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Greek debt crisis: Tsipras urges Greeks to say 'no to ultimatums, blackmail and fear' – live updates Greek debt crisis: Tsipras urges Greeks to say 'no to ultimatums, blackmail and fear' – live updates
(35 minutes later)
3.39pm BST15:39
Greek banks have 'liquidity cushion' of €1bn – enough until Monday
More from the head of Greece’s banking association: Greek banks have a “liquidity cushion” of €1bn but funds beyond Monday depend on the European Central Bank. Greek banks have been closed since Monday after bailout talks collapsed and a referendum was called.
Louka Katseli told reporters, according to Reuters:
Liquidity is assured until Monday, thereafter it will depend on the ECB decision.
3.31pm BST15:31
A reader in the Netherlands has sent us this. Jeroen Dijsselbloem, the Dutch finance minister and president of the Eurogroup, spoke after the Dutch cabinet meeting today with regard to Greek finance minister Yanis Varoufakis’ comments on a deal being in the offing.
According to Dutch newspaper de Volkskrant, Dijsselbloem described this as “completely incorrect” and said: “He [Varoufakis] made that up completely. No new proposals have been sent to Athens,” adding: “We are not near a solution.”
Many thanks for the translation to our reader in The Hague, Rik Remeijn.
Updated at 3.41pm BST
3.22pm BST15:22
At least half a million Greeks are unable to vote in the referendum – unless they return to the country before Sunday’s poll. Under Greek law, people must travel home to where they are registered for voting.
Since the 2007-08 financial crisis, 405,666 Greeks have left the country, according to Eurostat, the European Union’s statistical office.
3.18pm BST15:18
The head of Greece’s bank association has just said that Greek banks have enough liquidity to see them through Monday morning, according to Reuters. After that, it depends on the ECB.
3.13pm BST15:13
Latest opinion poll: 'no' vote slightly ahead
In his TV address, Tsipras also reiterated that Sunday’s referendum is not about Greece’s membership of the euro.
The latest opinion poll, from Greek newspaper Avgi, shows that Greeks remain divided. 43% would vote ‘no’, 42.5% ‘yes’, and 9% haven’t decided yet.
As Bloomberg reports, Tsipras said Greece’s debt will need to be cut by 30% with a 20-year grace period of payment, as per the IMF report.
Updated at 3.22pm BST
3.07pm BST15:073.07pm BST15:07
Meanwhile, tabloid Bild has polled readers in its own Greece referendum. “Should we support Greece with further taxpayer billions?” was the loaded question it asked readers.Meanwhile, tabloid Bild has polled readers in its own Greece referendum. “Should we support Greece with further taxpayer billions?” was the loaded question it asked readers.
Referring to the Greek referendum on Sunday, Bild said:Referring to the Greek referendum on Sunday, Bild said:
We Germans should be asked whether we want to go on paying!We Germans should be asked whether we want to go on paying!
Europe has been paying for bankrupt Greece for the last five years. Athens has received about €325bn in total. Germany’s share is about €88bn.Europe has been paying for bankrupt Greece for the last five years. Athens has received about €325bn in total. Germany’s share is about €88bn.
Bild has asked Germans in Berlin how they would vote. Some would continue to support Greece to show solidarity, because ‘the country cannot help itself’. The majority, however, in the poll voted ‘no!’.Bild has asked Germans in Berlin how they would vote. Some would continue to support Greece to show solidarity, because ‘the country cannot help itself’. The majority, however, in the poll voted ‘no!’.
2.56pm BST14:562.56pm BST14:56
Staying with the German press for now… the liberal weekly Die Zeit has made an emotional appeal to Greece: “Stay with us!”Staying with the German press for now… the liberal weekly Die Zeit has made an emotional appeal to Greece: “Stay with us!”
In an editorial available in German, Greek and English, Marc Brost writes:In an editorial available in German, Greek and English, Marc Brost writes:
Dear Greece, you’re deciding about your country’s future. But it goes far beyond that.Dear Greece, you’re deciding about your country’s future. But it goes far beyond that.
None of us has to make such a decision and we can be happy about that, because if Greeks are now voting, it is not only their own future that will be decided. You, dear Greeks, also will be making a decision about the fate of 500 million people in Europe. You will decide how things will be for all of us.None of us has to make such a decision and we can be happy about that, because if Greeks are now voting, it is not only their own future that will be decided. You, dear Greeks, also will be making a decision about the fate of 500 million people in Europe. You will decide how things will be for all of us.
It is only fitting for this insidious and confusing crisis that everything now comes down to a seemingly simple yes or no by the Greek people, even though so many very painful decisions are involved. It is not yet clear whether there will even be a referendum at all. But, one way or another you, dear Greeks, must turn against the policies you voted for just five months ago. You must take the side of the creditor nations, even though you voted down their crisis policies in the parliamentary elections. You must come to terms with your creditors, even though many of you have the impression you have been betrayed in the past couple of years. That is a lot to ask. And yet, that is where our hope lies.It is only fitting for this insidious and confusing crisis that everything now comes down to a seemingly simple yes or no by the Greek people, even though so many very painful decisions are involved. It is not yet clear whether there will even be a referendum at all. But, one way or another you, dear Greeks, must turn against the policies you voted for just five months ago. You must take the side of the creditor nations, even though you voted down their crisis policies in the parliamentary elections. You must come to terms with your creditors, even though many of you have the impression you have been betrayed in the past couple of years. That is a lot to ask. And yet, that is where our hope lies.
No one can tell you how you should vote; not a minister from abroad and certainly not a foreign newspaper. But a lot of people in Europe now have grown very concerned.No one can tell you how you should vote; not a minister from abroad and certainly not a foreign newspaper. But a lot of people in Europe now have grown very concerned.
2.51pm BST14:512.51pm BST14:51
Schäuble: Bundestag must vote on new bailout Schäuble: won't start new bailout talks without agreement from Bundestag
Here are more comments from Wolfgang Schäuble, courtesy of German news agency dpa/The local. The German finance minister said there will be no quick release of bailout funds to Greece after the referendum on whether to accept its creditors’ terms on Sunday. Any new bailout would have to be negotiated “on a completely new basis and under toughened economic preconditions.” Here are more comments from Wolfgang Schäuble, courtesy of German news agency dpa (translated by The Local news site). The German finance minister said there will be no quick release of bailout funds to Greece after the referendum on whether to accept its creditors’ terms on Sunday. Any new bailout would have to be negotiated “on a completely new basis and under toughened economic preconditions.”
He added that he would not be able to join other eurozone finance ministers in negotiations for a new bailout for Greece without the agreement of the Bundestag, the German parliament.He added that he would not be able to join other eurozone finance ministers in negotiations for a new bailout for Greece without the agreement of the Bundestag, the German parliament.
Updated at 3.23pm BST
2.40pm BST14:402.40pm BST14:40
Tsipras: IMF report is 'great vindication' for Greek governmentTsipras: IMF report is 'great vindication' for Greek government
Tsipras said the IMF’s analysis showing Greece’s debt is unsustainable justifies his government’s decision to reject an aid package that offered no debt relief.Tsipras said the IMF’s analysis showing Greece’s debt is unsustainable justifies his government’s decision to reject an aid package that offered no debt relief.
In a televised address to the nation ahead of Sunday’s referendum, the Greek prime minister urged Greeks to vote “oxi” (no) on the bailout package.In a televised address to the nation ahead of Sunday’s referendum, the Greek prime minister urged Greeks to vote “oxi” (no) on the bailout package.
