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Greece's Tsipras calls referendum to break bailout deadlock by Lefteris Papadimas and Renee Maltezou Reuters, June 27 <http://www.reuters.com/article/2015/06/27/us-eurozone-greece-idUSKBN0P40EO20150627> ATHENS/BRUSSELS - Greek Prime Minister Alexis Tsipras called a referendum on bailout demands from foreign creditors on Saturday, rejecting an "ultimatum" from lenders and putting a deal that could determine Greece's future in Europe to a risky popular vote. After a week of acrimonious talks in Brussels, where Tsipras dismissed proposals from the lenders as "blackmail", the 40-year-old prime minister said parliament would meet on Saturday to approve holding a referendum on July 5. "Our responsibility is for the future of our country. This responsibility obliges us to respond to the ultimatum through the sovereign will of the Greek people," Tsipras said in a televised address in the early hours of Saturday. The call marked the most dramatic twist yet in long-running negotiations between Greece and its lenders that have left the cash-strapped nation to the threshold of a bankruptcy and put the country's future in the euro in doubt. Tsipras said the creditors' proposals "clearly violate European social rules and fundamental rights" and would asphyxiate Greece's flailing economy. The euro zone had offered to release billions in frozen aid if Greece accepted and implemented pension and tax reforms that are anathema to its leftist government, elected in January on a promise to end austerity. Without the bailout funds, Athens is set to default on 1.6 billion euros in repayments to the International Monetary Fund on Tuesday, pushing Greece closer to being forced out of the euro, causing chaos for its economy and financial markets. Tsipras said he would ask for an extension of the bailout ending June 30 by a few days to accommodate the referendum. Soon after the televised address in the early hours of the morning, lines of up to 10 people were seen forming to withdraw cash from automated teller machines in at least three different parts of Athens. Small groups of anti-establishment protesters threw petrol bombs and stones at police in a central Athens neighborhood where protests are common. Tsipras spoke with European Central Bank President Mario Draghi to discuss the referendum, and senior government officials were due to meet the ECB chief later on Saturday. With Greece's stricken banking sector dependent on central bank funds to remain afloat, the ECB will play a vital role in keeping the system on its feet over the next few days. But despite fears of a surge in deposit outflows from banks, a deputy minister said there were no plans to impose capital controls and banks would open as normal on Monday. [Text: Greek Prime Minister Tsipras announces bailout referendum] <http://www.reuters.com/article/2015/06/27/us-eurozone-greece-tsipras-text-idUSKBN0P700T20150627?mod=related&channelName=ousivMolt> Tsipras said the creditor demands appeared to be aimed at the "humiliation" of Greece, and ministers called on voters to reject the package but opposition parties attacked the government. "Tsipras brought the country to a total deadlock. Between an unacceptable agreement and a euro exit," former conservative Prime Minister Antonis Samaras said. The referendum question was effectively a "yes" or "no" to Europe, he said. German Chancellor Angela Merkel and French President Francois Hollande had earlier met Tsipras on the sidelines of an EU summit to coax him to accept an offer to fill Athens' empty coffers until November in return for painful reforms. But after months of fruitless wrangling, the patience of European partners with the leftwing government in Athens had grown thin and officials had indicated that there was little more room to maneuver. Merkel said she and Hollande had urged him in a 45-minute private meeting to accept the creditors' "generous" offer. "We have taken a step toward Greece," she said. "Now it is up to the Greek side to take a similar step." Both she and Hollande said Saturday's meeting of euro zone finance ministers would be the decisive moment for a deal since time was running out to secure German parliamentary approval in time to release funds needed to avert a Greek default. The creditors laid out terms in a document handed to Greece on Thursday. It said Athens could have 15.5 billion euros in EU and IMF funding in four installments to see it through to the end of November, including 1.8 billion euros by Tuesday as soon as the Greek parliament approved the plan. The total is barely more than what Greece needs to service its debts over the next six months and contains no new money. Further funding would require a third bailout program, which is politically impossible for the moment in Athens and Berlin. The lenders also made a gesture toward Tsipras' demands for debt relief by offering to reaffirm a 2012 pledge to consider stretching out loan maturities, lowering interest rates and extending an interest payment moratorium on euro zone loans to Greece, a senior EU official said. Finance ministers from the euro zone had been due to meet at 2 p.m. (8:00 