LIVE: The day after the ‘no’ from the Greeks – Varoufakis resigned – nrc.nl
Updates by Sjoerd Klumpenaar
We close the live blog
The eyes of the world are focused on tomorrow Brussels, where the finance ministers and the Government of the Eurozone come together. The situation seems to be tougher day by day for the Greeks. Tomorrow will be more clarity expected on whether the rescue package or Grexit going to be. The main events for today:
Yanis Varoufakis morning boarded the Greek finance minister. The new minister called Euclid Tsakalotos, and was sworn in tonight. According Varoufakis his position was no longer tenable because his presence would not have a good effect on a deal.
The French President Hollande and German Chancellor Merkel met in Paris. After that meeting Hollande said in a press conference that the door for Greece was still ajar. Merkel added that there is a concrete proposal was expected, which should be discussed this week.
The European Central Bank turned the thumbscrews with the Greeks even further. In a press release made the bank announced that the Greek collateral, which determines how much emergency aid can get the country’s further downgraded
Premier Rutte spoke at a slotted parliamentary debate yesterday evening mince words:. As the Greeks with a “trashy proposal ‘arrive, negotiations are soon over.
Tsipras phoned Draghi on Greek banks
The Greek Prime Tsipras has held tonight a telephone conversation with ECB President Mario Draghi. This was reported by Reuters on the authority of a government spokesman. The Greek prime minister had spoken with Draghi about the impending liquidity problems in the Greek banks. He also would have been addressed under Draghi that the capital constraints in Greece should be lifted as soon as possible.
Lagarde: IMF does not pay if countries still have debts to us
IMF chief Christine Lagarde in an interview with Greek Prime Minister Tsipras let another know that the IMF has no money For countries that have missed payments to the fund. That says an IMF representative to Reuters.
Dijsselbloem: devaluation solve anything
According to Minister dijsselbloem solves a devaluation for the Greeks nothing. He did not be solved with a devaluation. The concrurentiepositie perhaps even improved during the debate on the Greek issue.
“The structural problems. But where is the competition? Who wants to invest when the legal system are so many fail? There is so much uncertainty for investors or fair opportunities to compete real. That they do not run into oligarchs, friends of the government. That requires reform program and also here again : those problems, we need to fundamentally tackle a Marshall Plan does not solve that “
Rutte: Athens should not come with trashy story
During the parliamentary debate on the Greek issue, Prime Minister Rutte expressed their firm. He said that if Tsipras with a trashy story comes to Brussels, the calls are fast. According Rutte euro countries are not willing to throw overboard all the arrangements because the Greek people yesterday ‘no’ voted in the referendum.
“We do not. The eurozone exists because of strict agreements. If Greece there is not prepared, then indeed it stops. I do not know how you still have to come out. We want to keep any land there, but it must be prepared to take tough measures. “
The Greek crisis explained by Grease and kattengifs
The developments surrounding Greece go on, the country has itself financially quite recent years in the worked nests. How did that happen? For a summary of the Greek problem, you can now choose from:
The cast of the hit musical Grease
… and kattengifjes of the Belgian site Sambal.be
Updates by Laura Klompenhouwer
facto bankrupt
According to NRC economics editor Mark Beunderman, the decision of the ECB involve Greek banks properly in trouble.
“Technically late ECB thus know that the value of the Greek collateral further went down. The collateral is required to be able to get emergency assistance. With how much it has declined in value, remains to be seen – no figures are mentioned. The Greek debt as collateral consists of Greek government bonds and bank bonds guaranteed by the Greek state. The Greek state is de facto bankrupt. So for Greek banks it means that they get the same amount of collateral less emergency aid. That Greek banks may thus bring in big trouble. “
Consequences ECB decision
The recent decision of the ECB contains two key points:
– the liquidity support to Greek banks (ELA) is maintained at the level of 26 June This may have the effect of the commercial banks will soon no more have enough money. With the so-called ELA were Greek banks with the national central bank go for money, because if they pledge to return. This operation is the risk of the Bank of Greece, not for the ECB wrote economics editor Maarten Schinkel last week. Frankfurt, however, is ultimately indeed risk if Greece should exit the euro. Therefore, the ECB, the Greek central bank will always give permission to proceed with ELA, and to increment. The decisions on these matters be made based on an assessment of the solvency of Greek banks and the quality of the collateral they give.
– The reduction in the value of Greek collateral is adjusted. The collateral consists of Greek government bonds. Because the quality drops it, the ECB applies now a discount ((a haircut) to it. For a state loan with a nominal value of 100 will get, as Greek bank at a discount of 48 percent, but 52 euros in cash of the central bank. If the Greek state goes bankrupt direction that government bonds are worth less, and the haircut to be even bigger.