Yesterday an event of major political importance happened. The IMF published a report on Greece’s economy, which is a great vindication for the Greek government as it conforms the obvious – that Greek debt is not sustainable.”Yesterday an event of major political importance happened. The IMF published a report on Greece’s economy, which is a great vindication for the Greek government as it conforms the obvious – that Greek debt is not sustainable.”
I urge you to say #OXI / NO to ultimatums, blackmail & fear. To say NO to being divided. #Greece #Greferendum #dimopsifismaI urge you to say #OXI / NO to ultimatums, blackmail & fear. To say NO to being divided. #Greece #Greferendum #dimopsifisma
Tsipras requests 30% debt haircut and grace period of 20 years - as per IMF reportTsipras requests 30% debt haircut and grace period of 20 years - as per IMF report
Updated at 2.42pm BSTUpdated at 2.42pm BST
2.16pm BST14:162.16pm BST14:16
Greek prime minister Alexis Tsipras has addressed the nation on Greek television. He said the latest IMF report confirms his government’s argument that its debt position is not sustainable. The report said the cash-strapped country needs up to €60bn (£42bn) of extra funds over the next three years and large-scale debt relief to give Greece some breathing space and get its economy back on track.Greek prime minister Alexis Tsipras has addressed the nation on Greek television. He said the latest IMF report confirms his government’s argument that its debt position is not sustainable. The report said the cash-strapped country needs up to €60bn (£42bn) of extra funds over the next three years and large-scale debt relief to give Greece some breathing space and get its economy back on track.
Tsipras also called on Greeks to “calmly go to the polls” on Sunday.Tsipras also called on Greeks to “calmly go to the polls” on Sunday.
Let us calmly go to the polls, & make our choice by weighing the arguments--not the slogans. #Greece #Greferendum #dimopsifisma #OXILet us calmly go to the polls, & make our choice by weighing the arguments--not the slogans. #Greece #Greferendum #dimopsifisma #OXI
Updated at 2.25pm BSTUpdated at 2.25pm BST
2.12pm BST14:122.12pm BST14:12
Grand Bretagne in Syntagma Sq suggests guests get assistance leaving the hotel this eve during the Yes demo pic.twitter.com/WdhkDEC5J1Grand Bretagne in Syntagma Sq suggests guests get assistance leaving the hotel this eve during the Yes demo pic.twitter.com/WdhkDEC5J1
2.04pm BST14:042.04pm BST14:04
Helena SmithHelena Smith
Greek business leading are voicing growing concerns over capital controls, adds Helena Smith who reports that speculation is mounting that they could be enforced for much longer than a few weeks. She writes:Greek business leading are voicing growing concerns over capital controls, adds Helena Smith who reports that speculation is mounting that they could be enforced for much longer than a few weeks. She writes:
In four short days capital controls have had a catastrophic effect. This week alone business leaders estimate that the measures have wrought €1.2bn worth of damage on an economy that has essentially come to a grinding halt.In four short days capital controls have had a catastrophic effect. This week alone business leaders estimate that the measures have wrought €1.2bn worth of damage on an economy that has essentially come to a grinding halt.
“Imports, exports, factories, firms, transport, everything is frozen,” said Vasillis Korkidis, who heads the national Confederation of Hellenic Commerce. “The only sectors in demand are food and fuel.”“Imports, exports, factories, firms, transport, everything is frozen,” said Vasillis Korkidis, who heads the national Confederation of Hellenic Commerce. “The only sectors in demand are food and fuel.”
“Even in the best case scenario it is going to take months to recover from the shock of closed banks and capital controls,” Korkidis told me. “We already estimate that the damage is around €1.2bn already which will almost certainly have to be added to any agreement [to balance budgets].”“Even in the best case scenario it is going to take months to recover from the shock of closed banks and capital controls,” Korkidis told me. “We already estimate that the damage is around €1.2bn already which will almost certainly have to be added to any agreement [to balance budgets].”
Shortages have begun to appear with popular Cycladic island destinations further away from stock, being especially hit. Reports of shortages in medications and basics are said to be on the rise in Athens.Shortages have begun to appear with popular Cycladic island destinations further away from stock, being especially hit. Reports of shortages in medications and basics are said to be on the rise in Athens.
Korkidis said committees had been established in all four of the country’s systemic banks to examine applications from companies that need to pay suppliers for food and medication. “But they won’t be doing that until after the referendum next week which means more shortages.”Korkidis said committees had been established in all four of the country’s systemic banks to examine applications from companies that need to pay suppliers for food and medication. “But they won’t be doing that until after the referendum next week which means more shortages.”
Currently all bank transaction have been stopped because of controls.Currently all bank transaction have been stopped because of controls.
Meanwhile, tourism, the engine of the Greek economy, has also taken a huge hit with an estimated 50,000 holidaymakers cancelling bookings every day. The Greek Tourism Confederation (SETE) announced that bookings were down by 40% in the last few days following the government’s decision to hold a referendum at what will shortly be the height of the tourist season.Meanwhile, tourism, the engine of the Greek economy, has also taken a huge hit with an estimated 50,000 holidaymakers cancelling bookings every day. The Greek Tourism Confederation (SETE) announced that bookings were down by 40% in the last few days following the government’s decision to hold a referendum at what will shortly be the height of the tourist season.
1.58pm BST13:581.58pm BST13:58
Yanis Varoufakis’ hopes of a quick deal do not seem to fit in with what the Germans think, it would seem.Yanis Varoufakis’ hopes of a quick deal do not seem to fit in with what the Germans think, it would seem.
German finance minister Wolfgang Schäuble has been speaking to Bild:German finance minister Wolfgang Schäuble has been speaking to Bild:
German FinMin Schäuble in Bild: Any new #Greece aid deal would take some time, needs 'new basis'German FinMin Schäuble in Bild: Any new #Greece aid deal would take some time, needs 'new basis'
SCHAEUBLE TELLS BILD GREECE MUST DELIVER REFORMS TO GET AIDSCHAEUBLE TELLS BILD GREECE MUST DELIVER REFORMS TO GET AID
1.18pm BST13:181.18pm BST13:18
Three out of four members of business group the Institute of Directors think it is likely Greece will be forced to leave the eurozone within the next twelve months.Three out of four members of business group the Institute of Directors think it is likely Greece will be forced to leave the eurozone within the next twelve months.
In a new survey IoD members said the most probable outcome of Grexit would be “a messy default which negatively affects financial markets and creates pressure on other euro members.” This outcome was considered likely by nearly two-thirds of the business leaders surveyed, while 45% also thought there was a risk of widespread bank runs in other southern European countries.In a new survey IoD members said the most probable outcome of Grexit would be “a messy default which negatively affects financial markets and creates pressure on other euro members.” This outcome was considered likely by nearly two-thirds of the business leaders surveyed, while 45% also thought there was a risk of widespread bank runs in other southern European countries.
Longer-term, 45% of members said there is a good chance that Grexit would be followed by other countries leaving the euro.Longer-term, 45% of members said there is a good chance that Grexit would be followed by other countries leaving the euro.
Nearly half thought a Greek exit from the eurozone would have a negative impact on the UK.Nearly half thought a Greek exit from the eurozone would have a negative impact on the UK.
1.14pm BST13:141.14pm BST13:14
EFSF won't ask for immediate repayment of Greek loansEFSF won't ask for immediate repayment of Greek loans
The European Financial Stability Facility - Greece’s biggest creditor - has decided not to request immediate repayment or its near €150bn of loans in the wake of the country’s decision not to make a €1.5bn payment to the IMF this week.The European Financial Stability Facility - Greece’s biggest creditor - has decided not to request immediate repayment or its near €150bn of loans in the wake of the country’s decision not to make a €1.5bn payment to the IMF this week.
