Monday, July 06, 2015
GREECE OVERWHELMINGLY VOTES NO TO AUSTERITY.AND MORE NEGOTIATIONS.
THE NO VOTE HAS CLEARLY WON THE REFERENDUM IN GREECE BY A NO 61%.AND YES 39%.
No plans for immediate Eurogroup meeting after Greek vote - EU official-ReutersReuters – july 5,15-yahoonews
BRUSSELS - There are no plans for an emergency meeting of euro zone finance ministers on Greece on Monday after Greeks voted overwhelmingly to reject the terms of a bailout deal with international creditors, a euro zone official said on Sunday.Asked whether a meeting of the Eurogroup was planned for Monday, the official, speaking on condition of anonymity, told Reuters: "No way. (The ministers) would not know what to discuss."The European Commission had no immediate comment on the early results, which showed a 60-40 'No' vote against the conditions of a cash-for-reforms deal to keep the country afloat, which the leftist Greek government rejected this month.(Reporting by John O'Donnell; Writing by Paul Taylor; Editing by Adrian Croft)
Greek referendum to create volatility but euro zone can cope - Italy treasury source-Reuters-july 5,15-yahoonews
ROME (Reuters) - Uncertainty following a "No" vote in the Greek referendum will create market volatility but the euro currency bloc can deal with it, an Italian treasury source said on Sunday.Italy is prepared to absorb any potential shocks from the Greek crisis, the source said, adding a new rescue plan for Greece must take account of the depth of its economic crisis and include investments and reforms."All the member states of the euro zone are committed to preserving the single currency and therefore working to ensure Greece's total financial independence," the source said."In any case, this crisis requires the process of euro zone integration to speed up."(Reporting by Paolo Biondi and Isla Binnie)
Russia central bank - Greek debt crisis doesn't pose threat to banking system: TASS-Reuters – july 5,15-yahoonews
MOSCOW (Reuters) - The Russian central bank said on Sunday that the Greek debt crisis did not pose a threat to the Russian banking system, TASS news agency reported, citing a statement from the central bank's press service.The central bank also said the size of Russian banks' assets in Greece as of April 1 this year was around $14 million (9 million pounds)."The size of the direct investments of Russia's non-financial sector in the Greek economy is also not large," the bank said in a statement to TASS.(Reporting by Alexander Winning; Editing by Kevin Liffey)
JP Morgan says its base case is Greek exit from euro zone-Reuters-JULY 5,15-YAHOONEWS
DUBLIN (Reuters) - JP Morgan's base case is for Greece to exit the euro zone after early indications showed the Greek electorate had voted against the terms of a bailout offer from creditors."Although the situation is fluid, at this point Greek exit from the euro appears more likely than not," JP Morgan analyst Malcolm Barr wrote in a research note.(Reporting by Carmel Crimmins; Editing by Kevin Liffey)
Tsipras has caused a disaster, says German conservative lawmaker-Reuters – JULY 5,15-YAHOONEWS
BERLIN (Reuters) - Senior German conservative Michael Fuchs told Reuters on Sunday that Greek Prime Minister Alexis Tsipras had caused a "disaster" after early referendum results showed the country has rejected euro zone bailout terms."I very much regret the result," Fuchs said by telephone."Tsipras has caused a disaster and must see how to pick up the pieces. There is no chance that a solution will be achieved within 48 hours," said Fuchs, who has long had reservations about bailouts for Greece.A more moderate German conservative, Julia Kloeckner, said in a statement that Tsipras should not think he could put Germany and Europe under pressure with the referendum result but stopped short of calling for a Greek exit from the euro zone.(Reporting by Andreas Rinke; Writing by Madeline Chambers; Editing by Noah Barkin)
French far-right's Marine Le Pen lauds Greek vote as win over 'EU oligarchy'-Reuters-JULY 5,15-YAHOONEWS
PARIS (Reuters) - French far-right leader Marine Le Pen welcomed the early results of the Greek referendum on terms for a bailout from Europe as initial tallies showed the 'No' camp leading with results still being counted.Le Pen, the leader of the anti-immigration, anti-euro National Front party, said in a statement that the anticipated result was a victory against "the oligarchy of the European Union"."This 'No' from the Greek people must pave the way for a healthy new approach," said Le Pen."European countries should take advantage of this event to gather around the negotiating table, take stock of the failure of the euro and austerity, and organize the dissolution of the single currency system, which is needed to get back to real growth, employment and debt reduction."Le Pen's star has been on the rise in France and in Europe in the past year since her National Front party performed well in European parliamentary and French regional elections. Surveys suggest she could make the second-round run-off in the 2017 presidential election, if not win outright.She has sought to capitalize on discontent over Socialist President Francois Hollande's handling of the economy and rising unemployment, and has made Europe's management of the Greek crisis a particular target for critique.Her party's platform supports the end of the common currency zone and a return to more national-based policies on everything from immigration to the economy.(Reporting by Leila Abboud; Editing by Digby Lidstone)
Greece says No to its creditors By Eric Maurice-JULY 5,15-EUOBSERVER
ATHENS, Today, 21:24-Around 60 percent of Greek voters said No Sunday (5 July) to the reforms asked by the country's international creditors, according to results after half of the vote were counted.The electoral map of Greece was uniformly orange, the colour of the Oxi (No) campaign, showing an homogeneous trend throughout the country.By voting No with a wider margin than the latest polls predicted, Greek voters defied EU warnings that a No would be considered a rejection of the euro and Europe."Today's No is a No to the eurozone vision as a great cage to its peoples. It is a yes to the eurozone as a land of prosperity for its people," finance minister Yanis Varoufakis said at a press conference.In his short campaign, Greek PM Alexis Tsipras presented the No vote as a positive act of dignity and democratic virtue.Tsipras' message chimed with the mood of many Greeks who felt that after five years of crisis and two bailouts, they had nothing to lose by rejecting the creditors' offer of new aid in exchange for further painful reforms.The strong No result is a major endorsement for Tsipras whose Syriza party was elected with just 36 percent of the vote in January's general election."The mandate of the people is clear. A new try begins for an agreement favorable to both sides, as equal partners and not as a debt colony," Tsipras' spokesman Gavriil Sakellaridis said on TV."The goverment can go now with a very strong card to continue negotiations" with Greece's creditors, labour minister Panos Skourletis told reporters.Greek chief negotiator with the EU Euclid Tsakalotos said the government would now talk with the creditors to try to find an agreement in the next 48 hours.Tsakalotos also said the government was "not discussing a parallel currency".
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