No additional liquidity support
The European Central Bank Greece provides no additional liquidity help in the form of Emergency Liquidity Assistance (ELA) That means via Greek. central bank no new money for Greek commercial banks becomes available.
Economic History write “
Almost simultaneously with Merkel and Hollande also gave the brand new Finance Minister Tsakalotos a news conference. He described the outcome of the referendum (61% no to the proposals of the lenders) yesterday as economic history, the Greek newspaper Kathimerini on Twitter.
Tsakalotos praised his predecessor Varoufakis. Thanks to him, the “whole world” is now on the need for a workable solution for Greece. An honest footnote:
Press conference Merkel and Hollande
Following Minister Dijsselbloem Hollande has said that the door is still open for Greece. During the Euro area summit will consider what the views are of the morning last Greek proposals, he said during a news conference with Chancellor Merkel.
She said it is now up to Tsipras to come up with plans on how to proceed. The proposals to be discussed this week. The leaders said they respect the ‘no’ of the Greek people during the referendum
Journalists have the following comments about the press conference.
Rather no vacation in Greece
The number of holidays in Greece Germans book last week seems to have fallen compared to the same week last year. Mathieu von Rohr Der Spiegel
The program
In addition to a joint statement from Merkel and Hollande is also waiting for a statement from the European Central Bank.
‘European challenge
The White House know that it is up to Greece and its creditors to find a solution to the crisis, and Reuters describes the situation as “a European challenge to solve.”
Tsakalotos sworn
Euclid Tsakalotos has just been sworn in as the new Minister of Finance of Greece. He succeeds Varoufakis, which was not good at negotiating troika.
In Focus
German Chancellor Merkel has arrived at the Elysee Palace in Paris for a meeting and dinner with French President Hollande. The leaders are expected later tonight with a joint statement, which should serve as a guide during the slotted Euro area summit which takes place tomorrow in Brussels. German Chancellor Angela Merkel has arrived at the Elysee Palace for talks with French President Francois Hollande about the Greek crisis. The French (Socialist) has behaved in recent months conciliatory toward the Greeks German
We made a series of photographs of the reception at the Elysee Palace in Paris.
Merkel, here in Berlin. Photo Reuters / Fabrizio Bensch
AFP Photo / Bertrand Guay
Hollande Merkel receives a call and a dinner at the Elysee Palace. Photo Reuters / Philippe Wojazer
Photo Reuters / Philippe Wojazer
Netherlands is still open for Greek
The government remains open to cooperation with Greece. The Greek government has to take responsibility to get the public finances in order. That Finance Minister Jeroen Dijsselbloem today written a letter to the Dutch deployment in tomorrow’s “Euro area summit.
” The commitment of the government has been and continues to credible solution to come for both Greece and the Eurozone as a whole. Netherlands therefore remains open for cooperation with Greece, also in the interest of the Greek people themselves. “
Banks remain close
The banks in Greece remain closed tomorrow and Wednesday. The maximum amount that can be pinned maintained at 60 euros. That the Banking Association published in Greece (source: Reuters)
It is confirmed Tsakalotos follows Varoufakis
Euclid Tsakalotos is the new Minister of Finance. Has announced that the Greek president’s office, reports Reuters. He succeeds Varoufakis.
Unity Greek opposition and government
Leaders of the Greek opposition and ruling parties have just made a joint statement. They support new efforts to reach a deal with creditors. They want the liquidity of banks with immediate effect is restored. A new aid package must also be about the sustainability of Greek debt, ie restructuring of Greek debt should be discussed as an option. (Information based on Reuters)
Digging into treaties
While Greek parties of left and right allegedly trying to arrive at a proposal which creditors can not refuse, lawyers from the European Union would wade through the European treaties to find clauses that allow #Grexit. The latter says Peter Spiegel of the Financial Times . Mirrors according to sources, it is not intended to force a #Grexit, but to a “legal limbo” in which financial aid is no longer possible to avoid.
Lagarde reacts
Christine Lagarde, managing director of the International Monetary Fund (IMF), has just also responded to the full-throated Greek ‘no’.
“The IMF has taken note of the referendum yesterday held in Greece. We survey the situation closely and stand ready to assist Greece, if there a request to be made. “
According to some, that reaction a little predictable
Tsakalotos
Whether the proposed new finance minister Euclid Tsakalotos (successor of the morning and stepped up in Brussels discredited Varoufakis) creditors is favorably disposed, wait is. He had to check out of the referendum Chief Negotiator for the Greeks. BBC journalist Andrew Neil writes the following about him:
In two recent pieces have its position clear below:
‘OV Athens free
Public transport in Athens is also free this week, reports the newspaper Kathimerini . Buses, metro and tram are in any case until July 10 freely accessible, so announced the Minister for Transport Christos Spritzis. The measure was last week introduced to prevent the population could still traveling despite the adjusted capital controls.
