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ECB's Bonnici says ELA for Greek banks "not an infinite fund"
Bonnici says value of Greek bank's collateral for ELA depends on referendum decisionNo matter the result of the referendum, Greek banks are in a terrible spot. The capital controls this week will ensure that no one keeps their money in a bank.
Argentina had capital controls and forced devaluation in 2001. That was worse than what will happen to Greek depositors but people there stilldon't trust banks and would rather keep their cash at home. The entire basis of banking systems is trust that you can get your money back when you want it. When that bond is broken, it can take a generation to repair.
Two articles :
EU Parliament President Tells Greece:Time For Another Puppet Government
And this :
China State Official Hints Beijing May Bailout Greece
Not something EU counted on
EU Parliament President Tells Greece:Time For Another Puppet Government
And this :
China State Official Hints Beijing May Bailout Greece
Not something EU counted onGoldman Sacs scenario forecast is that whatever Greeks vote (yes or now), they are foing to stay in the EU. Remember France (they voted "No" on a referendum, see where they are)
Goldman Sacs scenario forecast is that whatever Greeks vote (yes or now), they are foing to stay in the EU. Remember France (they voted "No" on a referendum, see where they are)
EU can not afford Grexit. Vote will be rigged in every possible way to be in favor of the EU (same thing as Scottish referendum)
Exclusive: Europeans tried to block IMF debt report on Greece: sources
Euro zone countries tried in vain to stop the IMF publishing a gloomy analysis of Greece's debt burden which the leftist government says vindicates its call to voters to reject bailout terms, sources familiar with the situation said on Friday.
The document released in Washington on Thursday said Greece's public finances will not be sustainable without substantial debt relief, possibly including write-offs by European partners of loans guaranteed by taxpayers.
It also said Greece will need at least 50 billion euros in additional aid over the next three years to keep itself afloat.
Publication of the draft Debt Sustainability Analysis laid bare a dispute between Brussels and the Washington-based global lender that has been simmering behind closed doors for months.
Greek Prime Minister Alexis Tsipras cited the report in a televised appeal to voters on Friday to say 'No' to the proposed austerity terms, which have anyway expired since talks broke down and Athens defaulted on an IMF loan this week.
It was not clear whether an arcane IMF document would influence a cliffhanger poll in which Greece's future in the euro zone is at stake with banks closed, cash withdrawals rationed and commerce seizing up.
"Yesterday an event of major political importance happened," Tsipras said. "The IMF published a report on Greece's economy which is a great vindication for the Greek government as it confirms the obvious - that Greek debt is not sustainable."
At a meeting on the International Monetary Fund's board on Wednesday, European members questioned the timing of the report which IMF management proposed at short notice releasing three days before Sunday's crucial referendum that may determine the country's future in the euro zone, the sources said.
There was no vote but the Europeans were heavily outnumbered and the United States, the strongest voice in the IMF, was in favor of publication, the sources said.
The Europeans were also concerned that the report could distract attention from a view they share with the IMF that the Tsipras government, in the five months since it was elected, has wrecked a fragile economy that was just starting to recover.
"It wasn't an easy decision," an IMF source involved in the debate over publication said. "We are not living in an ivory tower here. But the EU has to understand that not everything can be decided based on their own imperatives."
The board had considered all arguments, including the risk that the document would be politicized, but the prevailing view was that all the evidence and figures should be laid out transparently before the referendum.
read more
Head of Greek bank association says deposit haircut article 'completely baseless'
Reuters with the headline:
He is referring to this: FT: Greek banks considering bail-in "haircut" of at least 30% on deposits above €8,000
For depositors sake I hope he is right.
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The Greek referendum is on this weekend. Early results should begin to trickle in from 1800GMT on Sunday. We'll have results then as soon as they hit.
Bundesbank's Weidmann warns Merkel that Grexit would cause serious damage to German
German newspaper Handelsblatt with an article based on info from un-named sources
No comment as yet from the BUBA or German govt but there's little doubt that Germany also finds itself between a rock and a very hard place
I have to head out now but will be back later to cover the exit poll results
Enjoy the rest of your week--end one and all
Greek referendum vote closes. Now it's a wait for the results but polls suggest No voters win the day
The voting has now finished and we await the first indications of the outcomeThere are no exit polls per se outside of the voting stations, and instead they will be conducted by telephone
Prior to closing a GPO poll had the No vote winning with 51.5% vs 48.5% for Yes
Metron Analysis had No on 49% vs Yes 46%
Latest estimates from MARC based on a phone sample also have No winning a tight contest with Skai tv poll also supporting that view
Ruling party Syriza spokesman says opinion poll results allows govt to move forward quickly and seal an agreement with creditors
Something tells me it won't be quite that simple either on a NoorYes vote
There will be a lot more polls hitting our screens and I will keep you updated
Ultimately the Ministry of Interior website will have all the detail here when the final result is declared around 23.00 GMT
30% counted - 61% voted NO
Greek Finance Minister Yanis Varoufakis resigns
Greek Finance Minister Yanis Varoufakis announced his resignation on Monday, saying his decision to step down could help Greece reach an agreement with its creditors after the country overwhelmingly rejected conditions for a bailout deal in a referendum.
In a statement on his website Varoufakis said he had been “made aware of a certain preference by some Eurogroup participants, and assorted ‘partners,’ for my … ‘absence’ from its meetings; an idea that the prime minister judged to be potentially helpful to him in reaching an agreement.”
"For this reason I am leaving the ministry of finance today."
He said he considers it his duty "to help Alexis Tsipras exploit, as he sees fit, the capital that the Greek people granted us through yesterday's referendum. And I shall wear the creditors' loathing with pride", he added.
He called for the prompt conclusion of “an agreement that involves debt restructuring, less austerity, redistribution in favor of the needy and real reforms.”
Varoufakis had threatened last week to resign if a “yes” vote passed, and his decision to resign despite the outcome was unexpected.
source