a.m. EDT) on Saturday to hear whether Greece accepted a revised offer from the European Commission, the European Central Bank and the International Monetary Fund. According to one European official, if Greece did not accept the proposals, the ministers were to hold a separate meeting to discuss a "Plan B" on preparing to limit the damage from a Greek default to Greek banks and other euro zone countries and markets Merkel and Hollande have refused to talk publicly about a "Plan B", saying all their efforts are focused on getting an agreement to keep Greece in the euro zone. They are expected to speak to Tsipras again by telephone before Saturday's meeting. Germany's member of the European Commission, Guenter Oettinger, said Greece had five days left to avoid an exit from the euro zone. Euro zone finance ministers are divided over whether a default would necessarily lead to Athens leaving the 19-nation single currency area, which would undermine the principle that membership is irrevocable. Greece announces shock referendum on eurozone future throwing banking system into turmoil Prime Minister Alexis Tsipras will ask the Greek people whether they will surrender to austerity and keep the euro, as IMF default is now all but certain on June 30 by Mehreen Khan, and Matthew Holehouse in Brussels The Telegraph, June 27 <http://www.telegraph.co.uk/finance/economics/11702829/Greece-to-hold-referendum-on-bailout-deal-with-Europe.html> Greece's prime minister has announced a snap referendum in a last-ditch attempt to get the country's European creditors to back down over their demands and secure the country's precarious eurozone future. Alexis Tsipras called the shock vote, to be held on on July 5, having spent Friday night holed up in an emergency meeting with his cabinet. The question to be put before voters is whether or not the country is willing to submit to the conditions being demanded by the International Monetary Fund, European Union and European Central Bank. Speaking to Greek television in the early hours of Saturday morning, Mr Tsipras said: "[Our creditors'] proposals, which clearly violate the European rules and the basic rights to work, equality and dignity show that the purpose of some of the partners and institutions was not a viable agreement for all parties, but possibly the humiliation of an entire people," Greece's finance minister Yanis Varoufakis said it was time for the people to decide the country's fate inside the single currency. Immediately after the announcement, extreme Left wing elements within Syriza called for the country to reject the terms of the lenders. Panagiotis Lafazanis, Greece's energy minister and arguably the third most influential member of the government, said the Greeks should provide a bloody nose to creditors and deliver a "resounding no" to the terms. It came after Greece rejected a €15bn rescue plan on Friday, lashing out at attempts to blackmail the country into submission. Eurozone finance ministers are due to meet in Brussels on Saturday in what had been billed as the last possible opportunity for Greece to surrender and stave off a default and disorderly exit from the eurozone. But following Mr Tsipras's dramatic move, European officials said there was now no deal on the table for Greek people to vote on, and discussions over a "Plan B" involving capital controls was being considered. Creditors will have to prepare for a series of emergency default scenarios, as the banking system would likely face ruin at the start of the week. Greece is almost all but certain to fall into an arrears process with the IMF on Tuesday as it has no money to make a €1.6bn repayment. Capital controls in the form of enforced bank holidays and deposit withdrawal limits could come as early as Monday, according to analysts at Credit Suisse. Ordinary Greeks rushed to withdraw cash from ATMs in the early hours of Saturday morning. Greece's Alpha Bank stopped all online transactions according to its website on Friday night. The referendum move is a risk strategy by Mr Tsipras. Four years ago, the country's then prime minister George Papandreou was effectively ousted from office by his European paymasters for suggesting a popular vote on its rescue package in 2011. Following a week of fruitless and often acrimonious talks in Brussels, Germany's Angela Merkel pleaded with Greek prime minister Alexis Tsipras to accept a "very generous offer" which demands that €3.9bn is raised through tax hikes and pensions reforms in 2016. "We made it very clear to Mr Tsipras that it ought to be accepted," said Ms Merkel, whose attitude has hardened against the government during five months of protracted negotiations. Ms Merkel added that there was no "plan B" for the country. Athens rejected a temporary five-month bail-out extension, which could see it make a series of crunching debt obligations over the summer. The plan had been contingent on the Greek parliament passing a number of legislative measures demanded by the Troika, and could release funds that would pay back the IMF and European Central Bank until October. Mr Varoufakis however rejected the proposals, saying creditors had reneged on their