Nor did it waive its right to action, it said. Instead it opted for a Reservation of Rights on its loans to Greece. This basically means it keeps all its options open as a creditor as events unfold.Nor did it waive its right to action, it said. Instead it opted for a Reservation of Rights on its loans to Greece. This basically means it keeps all its options open as a creditor as events unfold.
But it did say the non-payment to the IMF was “an event of default.”But it did say the non-payment to the IMF was “an event of default.”
It said it would monitor the situation continuously. Chief executive Klaus Regling said:It said it would monitor the situation continuously. Chief executive Klaus Regling said:
“The EFSF is Greece’s biggest creditor. This event of default is cause for deep concern. It breaks the commitment made by Greece to honour its financial obligations to all its creditors, and it opens the door to severe consequences for the Greek economy and the Greek people. The EFSF will closely coordinate with the euro area Member States, the European Commission, and the IMF on its future actions.”“The EFSF is Greece’s biggest creditor. This event of default is cause for deep concern. It breaks the commitment made by Greece to honour its financial obligations to all its creditors, and it opens the door to severe consequences for the Greek economy and the Greek people. The EFSF will closely coordinate with the euro area Member States, the European Commission, and the IMF on its future actions.”
The EFSF loans concerned are €109.1 billion under the Master Financial Assistance Facility Agreement, €5.5 billion under the Bond Interest Facility Agreement and €30 billion under Private Sector Involvement Facility Agreement.The EFSF loans concerned are €109.1 billion under the Master Financial Assistance Facility Agreement, €5.5 billion under the Bond Interest Facility Agreement and €30 billion under Private Sector Involvement Facility Agreement.
Updated at 1.39pm BSTUpdated at 1.39pm BST
1.05pm BST13:051.05pm BST13:05
Keeping Greece in the eurozone while easing its debt burden is correct and achieveable, according to Jeffrey D. Sachs, UN special advisor and author of The End of Poverty.Keeping Greece in the eurozone while easing its debt burden is correct and achieveable, according to Jeffrey D. Sachs, UN special advisor and author of The End of Poverty.
In a new blogpost he sets out four stages to achieve this:In a new blogpost he sets out four stages to achieve this:
First, I recommend that the Greek people give a resounding “No” to the creditors in the referendum on their demands this weekend.First, I recommend that the Greek people give a resounding “No” to the creditors in the referendum on their demands this weekend.
Second, Greece should continue to withhold service on its external debts to official creditors in advance of a consensual debt restructuring later this year. Given its great depression, Greece should use its savings to pay pensioners, provide food relief, make crucial infrastructure repairs, and direct liquidity toward the banking system.Second, Greece should continue to withhold service on its external debts to official creditors in advance of a consensual debt restructuring later this year. Given its great depression, Greece should use its savings to pay pensioners, provide food relief, make crucial infrastructure repairs, and direct liquidity toward the banking system.
Third, Prime Minister Alexis Tsipras must use his persuasive powers to convince the public, in the style of US President Franklin D. Roosevelt, that the only thing they have to fear is fear itself. Specifically, the government should make clear to all Greeks that their euro deposits are safe; that the country will remain within the eurozone (despite the false claims by some members of the Eurogroup that a no vote means a Greek exit); and that its banks will reopen immediately after the referendum.Third, Prime Minister Alexis Tsipras must use his persuasive powers to convince the public, in the style of US President Franklin D. Roosevelt, that the only thing they have to fear is fear itself. Specifically, the government should make clear to all Greeks that their euro deposits are safe; that the country will remain within the eurozone (despite the false claims by some members of the Eurogroup that a no vote means a Greek exit); and that its banks will reopen immediately after the referendum.
Finally, Greece and Germany need to come to a rapprochement soon after the referendum and agree to a package of economic reforms and debt relief. No country – including Greece – should expect to be offered debt relief on a silver platter; relief must be earned and justified by real reforms that restore growth, to the benefit of both debtor and creditor. And yet, a corpse cannot carry out reforms. That is why debt relief and reforms must be offered together, not reforms “first” with some vague promises that debt relief will come in some unspecified amount at some unspecified time in the future (as some in Europe have said to Greece).Finally, Greece and Germany need to come to a rapprochement soon after the referendum and agree to a package of economic reforms and debt relief. No country – including Greece – should expect to be offered debt relief on a silver platter; relief must be earned and justified by real reforms that restore growth, to the benefit of both debtor and creditor. And yet, a corpse cannot carry out reforms. That is why debt relief and reforms must be offered together, not reforms “first” with some vague promises that debt relief will come in some unspecified amount at some unspecified time in the future (as some in Europe have said to Greece).
Easing Greece’s debt burden while keeping the country within the eurozone is the correct and achievable path out of the crisis, and it can be accomplished easily through a mutual accord between Germany and Greece, to which the rest of Europe will subscribe. The result would be a win not only for those countries, but also for the world economy.Easing Greece’s debt burden while keeping the country within the eurozone is the correct and achievable path out of the crisis, and it can be accomplished easily through a mutual accord between Germany and Greece, to which the rest of Europe will subscribe. The result would be a win not only for those countries, but also for the world economy.
And the piece seems to have some immediate support:And the piece seems to have some immediate support:
A Way Out for Greece, by Jeff Sachs http://t.co/TZtsT8bSjHA Way Out for Greece, by Jeff Sachs http://t.co/TZtsT8bSjH
12.31pm BST12:3112.31pm BST12:31
Greek defence minister's comments cause wavesGreek defence minister's comments cause waves
As if the chaos triggered by Sunday’s referendum was not enough, Greece’s defence minister Panos Kammenos has also caused waves with highly controversial remarks that the army can always “guarantee the country’s internal stability.” Our correspondent Helena Smith reports:As if the chaos triggered by Sunday’s referendum was not enough, Greece’s defence minister Panos Kammenos has also caused waves with highly controversial remarks that the army can always “guarantee the country’s internal stability.” Our correspondent Helena Smith reports:
Much ado this morning in Greece over the defence minister’s oddly-timed assertion that the country’s armed forces have the role of not only securing external borders but internal security too.Much ado this morning in Greece over the defence minister’s oddly-timed assertion that the country’s armed forces have the role of not only securing external borders but internal security too.
Kammenos, who also heads the nationalist, right wing Independent Greeks party, the government’s junior partner, felt fit to announce on Thursday (in the presence of prime minister Alexis Tsipras) that:Kammenos, who also heads the nationalist, right wing Independent Greeks party, the government’s junior partner, felt fit to announce on Thursday (in the presence of prime minister Alexis Tsipras) that:
“The country’s armed forces guarantee stability internally, the defense of national sovereignty and the country’s territorial integrity [and] stability in relation with the country’s alliances.”“The country’s armed forces guarantee stability internally, the defense of national sovereignty and the country’s territorial integrity [and] stability in relation with the country’s alliances.”
In a nation where memories of military rule have not been forgotten (barely 40 years have elapsed since the collapse of military dictatorship), many are now asking what was he trying to say? Was he perhaps alluding to a coup d’etat?In a nation where memories of military rule have not been forgotten (barely 40 years have elapsed since the collapse of military dictatorship), many are now asking what was he trying to say? Was he perhaps alluding to a coup d’etat?
“This language is dangerous for democracy. It is an open threat against the rights and freedoms of the Greek people and of every citizen individually,” said Fofi Genimmatas who heads the socialist Pasok party.“This language is dangerous for democracy. It is an open threat against the rights and freedoms of the Greek people and of every citizen individually,” said Fofi Genimmatas who heads the socialist Pasok party.