Draghi and Dijsselbloem invited to EU summit
Donald Tusk, President of the European Council, ECB President Draghi and Eurogroup chairman Dijsselbloem invited tomorrow in Brussels to attend the summit of leaders from the euro countries
Notable absentee in the list invitees:.. the International Monetary Fund, one third of the troika in Greece negotiated reforms and spending cuts in return for new aid
I would like to invite you to an informal meeting of the heads of state or government of the euro area and the President of the Commission on Tuesday 7 July 2015 at 18:00.
Following the referendum in Greece, I believethat we shouldering meet urgently at the highest political level to Discuss the situation and possible ways forward.
I have ook invited the President of the European Central Bank and the President of the Eurogroup to join us.
Greek parties seek rapprochement
The new leader of the small pro-European party To Potami, Stavros Theodorakis, has called for unity in Greece. He said that negotiations with international creditors also have to deal with debt. Economics Editor at Sky News and columnist Ed Conway writes that there are rumors that there may be a unity government is formed.
Banks remain close
The banks in Greece remain closed at least a few more days, the English-language Greek newspaper reports Kathimerini . Greeks may since last Monday to a maximum of 60 euros per day to withdraw cash at ATMs. For several days, there is news that the cash runs out at the banks.
Greek parties explanation
Five different Greek parties, including ruling party Syriza, come as a joint statement, report several analysts
Humanitarian Assistance
Government of the Eurozone tomorrow bow at a summit in Brussels, including on whether Greece Humanitarian needs and gets. “The people there need help, we can not refuse, just because we are not happy with the outcome of the referendum,” as the German Vice Chancellor Sigmar Gabriel said today according to news agency AFP.
” We should Greece not let you down. All European countries must be willing to provide humanitarian aid. I suppose this morning will be discussed in Brussels. “
Maintenance mega euro
The timing is somewhat interesting, but it is really so: the large euro sign at the former headquarters of the European Central Bank (ECB) in Frankfurt is being dismantled today. For maintenance, not for good, though. It is the first overhaul of the blue and yellow work since 2001 was completed by artist Ottmar Hörl
AP Photo / Michael Probst
Photos EPA / Frank Rumpenhorst / Dpa
EPA Photo / Frank Rumpenhorst / Dpa
Photo Reuters / Ralph Orlowski
Reuters Photo / Ralph Orlowski
parliamentary debate on Greece
The House debate tonight on the situation in Greece. Political reporter at BNR Jaap Jansen reported that the Parliamentary Committee for Finance comes back from recess for a general consultation.
Tomorrow a proposal
The Greek Prime Minister Alexis Tsipras, in a telephone conversation with German Chancellor Angela Merkel promised tomorrow the euro group to present a new proposal. Furthermore, there is nothing known about the conversation, writes Reuters.
Varoufakis hopes it will Tsakalotos
Euclid Tsakalotos be officially presented as the new Greek finance minister, but he already has the blessing of being stepped Yanis Varoufakis. That just said he hopes Tsakalotos succeeds him, writes Reuters.
Slovenia will not accept ‘experiments’
Slovenia, a member of the eurozone, Greece expects that tomorrow is a new proposal, but will not accept “experiments of the Greek government.” Says a statement from the government. We need a convincing plan for structural reforms in Greece.
Premier Miro Cerar tomorrow will be present at the meeting of the Eurogroup.
Putin expresses support for Greek population
Russian President Vladimir Putin in a telephone conversation with Greek Prime Minister Alexis Tsipras expressed his support for the Greek population with regard to the “challenges to come.” The Kremlin announced just according to news agency AFP. Tsipras and Putin would have been more about “various issues that relate to the development of cooperation between Russia and Greece.”
What airy between
The intended successor Varoufakis as Minister of Finance, in Rotterdam (yes) born Euclid Tsakalotos, once wrote a paper (pdf) on the Greek crisis … in Comic Sans, so loathed font.
Dijsselbloem: referendum has not made it easier
The Greek referendum not ensure that there will come a quicker solution to the debt crisis. That said Eurogroup president and also Finance Minister Jeroen Dijsselbloem in a statement from The Hague. According Dijsselbloem are still needed Greek reforms. Keep Greece in the eurozone, is still the aim, he said further.
Earlier today said SP leader Emile Roemer that he thought Dijsselbloem must resign as Eurogroup chairman. They will also discuss a possible new aid package last week where Tsipras asked. src=”http://www.nrc.nl/wp-content/uploads/2015/07/Par8216547.jpg” They will also discuss a possible new aid package last week where Tsipras asked.
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