promises, taking a tougher line after some member states thought the demands were too "soft" on his country. Greece has long pushed for a "comprehensive", rather than partial, deal, which is seen as prolonging the country's agony as the economy has already fallen into recession. In a sign of how desperate the government's cash grab has become, it failed to make payments to thousands of the country's pensions on Friday and had to rely on funds from the central bank instead. Greece's paymasters are demanding the government hike VAT on processed foods, restaurants, hotels and the country's popular holiday islands, in return for cash they need to avoid a debt default on June 30. The proposals have been fiercely resisted by the Leftist Syriza as punishing the poor and crippling the country's thriving tourist industry. On his departure from Brussels after a testing week, Mr Tsipras vowed not to cede to economic "blackmail". He promised to defend the European values of “democracy, solidarity, equality and mutual respect”. “These principles were not based on blackmails and ultimatums, and especially in these crucial times no one has the right to put in danger these principles," Mr Tsipras said. European Commission president Jean-Claude Juncker denied creditors had proposed such a "take-it-or-leave-it" deal, accusing Mr Tsipras of being "un-European" for perpetuating such an idea. European officials think the prospects of an agreement are now "better than 50pc", according to one offiicial quoted by Reuters. But the proposal for a temporary deal until November was denounced as "worse than the Memorandum" - the initial rescue programme Greece was forced to sign up to in 2012, and which Syriza vowed to overturn when they were elected in January. “It would be humiliating, and at the same time tantamount to acceptance of the course towards a third memorandum in November.," said Syriza MP Yannis Micheloyiannakis. "Now is the time to say the big no." Bank deposits have fallen to an 11-year low, pushing the financial system to the brink of insolvency. Emergency cash from the ECB, which has topped €88bn since February, is the only thing propping up the country's banks. Without a staff level agreement on Tuesday, the ECB could "lose perspective", pulling the plug on the money and forcing the government to implement capital controls, said Mark Wall, chief economist at Deutsche Bank. "It follows that bank solvency would deteriorate, eroding the basis for [the emergency money]. This would force Greece to close the banks and re-open them under capital controls." Greece Calls Referendum on Bailout Terms Prime Minister Alexis Tsipras says public vote will be held July 5 by Marcus Walker And Stelios Bouras Wall St. Journal, June 26 <http://www.wsj.com/articles/greece-calls-referendum-on-bailout-terms-1435357873> ATHENS—Greek Prime Minister Alexis Tsipras called a surprise referendum for July 5 on the tough economic policies the country’s creditors want in exchange for more rescue funding, escalating the drama surrounding the country’s long-running bailout and deepening doubt over Greece’s fate in the eurozone. Addressing the nation at 1 a.m. in Athens, Mr. Tsipras told a television audience that Greek voters should have their say on the economic retrenchment that other eurozone countries and the International Monetary Fund are demanding of Greece. He said he couldn't accept the list of policies that creditors presented in Brussels this week, which include some drastic tax hikes and sharp cuts to government spending, including on pensions. Most European policy makers were taken by surprise by the Greek premier’s announcement, though Mr. Tsipras said he had informed German Chancellor Angela Merkel and French President François Hollande about his decision. The surprise referendum announcement means Greece will almost certainly be unable to repay €1.55 billion ($1.73 billion) of loans to the IMF that fall due on Tuesday. Defaulting on the IMF loans doesn’t automatically put Athens in default on other debts. The practical consequences of falling into arrears with the IMF depend on whether such an event spooks Greek bank depositors, who have withdrawn large amounts of money from Greek banks in recent weeks, putting the banks under strain and leaving them reliant on central-bank aid. The scheduled referendum means that the eurozone’s portion of Greece’s €245 billion bailout will expire as scheduled on Tuesday. European officials in Brussels said eurozone finance ministers will discuss alternatives to more bailout aid for Greece at a meeting Saturday—including the introduction of capital controls. It isn’t certain whether Greece’s banks will be able to stay open until the referendum has been held, nor whether Greece will have to impose capital controls—up to and including bank holidays—to cope with deposit withdrawals. Much depends on the willingness of the European Central Bank to offer emergency liquidity to Greek banks to cover potentially heavy deposit withdrawals. If the ECB’s governing council curtails assistance for Greek banks, Greece’s government could be forced to pass legislation limiting ATM withdrawals and other financial transactions—or