Speaking on Skai TV earlier, Athens’ mayor George Kaminis also expressed consternation.Speaking on Skai TV earlier, Athens’ mayor George Kaminis also expressed consternation.
“What does this gentleman want to say – that he is preparing a coup d’etat?” he asked. “And if he saying that the forces of defence are ready to intervene in the event of internal unrest – what does that mean?”“What does this gentleman want to say – that he is preparing a coup d’etat?” he asked. “And if he saying that the forces of defence are ready to intervene in the event of internal unrest – what does that mean?”
Only in “Soviet-type regimes” did the army ensure internal stability, said the main opposition shadow defense minister Kostas Tasoulas, adding that it was the role of the police to guarantee stability.Only in “Soviet-type regimes” did the army ensure internal stability, said the main opposition shadow defense minister Kostas Tasoulas, adding that it was the role of the police to guarantee stability.
There was speculation today that with his remarks (remarks Tsipras appears to have given tacit support to) Kammenos was trying to show that the government was in full control of the army.There was speculation today that with his remarks (remarks Tsipras appears to have given tacit support to) Kammenos was trying to show that the government was in full control of the army.
Updated at 12.36pm BSTUpdated at 12.36pm BST
12.14pm BST12:1412.14pm BST12:14
Campaign group Global Justice is at the British Museum to show solidarity with Greece:Campaign group Global Justice is at the British Museum to show solidarity with Greece:
We're at the British Museum this morning to say #OXI to looting! Solidarity with the people of Greece #ElginMarbles pic.twitter.com/YrjN5RlVDAWe're at the British Museum this morning to say #OXI to looting! Solidarity with the people of Greece #ElginMarbles pic.twitter.com/YrjN5RlVDA
The Global Justice release says:The Global Justice release says:
Members of the campaign groups Global Justice Now and Jubilee Debt Campaign have this morning unfurled a banner at the ‘Elgin Marbles’ in the British Museum with the slogan “OXI No - No More Looting - Support Greece”Members of the campaign groups Global Justice Now and Jubilee Debt Campaign have this morning unfurled a banner at the ‘Elgin Marbles’ in the British Museum with the slogan “OXI No - No More Looting - Support Greece”
Many see the statues as a symbol of how northern Europe ‘looted’ Greek wealth in the past, and protestors claim that the enormous international pressure being placed on Greece to institute austerity, privatisation and deregulation represents a similar looting today.Many see the statues as a symbol of how northern Europe ‘looted’ Greek wealth in the past, and protestors claim that the enormous international pressure being placed on Greece to institute austerity, privatisation and deregulation represents a similar looting today.
12.08pm BST12:0812.08pm BST12:08
And now it seems Greek prime minister Alexis Tsipras is about to make another TV statement.And now it seems Greek prime minister Alexis Tsipras is about to make another TV statement.
12.07pm BST12:0712.07pm BST12:07
We face difficulties whether yes or no vote - EC's JunckerWe face difficulties whether yes or no vote - EC's Juncker
EC president Jean-Claude Juncker has said Greece’s position will be weakened if the country votes no. My colleague Jennifer Rankin tweets:EC president Jean-Claude Juncker has said Greece’s position will be weakened if the country votes no. My colleague Jennifer Rankin tweets:
No change in creditors' hardline. If the Greeks vote no, the Greek position is dramatically weakened, says Jean-Claude Juncker.No change in creditors' hardline. If the Greeks vote no, the Greek position is dramatically weakened, says Jean-Claude Juncker.
Even if yes vote we will face difficult negotiations, says Juncker.Even if yes vote we will face difficult negotiations, says Juncker.
Juncker was speaking at a press conference to mark the beginning of the Luxembourg presidency.Juncker was speaking at a press conference to mark the beginning of the Luxembourg presidency.
Luxembourg’s prime minister Xavier Bettel said the Greek referendum was about whether Greece stayed in the eurozone or not. He said he wanted to run his presidency based on trust, adding (pointedly?):Luxembourg’s prime minister Xavier Bettel said the Greek referendum was about whether Greece stayed in the eurozone or not. He said he wanted to run his presidency based on trust, adding (pointedly?):
I spent several days with Alexis Tsipras in Brussels and he never talked of a referendum, then he went home and called [one].I spent several days with Alexis Tsipras in Brussels and he never talked of a referendum, then he went home and called [one].
11.27am BST11:2711.27am BST11:27
European Central Bank member Ewald Nowotny has said the emergency liquidity assistance for Greek banks will last until Monday:European Central Bank member Ewald Nowotny has said the emergency liquidity assistance for Greek banks will last until Monday:
ECB's Nowotny: Greek ELA Until Monday, To Discuss Further Steps On Monday - APAECB's Nowotny: Greek ELA Until Monday, To Discuss Further Steps On Monday - APA
11.19am BST11:1911.19am BST11:19
Join our live Q&A on GreeceJoin our live Q&A on Greece
Questions about the Greek crisis? Put them to two of our writers who have been following the situation closely, feature writer Jon Henley and financial editor Nils Pratley, at 1pm BST today.Questions about the Greek crisis? Put them to two of our writers who have been following the situation closely, feature writer Jon Henley and financial editor Nils Pratley, at 1pm BST today.
Follow the link to post your questions for the live Q&A:Follow the link to post your questions for the live Q&A:
Related: Greek debt crisis: live Q&ARelated: Greek debt crisis: live Q&A
Updated at 11.21am BSTUpdated at 11.21am BST
11.13am BST11:1311.13am BST11:13
Here’s more on the comments from Greece’s deputy finance minister Euclid Tsakalotos, courtesy of the Kathimerini newspaper:Here’s more on the comments from Greece’s deputy finance minister Euclid Tsakalotos, courtesy of the Kathimerini newspaper:
The Syriza-led government decided that a referendum was the only way forward as the proposal submitted by Greece’s international creditors before talks collapsed on Friday “would never have been ratified by Parliament and would have brought down the government,” Alternate Minister of International Economic Relations and chief negotiator Euclid Tsakalotos told Skai television on Friday morning.The Syriza-led government decided that a referendum was the only way forward as the proposal submitted by Greece’s international creditors before talks collapsed on Friday “would never have been ratified by Parliament and would have brought down the government,” Alternate Minister of International Economic Relations and chief negotiator Euclid Tsakalotos told Skai television on Friday morning.
Tsakalotos said that the Greek economy needs a “shock of optimism” with the removal, once and for all, of fears that Greece could be ousted from the eurozone.Tsakalotos said that the Greek economy needs a “shock of optimism” with the removal, once and for all, of fears that Greece could be ousted from the eurozone.
Syriza’s Tsakalotos says referendum was called to stave off government collapseSyriza’s Tsakalotos says referendum was called to stave off government collapse
11.07am BST11:0711.07am BST11:07
And a point that a no vote is a no against austerity, not against Europe:And a point that a no vote is a no against austerity, not against Europe:
On voting noOn voting no
Personally and to most people here I have talked to, are are voting no against austerity measures that are unsustainable, not to get out either from the Euro or Europe.Personally and to most people here I have talked to, are are voting no against austerity measures that are unsustainable, not to get out either from the Euro or Europe.
Simply because the European commission has threatened us with an exit doesn't mean we believe it's true or want it.Simply because the European commission has threatened us with an exit doesn't mean we believe it's true or want it.
This narrative presented by the media that yes means Europe and no doesn't really is misleading and suspect.This narrative presented by the media that yes means Europe and no doesn't really is misleading and suspect.
