Greek Referendum - State of Play

TSIPRAS GREEK REFERENDUM WILL BE HELD ON JULY 5

TSIPRAS SAYS HE NOTIFIED MERKEL, DRAGHI ON REFERENDUM PLAN

TSIPRAS SAYS GREECE IS, AND WILL STAY PART OF EUROPE

TSIPRAS SAYS GREECE NEEDS TO SEND DEMOCRATIC RESPONSE TO EU

The IMF declined to comment on the Greek announcement or whether the fund had been notified about it.

The ECB declined to comment on the referendum plan ahead of Saturday’s eurogroup meeting.

So what happens to the €1.5bn repayment to the International Monetary Fund falling due on Tuesday and the fact the plebiscite will not be held for more than a week.

I suppose the question now, is will the unelected bankers allow Greece the leeway to hold the referendum.

Update 1

How Greece’s Bailout Referendum Will Be Held: The Process -

The referendum is proposed by the cabinet and takes the form of a question, the answer to which would be affirmative, negative, or in a form that has been previously established by the Greek Parliament. The referendum can be either on “crucial national matters” or on a pre-existing law. In this case the proposed question does not concern a pre-existing law and is therefore considered a “crucial national matter”.

The Cabinet will submit the proposed referendum question to the Greek Parliament, which will have to ratify it or reject it. The Parliament will convene to decide on the proposed referendum on Saturday, June 27 at 12 p.m. Since the referendum is on a “crucial national matter” a parliamentary majority, thus 151 of the 300 parliament members, is required for its ratification.

Should the parliament ratify the referendum, the President of the Hellenic Republic, Prokopis Pavlopoulos, will then officially call for the referendum to take place on July 5.

Voter turnout has to reach at least 40% for a “crucial national matters” referendum result to be considered legitimate. -

 See more at: http://greece.greekreporter.com/2015/06/27/how-greece-bailout-referendum-will-be-held-the-process/#sthash.jzIY8JSg.dpuf

- See more at: http://greece.greekreporter.com/2015/06/27/how-greece-bailout-referendum-will-be-held-the-process/#sthash.jzIY8JSg.dpuf


Update 2 
"It's not a question of yes or no to the euro ... euro or drachma," Defence 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.

Update 3
Tsipras added that he will request for the bailout terms to be extended for a few days until the referendum to avoid the looming debt default. - will the banks/EU allow this latitude? 

Update 4

Germany's Gabriel open to Greek referendum with caveats
German Vice Chancellor Sigmar Gabriel said on Saturday that a proposal from the Greek government for a referendum on austerity demands should not be dismissed out of hand, though it was vital that voters had a clear deal on which to vote.

http://www.ekathimerini.com/4dcgi/_w_articles_wsite1_1_27/06/2015_551572?

Update 5

Jun 27, 4:35 AM EDT GREEKS TO VOTE ON 2 CREDITOR DOCUMENTS The Greek Parliament will open a debate at noon local time on whether or not to approve the government's planned referendum  The Parliament will vote on the referendum at about 7 p.m. It says the July 5 referendum announced by Prime Minister Alexis Tsipras late Friday will be on whether voters approve or reject the bailout proposal submitted by Greece's creditors Thursday.The proposal, according to Parliament's agenda, is made up of two documents: one called "Reforms for the completion of the Current Program and Beyond" and another called "Preliminary debt sustainability analysis." Update 6 FT's Brussels correspondent Peter Spiegel reports that two senior eurozone officials have confirmed that it is "highly unlikely" that the Eurogroup meeting this afternoon will extend Greece bailout beyond Tuesday. Update 7 Netherlands says no to giving Greece more time Dutch state secretary Eric Wiebes said before the start of a eurozone finance ministers' meeting: "I see no reason for delay. The positions are very clear. We have known the deadline for four months." Wiebes stressed that those involved in the talks must "consider a deadline as a deadline." Update 8 BERLIN—Germany’s second-ranking government official offered cautious support for a Greek referendum Saturday morning—on condition that the Athens government supported the bailout deal on offer. What the above means is you must do as you are told otherwise you will feel my Jackboot up your A... Update 9 Eurogroup head Jeroen Dijsselbloem said he is “negatively surprised” by the decision of Athens to call a referendum. Speaking as he arrived for the Eurozone Finance ministers meeting in Brussels he said that Greece has obviously rejected our proposal and are advising people to vote against it. It is a sad decision that has closed doors for further talks, he said. Update 10 Christian LagardeTogether with the other institutions, we've always shown flexibility in order to adjust to the new economic and political situation in Greece. The purpose of what we’re doing is to restore the stability of the economy in Greece, and restore its financial independence, as in Portugal and Ireland. And that is what we will continue to do. That is slightly more positive than Dijsselbloem statement, that the door is closed: Update 11 Schauble: Greece appear to have ended talks Germany’s finance minister, Wolfgang Schäuble, arrives, and tells a scrum of reporters that there appears to be no basis for further talks with Greece : GERMAN FINMIN SAYS GREECE HAS DECIDED TO END NEGOTIATIONS GERMAN FINMIN SAYS NO BASIS FOR FURTHER TALKS WITH GREECE However: GERMAN FINMIN SAYS YOU CAN NEVER RULE OUT SURPRISES WITH GREECE Update 12 Ireland’s Michael Noonan says he is “disappointed” that Greece appears to have unilaterally ended negotiations. He had hoped that finance ministers would have closed the gaps between the two competing proposals at today’s meeting. I don’t know what happens next week, it’s impossible to speculate. We’re entering totally uncharted waters, Noonan adds. Update 13 Yanis Varoufakis has told Reuters that he will ask fellow finance ministers for a bailout extension of “a few weeks” to accommodate the referendum. GREEK FINANCE MINISTER VAROUFAKIS TELLS REUTERS HE WILL ASK EUROGROUP FOR BAILOUT EXTENSION OF FEW WEEKS TO ACCOMMODATE REFERENDUM GREECE’S VAROUFAKIS SAYS GOVT COMMITTED TO IMPLEMENTING OUTCOME OF REFERENDUM AND REACHING QUICK DEAL WITH CREDITORS IN THE SPIRIT OF VOTE RESULT GREECE’S VAROUFAKIS SAYS JUNE 30 IMF PAYMENT DEPENDS ON FLEXIBILITY OF CREDITORS GREECE’S VAROUFAKIS SAYS WANTS EU TO RETURN 1.9 BLN EUROS OF PROFITS ON ECB HOLDINGS OF GREEK GOVT BONDS TO PAY IMF ON TUESDAY GREECE’S VAROUFAKIS SAYS BANKS MUST STAY OPEN DURING BAILOUT TRANSITION PERIOD, CENTRAL BANK ROLE IS TO ENSURE THIS Update 14 Greece's request has been turned down.  Press conference underway And we’re off. Dijsselbloem says that a statement is being issued shortly, from 18 ministers. Not supported by Greece. We will immediately have a second meeting after this press conference, to discuss consequences and to prepare for whatever is needed to preserve the stability of the eurozone. Dijsselbloem: Greek program will expire on Tuesday night Dijsselbloem says that talks were still continuing between Greece and the creditors last night, when the Greek delegation suddenly had to leave the room. The other 18 members of the eurogroup regret the fact that Greece has rejected these last proposals from the institutions, he continues. The proposals on the table had already offered the “maximum” flexibility possible, he continues. But the proposals weren’t concluded, they weren’t finished, but yet the Greek government has rejected them and put them to the Greek people. Given that situation, however regrettable, the Greek programme will expire on Tuesday night. It is not clear how the Greek government will survive without funding, Dijsselbloem adds. That is it for now

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