Tsipras announces referendum on lenders’ proposals / Eurogroup, Brussels, 27 June 2015

Series Title
Series Details 27.06.15
Publication Date 27/06/2015
Content Type

Greece's Prime Minister Alexis Tsipras announced on the 27 June 2015 that his government would hold a referendum on whether Greece should accept the proposals put forward by international creditors in the Troika.

Mr Tsipras made it clear that he was against accepting the terms offered by creditors but said that he would accept the outcome of any vote.

The prime minister said he would go to Parliament later on the 27 June 2015 to get approval from MPs to hold the referendum on the 5 July 2015 [The Greek Parliament approved the referendum proposal on the 28 June 2015].

Eurozone Finance Ministers met in a Eurogroup meeting in Brusels on the 27 June 2015. In a statement issued after the first part of the meeting, 18 Eurogroup members regretted that the proposal by the institutions had been rejected by the Greek authorities unilaterally.

In the statement issued following the discussion, ministers concluded that the euro area intended to make full use of all the instruments available to preserve the integrity and stability of the eurozone. These instruments would complement any actions that the European Central Bank might decide to take.

The current financial assistance arrangement with Greece would expire on 30 June 2015 (the Eurogroup rejected a Greek request for a one-month extension). All other arrangements related to Greece's current programme, including transfer by euro area member states of securities markets programme (SMP) and agreement on net financial assets (ANFA) profits would expire on the same date.

Eurogroup President Jeroen Dijsselbloem called the referendum plan 'a sad decision for Greece'.

The European Central Bank (ECB) issued a statement on the 28 June 2015 saying 'Following the decision by the Greek authorities to hold a referendum and the non-prolongation of the EU adjustment programme for Greece, the Governing Council declared it will work closely with the Bank of Greece to maintain financial stability.

Given the current circumstances, the Governing Council decided to maintain the ceiling to the provision of emergency liquidity assistance (ELA) to Greek banks at the level decided on Friday (26 June 2015)'.

For the next developments see this ESO record 'Closed banks and capital controls until referendum'.

Source Link http://www.ekathimerini.com/4dcgi/_w_articles_wsite1_1_27/06/2015_551569
Related Links
BBC News, 27.06.15: Greece debt crisis: Tsipras announces bailout referendum http://www.bbc.co.uk/news/world-europe-33296839
Politico, 27.06.15: Greek PM calls referendum on bailout plan http://www.politico.eu/article/greek-pm-calls-referendum-on-bailout-plan/
ESO: Background information: The Greek debt crisis: Key sources http://www.europeansources.info/record/the-greek-debt-crisis-key-sources/
ESO: Background information: Another Eurogroup meeting on Greece ends in frustration http://www.europeansources.info/record/another-eurogroup-meeting-on-greece-ends-in-frustration/
EurActiv, 26.06.15: Tsipras calls Merkel and Hollande’s offer ‘blackmail' http://www.euractiv.com/sections/euro-finance/tsipras-calls-merkel-and-hollandes-offer-blackmail-315795
Eurogroup: Meeting, 27.06.15 http://www.consilium.europa.eu/en/meetings/eurogroup/2015/06/27/
Deutsche Welle, 27.06.15: Eurozone finance ministers refuse to extend bailout program for Greece http://dw.com/p/1FoQ4
BBC News, 28.06.15: Greece debt crisis: Eurozone refuses bailout extension http://www.bbc.co.uk/news/world-europe-33300543
BBC News, 27.06.15: Greek debt crisis: ECB faces monumental decisions http://www.bbc.co.uk/news/business-33297621
Politico, 28.06.15: Greece heads toward euro exit http://www.politico.eu/article/greece-euro-exit-grexit-greferendum-bailout-debt-creditors-eurogroup/
Politico, 27.06.15: Behind Tsipras’s Grexit strategy http://www.politico.eu/article/will-grexit-happen-tsipras-varoufakis-graccident-athens-euro-eu/
EurActiv, 27.06.15: [Opinion]: A desperate Greek referendum with an unclear question but dire consequences http://www.euractiv.com/sections/euro-finance/greece-desperate-referendum-unclear-question-dire-consequences-315804
EurActiv, 27.06.15: Eurogroup continues talks on Greek 'Plan B' without Varoufakis http://www.euractiv.com/sections/euro-finance/eurogroup-continues-talks-greek-plan-b-without-varoufakis-315801
EUObserver, 27.06.15: All eyes on ECB amid fear of bank run in Greece https://euobserver.com/economic/129343
Kathimerini, 27.06.15: Eurozone meets without Greece to assess stability http://www.ekathimerini.com/4dcgi/_w_articles_wsite1_1_27/06/2015_551594
BBC News, 28.06.15: ECB to turn off emergency help for Greek banks http://www.bbc.co.uk/news/business-33303304
Kathimerini, 28.06.15: France's Valls says ECB should not cut support for Greek banks http://www.ekathimerini.com/4dcgi/_w_articles_wsite2_1_28/06/2015_551608
Politico, 28.06.15: ECB doesn’t cut off Greek banks, for today http://www.politico.eu/article/ecb-emergency-liquidity-greece-bank-holiday-capital-control-grexit-crisis/
ECB: Press Release, 28.06.15: ELA to Greek banks maintained at its current level https://www.ecb.europa.eu/press/pr/date/2015/html/pr150628.en.html
BBC News, 28.06.15: Greek debt: ECB 'to maintain funding limit' http://www.bbc.co.uk/news/world-europe-33304674
Deutsche Welle, 28.06.15: ECB maintains emergency credit for Greek banks http://dw.com/p/1Fod9
European Commission: DG Communication: RAPID: Press Release, IP/15/5270 (28.06.15): Information from the European Commission on the latest draft proposals in the context of negotiations with Greece http://europa.eu/rapid/press-release_IP-15-5270_en.htm
EurActiv, 29.06.15: Commission publishes offer to Greece, Juncker to speak out http://www.euractiv.com/sections/euro-finance/commission-publishes-offer-greece-juncker-speak-out-315818
EUObserver, 28.06.15: Tsipras announces capital controls for Greece https://euobserver.com/news/129352
Politico, 29.06.15: The Greek choice: Change government or currency http://www.politico.eu/article/greek-choice-will-grexit-happen-tsipras-capital-controls-ecb-ela/
IMF: Press Release, 28.06.15: Statement by IMF Managing Director Christine Lagarde on Greece http://www.imf.org/external/np/sec/pr/2015/pr15302.htm
The Guardian, 28.06.15: [Editorial]: Greece and the euro: no money left http://www.theguardian.com/world/2015/jun/28/the-guardian-view-on-greece-and-the-euro-no-money-left
The Conversation, 28.06.15: Euro nightmare unfolds: queues at banks in Greece as capital controls follow ECB funding cap http://theconversation.com/euro-nightmare-unfolds-queues-at-banks-in-greece-as-capital-controls-follow-ecb-funding-cap-43984
Blog: Open Europe, 27.06.15: What will shock Greek referendum mean for the Eurozone and Greece? http://openeurope.org.uk/blog/what-will-shock-greek-referendum-mean-for-the-eurozone-and-greece/

Subject Categories
Countries / Regions ,