Even more importantly a lot of people have taken pains to make it clear to me that they don't necessarily trust or support the Taipras government.Even more importantly a lot of people have taken pains to make it clear to me that they don't necessarily trust or support the Taipras government.
Nevertheless they have to vote no to unsustainable measures. Conversely my impression is that people that are voting yes are doing so out of fear for a grexit and are choosing what they think is the lesser of two evils.Nevertheless they have to vote no to unsustainable measures. Conversely my impression is that people that are voting yes are doing so out of fear for a grexit and are choosing what they think is the lesser of two evils.
So please stop this false narrative that no voters want out of Europe or the Euro. It's grossly untrue.So please stop this false narrative that no voters want out of Europe or the Euro. It's grossly untrue.
Sent via Guardian WitnessSent via Guardian Witness
By Yiannis RetroBy Yiannis Retro
2 July 2015, 18:122 July 2015, 18:12
11.06am BST11:0611.06am BST11:06
Some contributions received from our Guardian Witness call-out.Some contributions received from our Guardian Witness call-out.
Things seem calm in Corfu:Things seem calm in Corfu:
Just another wonderful day in paradiseJust another wonderful day in paradise
Tourists in Corfu seem completely unaware that anything unusual is happening in Greece. And why would they as the restaurants and bars are open and doing business as normal, as are the petrol stations and supermarkets which remain fully stocked with nobody panic buying. The ATMs are all working normally with no sign of any queues anywhere. The only place you see large gatherings of people are on the beaches, such as those in Ipsos which I visited today, and they are clearly not there for any political reason.Tourists in Corfu seem completely unaware that anything unusual is happening in Greece. And why would they as the restaurants and bars are open and doing business as normal, as are the petrol stations and supermarkets which remain fully stocked with nobody panic buying. The ATMs are all working normally with no sign of any queues anywhere. The only place you see large gatherings of people are on the beaches, such as those in Ipsos which I visited today, and they are clearly not there for any political reason.
Sent via Guardian WitnessSent via Guardian Witness
By ruffideaBy ruffidea
2 July 2015, 18:222 July 2015, 18:22
11.02am BST11:0211.02am BST11:02
And an invitation to tonight’s Yes rally:And an invitation to tonight’s Yes rally:
Updated at 11.03am BSTUpdated at 11.03am BST
10.55am BST10:5510.55am BST10:55
Meanwhile a decision is due on whether the referendum can actually go ahead. Helena Smith reports:Meanwhile a decision is due on whether the referendum can actually go ahead. Helena Smith reports:
Greece’s highest court, the Council of State has begun meeting in urgent session to consider the legality of Sunday’s referendum..Greece’s highest court, the Council of State has begun meeting in urgent session to consider the legality of Sunday’s referendum..
At the request of the tribunal’s vice president, Nicholas Sakellariou, the Council of State has begun meeting to consider whether the referendum should be cancelled on constitutional grounds. The court, the highest legal body in the land, was convened after two individuals contested the plebiscite.At the request of the tribunal’s vice president, Nicholas Sakellariou, the Council of State has begun meeting to consider whether the referendum should be cancelled on constitutional grounds. The court, the highest legal body in the land, was convened after two individuals contested the plebiscite.
Even if the court rules against the referendum’s legality there is some suggestion that with parliament having endorsed the plebiscite, it will still take place.Even if the court rules against the referendum’s legality there is some suggestion that with parliament having endorsed the plebiscite, it will still take place.
10.51am BST10:5110.51am BST10:51
Jon HenleyJon Henley
Here’s a piece from Jon Henley on the costly referendum Greece can scarcely afford:Here’s a piece from Jon Henley on the costly referendum Greece can scarcely afford:
Its banks closed and being drained steadily of cash, its economic and political crises worsening by the day, Greece is scrambling to organise a referendum on Sunday that it can ill afford.Its banks closed and being drained steadily of cash, its economic and political crises worsening by the day, Greece is scrambling to organise a referendum on Sunday that it can ill afford.
The leftist Syriza-led government of Alexis Tsipras says the cost of distributing ballot papers and paying monitors will be around €20m (£14m), but the conservative opposition – citing finance ministry data – puts the final cost at closer to €120m.The leftist Syriza-led government of Alexis Tsipras says the cost of distributing ballot papers and paying monitors will be around €20m (£14m), but the conservative opposition – citing finance ministry data – puts the final cost at closer to €120m.
The vote will also be expensive for Greece’s 10.5 million voters, many already hard pressed and all restricted since Monday to daily cash withdrawals of just €60. There is no postal or absentee voting: all who want to cast a ballot must return to the polling stations where they are registered, generally their home town.The vote will also be expensive for Greece’s 10.5 million voters, many already hard pressed and all restricted since Monday to daily cash withdrawals of just €60. There is no postal or absentee voting: all who want to cast a ballot must return to the polling stations where they are registered, generally their home town.
The latest polls show the result on a knife edge. A survey published on Friday morning by the ALCO institute put the yes camp on 44.8%, against 43.4% for no, with 74% of respondents saying they wanted Greece to remain in the euro.The latest polls show the result on a knife edge. A survey published on Friday morning by the ALCO institute put the yes camp on 44.8%, against 43.4% for no, with 74% of respondents saying they wanted Greece to remain in the euro.
The referendum, the country’s first since 1974, will use the same monitors and the same 19,000 polling stations as in the January general election that propelled Syriza and Tsipras to power.The referendum, the country’s first since 1974, will use the same monitors and the same 19,000 polling stations as in the January general election that propelled Syriza and Tsipras to power.
In a bid to encourage a high turnout, the government has said all public transport in the greater Athens area will be free. For voters returning from abroad, Aegean Airways is also organising four extra return “referendum flights” from London and Brussels on Sunday and Monday.In a bid to encourage a high turnout, the government has said all public transport in the greater Athens area will be free. For voters returning from abroad, Aegean Airways is also organising four extra return “referendum flights” from London and Brussels on Sunday and Monday.
Full story here:Full story here:
Related: Greece scrambles to run referendum it cannot afford as polls on knife edgeRelated: Greece scrambles to run referendum it cannot afford as polls on knife edge
Updated at 10.53am BSTUpdated at 10.53am BST
10.49am BST10:4910.49am BST10:49
A temporary Grexit might be one way to help resolve the current crisis, allowing Greece to devalue the currency and become more competitive. That was the suggestion of Hans Werner Sinn of German economic research institute Ifo on BBC world service this morning.A temporary Grexit might be one way to help resolve the current crisis, allowing Greece to devalue the currency and become more competitive. That was the suggestion of Hans Werner Sinn of German economic research institute Ifo on BBC world service this morning.
Ifo's Hans-Werner Sinn:Greek referendum no vote doesn't mean Greece has to leave euro;but Greeks might be better off out of euro temporarilyIfo's Hans-Werner Sinn:Greek referendum no vote doesn't mean Greece has to leave euro;but Greeks might be better off out of euro temporarily
Ifo institute's Sinn suggests temporary grexit; says euro depreciation is only a third of what Greece needs to be more competitiveIfo institute's Sinn suggests temporary grexit; says euro depreciation is only a third of what Greece needs to be more competitive
10.41am BST10:4110.41am BST10:41
LADBROKES SAYS ODDS MOVING TOWARDS ‘YES’ IN GREEK REFERENDUMLADBROKES SAYS ODDS MOVING TOWARDS ‘YES’ IN GREEK REFERENDUM
According to Ladbrokes, 65% of bets placed thus far on the Greek referendum have been for the 'Yes' vote #GreeceAccording to Ladbrokes, 65% of bets placed thus far on the Greek referendum have been for the 'Yes' vote #Greece
10.39am BST10:3910.39am BST10:39
Talk about playing something down.Talk about playing something down.
