The latest proposal from the ECB, the International Monetary Fund (IMF) and the European commission was based on Greece’s bailout programme, which is due to expire on Tuesday. But on Saturday the so-called Eurogroup of eurozone finance ministers turned down Tsipras’s request for a one-month extension so the referendum could be held without external pressures. |
| According to two polls published on Sunday, the prime minister faces an uphill battle to secure the rejection he has indicated that he favours. One in the right-leaning tabloid Proto Thema found 57% of those interviewed favoured acceptance of the creditors’ latest offer. Another in the centre-left To Vima put support at 47%. | According to two polls published on Sunday, the prime minister faces an uphill battle to secure the rejection he has indicated that he favours. One in the right-leaning tabloid Proto Thema found 57% of those interviewed favoured acceptance of the creditors’ latest offer. Another in the centre-left To Vima put support at 47%. |
| Syriza’s MPs voted in a bloc for the referendum, together with their coalition partners from the radical right Anel party. They were joined by 16 of Golden Dawn’s 17 lawmakers. One Syriza MP and a Golden Dawn member were absent from the vote, which was taken in the early hours of Sunday. | Syriza’s MPs voted in a bloc for the referendum, together with their coalition partners from the radical right Anel party. They were joined by 16 of Golden Dawn’s 17 lawmakers. One Syriza MP and a Golden Dawn member were absent from the vote, which was taken in the early hours of Sunday. |
| Austria’s finance minister, Hans Jörg Schelling, intensified the drama, telling the daily Die Presse that Greece would have to leave the EU before leaving the eurozone. He said its departure from the single currency “appeared almost inevitable now” but that this would only be possible if Athens first asked to leave the European Union and other countries agreed to its request. | Austria’s finance minister, Hans Jörg Schelling, intensified the drama, telling the daily Die Presse that Greece would have to leave the EU before leaving the eurozone. He said its departure from the single currency “appeared almost inevitable now” but that this would only be possible if Athens first asked to leave the European Union and other countries agreed to its request. |
| “It’s clear that one country can under no circumstances blackmail the European commission and the euro countries,” the paper quoted Schelling as saying. | “It’s clear that one country can under no circumstances blackmail the European commission and the euro countries,” the paper quoted Schelling as saying. |