face the closure of the country’s banks. Either way, Greece’s battered economy could be pushed into an even deeper slump. The referendum will present Greek voters with the clearest choice they have faced since the country’s bailout began five years ago, after the country could no longer control its budget deficit and lost access to bond markets: Are they willing to accept heavy austerity measures as the price for staying in the eurozone? “The referendum will be held July 5 with the question of whether or not to reject the proposal put forth by the institutions” overseeing Greece’s bailout—the IMF, the ECB and the European Commission—Mr. Tsipras said. He accused creditors of confronting Greece with a “blackmailing ultimatum” this week. It wasn’t immediately clear from Mr. Tsipras’s speech whether he would campaign to reject the creditors’ terms for bailout financing or leave the choice to voters. While attacking creditors’ demands, he also said that Greece’s place is in Europe. “Europe is the common home of our people. In Europe there are no owners and guests. Greece is and will remain an undetachable part of Europe, and Europe an undetachable part of Greece,” the prime minister said. Acceptance of the creditors’ terms could bring greater stability to Greece, dispelling much of the uncertainty about whether the country will remain in the euro. Rejection, however, would probably leave Greece with no source of financing to service its foreign debt, putting the country on a course toward default and exit from the euro. Greece’s government, led by the left-wing Syriza party, has argued for months that creditors should soften their demands for austerity in Greece to respect the result of the country’s elections this January, which Mr. Tsipras won on an antiausterity platform. “Democracy deserved a boost in euro-related matters. We just delivered it. Let the people decide,” Greece’s finance minister Yanis Varoufakis tweeted on Friday night after his premier’s address. “Funny how radical this concept sounds,” Mr. Varoufakis added. Other eurozone governments such as Germany’s, however, argue that they owe it to their own voters to stick to the bailout contract agreed with Athens previously: Loans only in return for stringent economic overhauls. A Greek euro exit is less likely to spark financial-market contagion than a few years ago, but it could render the eurozone less stable in the longer term by proving that membership of the common currency is reversible. That could invite financial speculation against other countries that might succumb to financial crises in the future, economists and European policy makers say. A Greek exit might well force the rest of the eurozone, led by Germany, to embark upon deeper political union to signal that the bloc is committed to staying together under the euro. Greek Deputy Prime Minister Yannis Dragasakis is due to visit the ECB in Frankfurt to ask for ECB help in keeping Greece’s banks open and operating during the referendum, Greek officials said. The Greek premier appealed to Europe to extend his country’s bailout program while the referendum takes place, and to avoid cutting off Greek banks from central-bank liquidity support. It wasn’t immediately clear how far other European governments or the ECB are willing to go to offer Greece continued support and financing until the dust settles. Some European Union officials in Brussels suggested it would be difficult to persuade other eurozone governments to extend Europe’s bailout program beyond June 30, the current expiration date, while Greeks decide whether to adhere to creditors’ conditions or not. As they emerged from a cabinet meeting at the prime minister’s office, some Greek ministers said the government would ask voters to reject creditors’ conditions for bailout aid—adding that this wouldn’t mean Greece has to leave the eurozone. However, eurozone governments led by Germany have frequently said Greece must comply with the economic policies demanded by its bailout monitors, including the IMF, if it wants further aid loans. Without concessionary financing, Greece is likely to be unable to sustain either its public spending or its banking system for long. Unless its government gives in to the policies lenders want, the country will likely be forced into issuing a national currency eventually. The referendum announcement is the latest twist in a Greek bailout saga that has often gripped the attention of global financial markets and economic policy makers since 2009, when Greece revealed a ballooning budget deficit that led to the collapse of its government bond market. After years of struggling to comply with the heavy austerity demanded by the eurozone and IMF, Greece in January elected a Syriza-led government that embarked on a strategy of confrontation with lenders. Syriza, led by Mr. Tsipras, first challenged the eurozone’s insistence on financing Greece only in return for austerity, then insisted on smaller amounts of austerity than lenders wanted. In early June, lenders led by Germany and the IMF presented Greece with the outlines of a final offer: The country would have to meet tough fiscal targets through a mix of