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Greek prime minister threatens to quit over No vote

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Greek prime minister Alexis Tsipras has called on voters to turn down creditors’ proposals in this Sunday’s debt crisis referendum.

According to BBC News,Tsipras has urged that a vote against the austerity demands would enable the embattled nation to secure a better deal. If Greek voters however accepted a deal he warned he would leave office.

Greece has until today when its bailout expires, to pay back a €1.6bn (£1.1bn) loan to crisis lender, the International Monetary Fund, otherwise it faces defaulting and the possibility of leaving the eurozone.

A week of crisis talks between the country’s creditors ended in a stalemate at the weekend. As a result Greek banks have shut up shop for the week.

Monday witnessed markets fall sharply on the back of the uncertainty. Speaking on state television Tsipras appealed to Greeks to throw out the creditors’ demands, saying this would give Greece “more powerful weapons” for the negotiations.

He added: “We ask you to reject it with all the might of your soul, with the greatest margin possible.

“If the Greek people want to proceed with austerity plans in perpetuity, which will leave us unable to lift our head…we will respect it, but we will not be the ones to carry it out.”

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Comments

There are 6 comments at the moment, we would love to hear your opinion too.

  1. If the Greeks don’t reject Tsipras they are mad. It is evident that the ECB, IMF and all Europe just have had enough of Syriza. They are just not to be dealt with. The road they are following will eventually lead to another Greek Junta. Better Tsipras is shown the door and a more centerist party takes over. It is likely that then the rest of Europe may well do business with this sort of regime.

    However I personally think they should be chucked out of the Monetary Union and the EU without further delay. They ( all parties and the people) have shown themselves to be totally fiscally irresponsible.

  2. He seems to have won the election on the strength of promises that he can’t deliver. Did this not occur to the Greek electorate? What’s the alternative, now, if they DON’T vote in the referendum to accept the austerity measures stipulated by the EU? There’ll be no more money and the country will be cast into a seriously bleak economic wilderness. Accepting the EU’s terms appears to be the lesser of two evils.

  3. But you still think that in principle the EU is great, Harry? Consider how badly mismanaged it’s been from the word go. Greece and probably a few other countries should never have been admitted in the first place. Greece fudged the data it submitted as part of its application for membership (some say that it simply lied), the EU didn’t bother to verify that data (no due diligence) because it just wanted to get on board as many countries as possible and, hey, we can iron out the wrinkles later, right now the top priority is to get the show on the road.

    Then it handed out billions of Euros left, right and centre as if it were Monopoly money (which is pretty much all it is), with no conditions, no collateral, no plan as to how defaults would be tackled (just lend ’em a few more billions). What are the prospects, realistically, of Greece ever managing to repay its debts totalling €350 billions? Zilch.

    I’ve no idea what countries like Ireland, Spain, Portugal and Italy still owe but I’d bet the sums are vast. And UK plc is paying billions to be just a partial member of this Disaster Club. Has our “say” in how the EU is managed made any positive difference? I suggest it has not. Are we getting value for money? I suggest not. Would we be better off managing our own ship without having to kow-tow to impositional edicts from Brussels? I suggest very much so. Would complete separation from the EU affect our ability to trade with European countries? Not significantly. There’d be a period of adjustment but things would soon settle down. And we wouldn’t be barred from adopting any rules or new initiatives devised in Brussels. The great thing would be that we could pick and choose, ignoring those we don’t consider would suit us. Surely that’s better than having everything rammed down our throat?

    Bring on the referendum.

  4. Well articulated comments Mr Stevens.

  5. Unfortunately unlike Cyprus Greece was not holding billions of Russians money (and some legitimate other foreigners accounts) that they could skim off a wedge to refinance the country

  6. Julian we of course will never agree. I am still (and always will be) a Europhile. Of course I agree that Greece with their Levantine outlook should never have been admitted. The problem is not that its mismanaged, but that a tighter fiscal union was never incepted from the start. With its own Central Bank and preferably German governance.

    Enlargement has a simple proposition. Western Europe isn’t breeding – so we need the Eastern Europeans to work, pay tax and fund our pensions. (As well as act as a Russian buffer). There have been demonstrable benefits. Wages and inflation have been under control. The unfettered power of the unions has been curtailed. All this would not have been possible without membership. If we leave we’ll be back to the Union hegemony of the 70’s with interminable strikes.

    But Europe isn’t all about money , as I have expounded before and on which even our Queen commented on her recent visit to the Bundesrepublik.

    We shall see what the Referendum brings, but as time passes I become ever more hopeful. The Prime Minister is for and I would guess some kind of lash up agreement will help him save face.

    It is high time that the Kippers began to realise that Britannia no longer rules the waves ( and will have trouble ruling a paddling pool). We are not a world power any longer; there are more Boy Scouts than soldiers in the UK. Like any business or entity we are better together than apart. Even the Romans knew this, that’s why one of their most important emblems was the Fasces (and that’s no shit!) Why do you think there are so many mergers recently? We have to compete with China and the US and tiddlers can’t do that.

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