Germany’s economy minister Sigmar Gabriel has said the Greek crisis is “a relatively small problem in Europe.”Germany’s economy minister Sigmar Gabriel has said the Greek crisis is “a relatively small problem in Europe.”
To be fair, he was speaking in the context of the Ukraine conflict....To be fair, he was speaking in the context of the Ukraine conflict....
(Quote via Reuters)(Quote via Reuters)
10.34am BST10:3410.34am BST10:34
Helena SmithHelena Smith
Over in Athens the spectre of bank cash reserves running dry is the cause of mounting concern in official and financial circles. Our correspondent Helena Smith reports:Over in Athens the spectre of bank cash reserves running dry is the cause of mounting concern in official and financial circles. Our correspondent Helena Smith reports:
Is Greece heading towards a banking crisis? That is the question on the lips of government officials and senior financiers barely four days after banks were closed and capital controls imposed.Is Greece heading towards a banking crisis? That is the question on the lips of government officials and senior financiers barely four days after banks were closed and capital controls imposed.
In another interview this morning with an Athenian radio station, the Greek finance minister appeared to acknowledge those concerns saying:In another interview this morning with an Athenian radio station, the Greek finance minister appeared to acknowledge those concerns saying:
“Until Monday there will not be a problem at ATM’s.”“Until Monday there will not be a problem at ATM’s.”
(NB: Earlier on RTE radio in Ireland he said banks would re-open on Tuesday)(NB: Earlier on RTE radio in Ireland he said banks would re-open on Tuesday)
Asked if the leftist-led government would be able to pay salaries and pensions at the end of the month he retorted: “This week is problematic but it is an investment in a viable agreement. The state will be able to pay [wages and pensions] because on Monday we will have an agreement, one way or another. What is important is that revenues haven’t collapse. The problem is paper money.”Asked if the leftist-led government would be able to pay salaries and pensions at the end of the month he retorted: “This week is problematic but it is an investment in a viable agreement. The state will be able to pay [wages and pensions] because on Monday we will have an agreement, one way or another. What is important is that revenues haven’t collapse. The problem is paper money.”
That chimes with what business leaders have been saying for some days now: that by Monday lenders will have run out of cash supplies to ensure that ATMs are replenished.That chimes with what business leaders have been saying for some days now: that by Monday lenders will have run out of cash supplies to ensure that ATMs are replenished.
Reports all around Athens that there are no more 20 euro bills left in the ATMs.Reports all around Athens that there are no more 20 euro bills left in the ATMs.
Claims that a deal will be reached with creditors by Monday “one way or another” have been met with disbelief with the Syriza-led administration looking ever more chaotic in its handling of the situation.Claims that a deal will be reached with creditors by Monday “one way or another” have been met with disbelief with the Syriza-led administration looking ever more chaotic in its handling of the situation.
Prime minister Alexis Tsipras’ pledge last night that he would personally fly off to Brussels so that an accord is signed “within 48 hours” of the referendum – “whether the result is a ‘yes’ which would be for a solution that is unviable or a no that will strengthen our hand” – has added to the sense of growing confusion.Prime minister Alexis Tsipras’ pledge last night that he would personally fly off to Brussels so that an accord is signed “within 48 hours” of the referendum – “whether the result is a ‘yes’ which would be for a solution that is unviable or a no that will strengthen our hand” – has added to the sense of growing confusion.
10.32am BST10:3210.32am BST10:32
Eurozone retail sales for May have come in slightly better than expected, up 0.2% month on month compared to estimates of a 0.1% rise. The year on year rise was 2.4% compared to a 2.3% forecast.Eurozone retail sales for May have come in slightly better than expected, up 0.2% month on month compared to estimates of a 0.1% rise. The year on year rise was 2.4% compared to a 2.3% forecast.
Eurozone retail sales up 0.2% in May after 0.7% increase in April. Suggests consumers are still contributing to improved Eurozone growthEurozone retail sales up 0.2% in May after 0.7% increase in April. Suggests consumers are still contributing to improved Eurozone growth
10.08am BST10:0810.08am BST10:08
Jennifer RankinJennifer Rankin
Here’s our report on the latest developments:Here’s our report on the latest developments:
Greece’s highest administrative court will rule on whether the country’s bailout referendum violates the constitution, amid growing concern that the hastily organised vote falls short of democratic standards.Greece’s highest administrative court will rule on whether the country’s bailout referendum violates the constitution, amid growing concern that the hastily organised vote falls short of democratic standards.
With less than 48 hours until polling day on Sunday, the yes and no sides will stage large rallies in Athens on Friday evening. The Greek prime minister, Alexis Tsipras, is expected to turn out at the no rally, having attacked his eurozone partners for trying to “blackmail” his country into accepting a bad deal.With less than 48 hours until polling day on Sunday, the yes and no sides will stage large rallies in Athens on Friday evening. The Greek prime minister, Alexis Tsipras, is expected to turn out at the no rally, having attacked his eurozone partners for trying to “blackmail” his country into accepting a bad deal.
Greeks are being asked whether to support an EU bailout deal that would grant the debt-stricken country money in exchange for spending cuts and further reform.Greeks are being asked whether to support an EU bailout deal that would grant the debt-stricken country money in exchange for spending cuts and further reform.
However, the bailout plan no longer exists, having lapsed on 30 June. Eurozone leaders have lined up to say that voting no means saying goodbye to Greece’s eurozone membership, but Greece’s radical left Syriza-led government insists a no vote would simply boost its negotiating hand.However, the bailout plan no longer exists, having lapsed on 30 June. Eurozone leaders have lined up to say that voting no means saying goodbye to Greece’s eurozone membership, but Greece’s radical left Syriza-led government insists a no vote would simply boost its negotiating hand.
Later on Friday, the Council of State will determine whether the vote violates Greece’s constitution, which bans referendums on fiscal policy.Later on Friday, the Council of State will determine whether the vote violates Greece’s constitution, which bans referendums on fiscal policy.
Full story here:Full story here:
Related: Greece's highest court to rule on legality of referendumRelated: Greece's highest court to rule on legality of referendum
10.04am BST10:0410.04am BST10:04
Following the earlier report that Greece’s deputy finance minister Euclid Tsakalotos said the government chose a referendum because an agreement would not be passed by parliament, the man himself has tweeted to clarify:Following the earlier report that Greece’s deputy finance minister Euclid Tsakalotos said the government chose a referendum because an agreement would not be passed by parliament, the man himself has tweeted to clarify:
Αρκετά με τη διαστρέβλωση. Αυτό που είπα στον ΣΚΑΪ είναι ότι η πρόταση των θεσμών δεν θα περνούσε από τη Βουλή, όχι η δική μας.Αρκετά με τη διαστρέβλωση. Αυτό που είπα στον ΣΚΑΪ είναι ότι η πρόταση των θεσμών δεν θα περνούσε από τη Βουλή, όχι η δική μας.
Which seems to translate to:Which seems to translate to:
Enough with the distortion. What I said on SKAI is that the proposal of institutions will not be passed by the House, not ours.Enough with the distortion. What I said on SKAI is that the proposal of institutions will not be passed by the House, not ours.