tax hikes and spending cuts if it wanted fresh loans. On Monday this week, with time running out before Europe’s part of Greece’s €245 billion bailout lapses, Greece presented lenders with a counterproposal that strove to meet the creditors’ fiscal targets, mainly by raising taxes, including on business. That course was politically easier for the left-wing Syriza party than cutting pension spending as the IMF wanted. But creditors have in recent days made it clear to Greece that they want a different mix of policies, including major spending cuts—prompting Mr. Tsipras to throw the choice to his electorate. Greek Prime Minister Calls for Referendum on Bailout Terms by Jim Yardley and Niki Kitsantonis New York Times, June 27 <http://www.nytimes.com/2015/06/27/business/international/greek-debt-talks-enter-final-stages.html> ATHENS — In an unexpected move, Prime Minister Alexis Tsipras went on national television early Saturday to call for a referendum on July 5 so that Greek citizens can decide whether to accept or reject the terms of a bailout deal proposed by the country’s creditors. With his speech, Mr. Tsipras upends the stalemate in negotiations between Greece and its creditors, throwing into doubt whether Greece will be able to make a 1.6 billion euro debt payment that is due on Tuesday to the International Monetary Fund, while also deepening concerns that the beleaguered country could leave the eurozone. Mr. Tsipras said he was calling the referendum because Greece’s creditors — the I.M.F., the European Central Bank and the eurozone countries — had refused to negotiate in good faith and present a fair compromise. “After five months of tough negotiations, our partners ended up with a proposal in the form of an ultimatum,” Mr. Tsipras said, arguing that the creditors were calling for “new, unbearable measures,” including cuts to pensions, salaries and tax increases. “The goal of some of Greece’s partners is the humiliation of an entire nation,” he added. European finance ministers had been scheduled to meet for a final round of negotiations in Brussels on Saturday, but Mr. Tsipras said he would convene Greece’s Parliament and ask lawmakers to vote on whether to hold the referendum, which would ask Greeks to decide whether they accept the creditors’ proposal. Mr. Tsipras said that he has relayed his decision to Chancellor Angela Merkel of Germany, President François Hollande of France, and Mario Draghi, head of the European Central Bank. He said he would send letters to Greece’s creditors on Saturday asking that they allow the country’s bailout program — scheduled to end on Tuesday — to be extended “for a few days” so that Greek voters can decide on the referendum. “I call on you to decide in a sovereign and proud way,” he told voters during his remarks. “We should respond to despotism and tough austerity with democracy, calmness and decisiveness.” Without an agreement or an extension, Greece will soon be forced to default on a series of debt payments that are due in coming weeks. Friday was a day of tough negotiations in Brussels, with creditors and European leaders suggesting that Greece now had to decide. Ms. Merkel indicated that creditors had made their final offer to ease Greece’s debt crisis, on terms she described as “extraordinarily generous.” Her finance minister, Wolfgang Schäuble, was less subtle, saying in a separate news conference, “No one country in a currency union can endlessly spend money at the cost of the others.” In response — and foreshadowing his later move on a referendum — Mr. Tsipras had fired back, saying he would not be forced into accepting bailout funding under what he considers unfair terms. “The E.U.’s founding principles were democracy, solidarity, equality and mutual respect,” Mr. Tsipras told reporters as he left the European Union leaders’ summit in Brussels before returning to Athens. “Those principles,” Mr. Tsipras said, were “not based on blackmail and ultimatums.” Those earlier comments, in hindsight, indicated the large gulf that remained between Greece and the creditors. After the announcement, Mr. Tsipras’s office confirmed that he would send Deputy Prime Minister Yannis Dragasakis and another top aide, Euclid Tsakalotos, to meet with Mr. Draghi on Saturday. Other Greek officials followed the prime minister’s address by calling for people to vote no in any referendum. Giorgos Katrougalos, administrative reform minister, said holding a referendum could help Greece secure a better deal with creditors. “For us to achieve an honorable agreement and for the country to stay in Europe, the decision of the Greek people must be one that delivers a resounding no to blackmail,” he said. Greece’s energy minister, Panayiotis Lafanzins, leader of a far-left faction of the governing party, struck a similar tone. “The decision of the Greek people will be a big no of the overwhelming majority,” he said. “We will all vote no. All the Greek people will vote no. They will support a proud, national social effort.” Hanging in the balance is a remaining 7.2 billion euro, or $8 billion, tranche of loan money that Athens desperately needs. Two of the sticking points have been how much Greece is willing to cut costs by revamping its national pension program, and how the country plans to revise its notoriously porous tax collection system. In its latest offer, Greece conceded to lenders’ demands for restaurants to be subject to the highest value-added tax rate — 23 percent — as long as hotels remain in the middle rate of 13 percent. But Greece insisted on keeping a 30 percent discount currently in place on all value-added tax rates in its Aegean Islands. Those taxes play a significant role in the tourism industry that is a big part of the Greek economy. On the issue of pensions, Greece has agreed to phase out a special grant program for pensioners on low incomes by the end of 2018 — a year earlier than creditors have demanded. But Athens still objected to demands for cuts to pension payments. As for another contentious issue — corporate taxes — the Greeks have suggested increasing it by two percentage points to 28 percent, instead of 29 percent as foreseen in their original proposal, which creditors rejected over fears that raising the business tax rate would impede economic growth. By some measures, the differences in the proposals might seem incremental enough that compromises should be within reach. But at this point there may be more fundamental issues, like trust, that will need to be addressed. One idea being floated by negotiators on Friday was to extend the current bailout program for five additional months, with €15.5 billion in funding. But rather than keep the current program in place, Greece would prefer eventually to reach a new arrangement altogether. Greek prime minister puts bailout deal to referendum July 5 by Nicholas Paphitis Associated Press, June 26 <http://bigstory.ap.org/article/efb6f99ff06340049d405c969ef19ce8/greek-official-chance-deal-small-current-climate> . . . The referendum announcement also raises severe questions over whether the debt-crippled country will be able to remain solvent and in the 19-state eurozone. Greece desperately needs a deal with its creditors. Without a 7.2 billion euro ($8.07 billion) bailout loan installment — which would only be available if there is a deal — the country will be unable to make a 1.55 billion euro payment to the International Monetary Fund on Tuesday, and even bigger payments later July. A Greek official close to the bailout negotiations said the country was unlikely to pay the IMF on Tuesday, adding that IMF rules allow a certain period during which a country is considered to be in arrears. By essentially defaulting on its debt mountain, Greece would likely see its banks collapse, as they depend on emergency European Central Bank funding. The government could soon run out of cash, face huge difficulties in paying pensions and civil servant salaries — and that could force it to leave the eurozone and adopt a weak national currency. But the country imports most key consumer goods, whose cost would rocket beyond most Greeks' reach under a new currency. Teneo Intelligence analyst Wolfgango Piccoli said Tsipras' move places Greece in "entirely uncharted waters." In a note, he said it also raises the risk of the country leaving the euro to "at least 50 percent," more than double the previous level. Opposition leader Antonis Samaras accused Tsipras' radical left government of advocating an exit from the eurozone and the European Union. "Mr Tsipras has led the country to an absolute impasse," he said. "Between an unacceptable agreement and leaving Europe." But government officials insisted that the referendum would not be about currency change. "It's not a question of yes or no to the euro ... euro or drachma," Defense Minister Panos Kammenos told state ERT TV, referring to the old Greek currency. "There is no process for Greece to leave the euro," he added, referring to eurozone rules which contain no provision on a country being forced out of the currency club. An emergency session of Parliament will be called at noon Saturday to ratify the decision. "The question will be acceptance or rejection of (the bailout creditors') proposal" for a new deal, Tsipras said. His government had already said it rejected the latest proposals from representatives of the European Commission, ECB and IMF. Later on Saturday, finance ministers from the 19-member eurozone were due to meet in Brussels for what had been billed as a last attempt to reach a mutually agreed deal. It is unclear whether that meeting will now go ahead, but Athens said its senior bailout negotiators will meet Saturday with ECB head Mario Draghi. Development Minister Panayiotis Lafazanis urged Greeks after the late-night cabinet meeting to vote against the creditors' proposal. "The answer of the Greek people will be a resounding no," he told reporters. "All Greeks will vote no." State Minister Nikos Pappas echoed the sentiment. "Our people will vote no, you will see," he said. "This is a very good night ... the Greek people will soon be able to decide" for themselves. . . . _________________________________________________________ Full posting guidelines at: http://www.marxmail.org/sub.htm Set your options at: http://lists.csbs.utah.edu/options/marxism/archive%40mail-archive.com