9.37am BST09:379.37am BST09:37
Faster UK services & construction growth has offset a manufacturing slowdown in Jun. Producers hit by strong GBP #PMI pic.twitter.com/fpr50u6uwPFaster UK services & construction growth has offset a manufacturing slowdown in Jun. Producers hit by strong GBP #PMI pic.twitter.com/fpr50u6uwP
9.34am BST09:349.34am BST09:34
And here’s the UK services PMI, which showed the sector growing by more than expected:And here’s the UK services PMI, which showed the sector growing by more than expected:
[BREAKING] UK Markit/CIPS UK Services PMI (Jun) 58.5 vs 56.5 prior (Est. 57.5)[BREAKING] UK Markit/CIPS UK Services PMI (Jun) 58.5 vs 56.5 prior (Est. 57.5)
9.16am BST09:169.16am BST09:16
Here’s a roundup of the day’s PMI data so far, and it’s all relatively positive.Here’s a roundup of the day’s PMI data so far, and it’s all relatively positive.
The eurozone composite PMI:The eurozone composite PMI:
Eurozone economic growth and job creation at four-year highs in second quarter http://t.co/GTN93UoxQd http://t.co/EIg0C7tLWFEurozone economic growth and job creation at four-year highs in second quarter http://t.co/GTN93UoxQd http://t.co/EIg0C7tLWF
Eurozone services PMI:Eurozone services PMI:
#Eurozone service sector PMI for June is confirmed at 54.4, the composite is revised up a touch to 54.2 from 54.1 initially ^KB#Eurozone service sector PMI for June is confirmed at 54.4, the composite is revised up a touch to 54.2 from 54.1 initially ^KB
Ireland’s service sector:Ireland’s service sector:
Strongest rise in Irish service sector activity since September 2006 http://t.co/s2Nif8LdWaStrongest rise in Irish service sector activity since September 2006 http://t.co/s2Nif8LdWa
Italy:Italy:
Markit/ADACI Italy Services PMI Jun: 53.4 (est 52.3; prev 52.5) -Markit/ADACI Italy Composite PMI Jun: 54.0 (est 53.3; prev 53.7) $EURUSDMarkit/ADACI Italy Services PMI Jun: 53.4 (est 52.3; prev 52.5) -Markit/ADACI Italy Composite PMI Jun: 54.0 (est 53.3; prev 53.7) $EURUSD
France:France:
French Service Sector Activity Growth Accelerates To 46-Month High In June $EURUSD http://t.co/PcvgKKrGXmFrench Service Sector Activity Growth Accelerates To 46-Month High In June $EURUSD http://t.co/PcvgKKrGXm
Spain:Spain:
Spain's Business Activity Index at 56.1 in June, down from May’s 58.4 #PMI http://t.co/NzmHxnpcROSpain's Business Activity Index at 56.1 in June, down from May’s 58.4 #PMI http://t.co/NzmHxnpcRO
Spanish Services Activity Growth Moderates, Remains Sharp At End-Q2 $EURUSD http://t.co/rcSbqSSoBRSpanish Services Activity Growth Moderates, Remains Sharp At End-Q2 $EURUSD http://t.co/rcSbqSSoBR
#Spain composite #PMI 55.8 in June (58.3 May). Signals c0.75% GDP growth in Q2 http://t.co/9Z6OwnTi6y pic.twitter.com/xraRihhw76#Spain composite #PMI 55.8 in June (58.3 May). Signals c0.75% GDP growth in Q2 http://t.co/9Z6OwnTi6y pic.twitter.com/xraRihhw76
Germany:Germany:
Final Germany Services Business Activity Index at 53.8 in June, up from 53.0 in May. Composite Output Index at 53.7 http://t.co/QsZgFL31cVFinal Germany Services Business Activity Index at 53.8 in June, up from 53.0 in May. Composite Output Index at 53.7 http://t.co/QsZgFL31cV
And from earlier, China:And from earlier, China:
#China Services Business Activity Index at 51.8 in Jun down from May’s eight-month high of 53.5. Composite at 50.6 http://t.co/YCZiNBPEJp#China Services Business Activity Index at 51.8 in Jun down from May’s eight-month high of 53.5. Composite at 50.6 http://t.co/YCZiNBPEJp
9.14am BST09:149.14am BST09:14
Here’s an idea of the timings for Sunday’s referendum:Here’s an idea of the timings for Sunday’s referendum:
#Greferendum – Sunday’s Timetable (BST): 0500 - Polls open 1700BST - Polls close Shortly after 1700BST - 1st exit poll (1/2)#Greferendum – Sunday’s Timetable (BST): 0500 - Polls open 1700BST - Polls close Shortly after 1700BST - 1st exit poll (1/2)
#Greferendum – Sunday’s Timetable (BST): 1900 ~ 20% of votes counted 2100 ~50% counted 2200 ~70% counted 0000 ~90% counted (2/2)#Greferendum – Sunday’s Timetable (BST): 1900 ~ 20% of votes counted 2100 ~50% counted 2200 ~70% counted 0000 ~90% counted (2/2)
That’s if the Council of State doesn’t rule against it of course. A decision is expected by this evening.That’s if the Council of State doesn’t rule against it of course. A decision is expected by this evening.
9.03am BST09:039.03am BST09:03
Greece’s deputy finance minister Euclid Tsakalotos has reportedly said that the government chose a referendum because an agreement would not be passed by parliament:Greece’s deputy finance minister Euclid Tsakalotos has reportedly said that the government chose a referendum because an agreement would not be passed by parliament:
#Greece Tsakalotos admitted on SKAI tv that govt chose a refer so as to stay in power coz an agreement wouldnt pass in Parliament#Greece Tsakalotos admitted on SKAI tv that govt chose a refer so as to stay in power coz an agreement wouldnt pass in Parliament
Story here (in Greek).Story here (in Greek).
9.01am BST09:019.01am BST09:01
More on tonight’s rallies:More on tonight’s rallies:
3 demos in Athens tonight: pro-NO at #syntagma, pro-YES at Kallimarmaro stadium, communist PAME at Omonia sq. #Greferendum #Greececrisis3 demos in Athens tonight: pro-NO at #syntagma, pro-YES at Kallimarmaro stadium, communist PAME at Omonia sq. #Greferendum #Greececrisis
8.47am BST08:478.47am BST08:47
Speaking of polls (but not the Greek referendum this time):Speaking of polls (but not the Greek referendum this time):
68% of Germans think Syriza is to blame for the crisis; 4% the EU. Post-referendum, this isn't going to get easier. pic.twitter.com/Xam3XGIkwR68% of Germans think Syriza is to blame for the crisis; 4% the EU. Post-referendum, this isn't going to get easier. pic.twitter.com/Xam3XGIkwR
8.46am BST08:468.46am BST08:46
Meanwhile UBS has looked at the chances of Greece leaving the eurozone, depending on the result of the referendum:Meanwhile UBS has looked at the chances of Greece leaving the eurozone, depending on the result of the referendum:
UBS sees overall #Grexit probability at 40%. Sees probability in the event of a Yes at 20% and No (70%) vote, alike. pic.twitter.com/4yyQoMgqcOUBS sees overall #Grexit probability at 40%. Sees probability in the event of a Yes at 20% and No (70%) vote, alike. pic.twitter.com/4yyQoMgqcO
8.44am BST08:448.44am BST08:44
Varoufakis: "No" vote = debt relief deal "Yes" vote = June 26 deal Neither of these options, he omits to mention, are currently on offerVaroufakis: "No" vote = debt relief deal "Yes" vote = June 26 deal Neither of these options, he omits to mention, are currently on offer
8.41am BST08:418.41am BST08:41
Varoufakis said that even if the yes side won, it would be “a narrow victory” and Syriza would still be the only party capable of running the country.Varoufakis said that even if the yes side won, it would be “a narrow victory” and Syriza would still be the only party capable of running the country.
He admitted the Greek government had made mistakes: “It would be arrogant to day we hadn’t - we’re not professionals at this.”He admitted the Greek government had made mistakes: “It would be arrogant to day we hadn’t - we’re not professionals at this.”
8.39am BST08:398.39am BST08:39
Deal more or less done - VaroufakisDeal more or less done - Varoufakis
Greek finance minister Yanis Varoufakis has said that whatever the outcome of the referendum a deal is almost done, and there have been private discussions with the ECB and EU during the week.Greek finance minister Yanis Varoufakis has said that whatever the outcome of the referendum a deal is almost done, and there have been private discussions with the ECB and EU during the week.
Speaking on RTE radio in Ireland he said a deal was “in the offing,”Speaking on RTE radio in Ireland he said a deal was “in the offing,”
If the vote was yes, the Greek government would sign on the dotted line.If the vote was yes, the Greek government would sign on the dotted line.
If no, they had had some decent proposals from Europe in confidence.If no, they had had some decent proposals from Europe in confidence.
8.15am BST08:158.15am BST08:15
Referendum question not legally correct - EC's DombrovskisReferendum question not legally correct - EC's Dombrovskis
Greeks are being asked a question in the referendum which is not factually or legally correct, according to European Commission vice-president Valdis Dombrovskis has said.Greeks are being asked a question in the referendum which is not factually or legally correct, according to European Commission vice-president Valdis Dombrovskis has said.
In an interview with Die Welt, he said:In an interview with Die Welt, he said:
The referendum question is neither factually nor legally correct.The referendum question is neither factually nor legally correct.
The proposals of the European Commission, European Central Bank and International Monetary Fund, which are to be voted on are based on a now expired credit program. The Euro Group has not accepted or declined. They do not correspond to the final state of negotiations - as Tsipras announced the referendum, we were still in the middle of the talks. The Greeks, however, on Sunday will also send a political signal to the rest of Europe. A yes will mean that they want to work closely with the other euro-zone countries to find a solution. A No would make the differences even more evident, and a solution more complicated.The proposals of the European Commission, European Central Bank and International Monetary Fund, which are to be voted on are based on a now expired credit program. The Euro Group has not accepted or declined. They do not correspond to the final state of negotiations - as Tsipras announced the referendum, we were still in the middle of the talks. The Greeks, however, on Sunday will also send a political signal to the rest of Europe. A yes will mean that they want to work closely with the other euro-zone countries to find a solution. A No would make the differences even more evident, and a solution more complicated.
He added:He added:
It would be wrong to assume that a No would strengthen the Greek negotiating position. The opposite is the case. Following the closure of banks and the introduction of capital controls to attain financial stability again, it has become more complicated and more expensive. Greece is in a substantially worse situation than it was last week.It would be wrong to assume that a No would strengthen the Greek negotiating position. The opposite is the case. Following the closure of banks and the introduction of capital controls to attain financial stability again, it has become more complicated and more expensive. Greece is in a substantially worse situation than it was last week.
The full interview is here in German.The full interview is here in German.
Updated at 8.16am BSTUpdated at 8.16am BST
8.03am BST08:038.03am BST08:03
Markets have opened cautiously, with the FTSE 100 down just 4 points, Germany off 0.3% and Italy, Spain and France flat.Markets have opened cautiously, with the FTSE 100 down just 4 points, Germany off 0.3% and Italy, Spain and France flat.
8.00am BST08:008.00am BST08:00
On the economic front, there are service sector PMI figures due from Italy, France, Germany and the eurozone as a whole, as well as the UK.On the economic front, there are service sector PMI figures due from Italy, France, Germany and the eurozone as a whole, as well as the UK.
The US, of course, is closed for the Independence Day holiday.The US, of course, is closed for the Independence Day holiday.
Updated at 8.01am BSTUpdated at 8.01am BST
7.56am BST07:567.56am BST07:56
Greece’s finance minister clearly relishes the IMF saying the country needs an agreement on debt relief:Greece’s finance minister clearly relishes the IMF saying the country needs an agreement on debt relief:
IMF Agrees With Athens That Greece Needs Debt Relief - The New York Times http://t.co/5c6vp0Y407IMF Agrees With Athens That Greece Needs Debt Relief - The New York Times http://t.co/5c6vp0Y407
7.54am BST07:547.54am BST07:54
Introduction: Greece awaits referendum developmentsIntroduction: Greece awaits referendum developments
As the referendum clock ticks down towards Sunday’s vote, there is still an outside chance it will not even go ahead.As the referendum clock ticks down towards Sunday’s vote, there is still an outside chance it will not even go ahead.
The Council of State, Greece’s top administrative court, is due to rule on whether it breaches the country’s constitution. Human rights group the Council of Europe has alaready expressed unhappiness with the vote, partly due to the speed of the process and also the question being asked.The Council of State, Greece’s top administrative court, is due to rule on whether it breaches the country’s constitution. Human rights group the Council of Europe has alaready expressed unhappiness with the vote, partly due to the speed of the process and also the question being asked.
Meanwhile the latest poll shows a slight lead for the Yes side - those in favour of accepting the creditors’ proposals. The ALCO polling institute poll, published in the Ethnos newspaper, showed 44.8% for Yes, 43.4% for No and 11.8% undecided.Meanwhile the latest poll shows a slight lead for the Yes side - those in favour of accepting the creditors’ proposals. The ALCO polling institute poll, published in the Ethnos newspaper, showed 44.8% for Yes, 43.4% for No and 11.8% undecided.
Finance minister Yanis Varoufakis has already said he would resign if the Yes vote won the day.Finance minister Yanis Varoufakis has already said he would resign if the Yes vote won the day.
Meanwhile Greek prime minister Alexis Tsipras remained defiant as he used another TV appearance to repeat his call for a No vote.Meanwhile Greek prime minister Alexis Tsipras remained defiant as he used another TV appearance to repeat his call for a No vote.
He hit out at former prime ministers who had lined up to support the Yes side, and also suggested the IMF, which on Thursday said Greece would need an extra €60bn of funding and that debt relief had to be part of any new bailout, could have spoken up earlier.He hit out at former prime ministers who had lined up to support the Yes side, and also suggested the IMF, which on Thursday said Greece would need an extra €60bn of funding and that debt relief had to be part of any new bailout, could have spoken up earlier.
Jasper Lawler, market analyst at CMC Markets UK, said:Jasper Lawler, market analyst at CMC Markets UK, said:
Post-referendum looks pretty bleak for Greece either way but a ‘No’ vote carries a lot more short term risk. Evidence from the past five months is surely enough to show that muddling out-of-touch bureaucrats in Athens and the Eurozone will not reach a deal before there’s a banking crisis. Without the European Central Bank’s emergency funding, estimates are that Greece’s banks are days from insolvency, even with only 60 euros being withdrawn a day under capital controls.Post-referendum looks pretty bleak for Greece either way but a ‘No’ vote carries a lot more short term risk. Evidence from the past five months is surely enough to show that muddling out-of-touch bureaucrats in Athens and the Eurozone will not reach a deal before there’s a banking crisis. Without the European Central Bank’s emergency funding, estimates are that Greece’s banks are days from insolvency, even with only 60 euros being withdrawn a day under capital controls.
Later come major rallies for both sides in Athens, as supporters gather in the last hours before the vote.Later come major rallies for both sides in Athens, as supporters gather in the last hours before the vote.