Greece debt crisis: Eurozone refuses bailout extension

[Luiz 4,253]

A Eurogroup statement said Greece had broken off negotiations over a new bailout deal "unilaterally".

Late on Friday, Greek PM Alexis Tsipras called a surprise referendum for 5 July over the terms of any new deal.

Greece has to pay €1.6bn (£1.1bn) to the IMF on Tuesday. Without new funds, there are fears Greece may leave the euro and its economy may collapse.

Greek Finance Minister Yanis Varoufakis said Greece would still try to secure a bailout deal that could then be put to a referendum.

"In these crucial moments, the Greek government is fighting for there to be a last-minute deal by Tuesday," he said.

The Greek parliament is due to vote later on whether to ratify the referendum.

Eurogroup head Jeroen Dijsselbloem said it would be up to the European Central Bank (ECB) to decide whether to continue providing emergency liquidity funding to the Greek banking system.

In Greece, queues have formed outside banks amid concerns that the Greek central bank might start restricting withdrawals.

http://www.bbc.com/news/world-europe-33300543

[Angel Down 2,807]

I live in Greece and that's true

In Greece, queues have formed outside banks amid concerns that the Greek central bank might start restricting withdrawals.

I live in Greece and this is totally true. Today the queues outside banks were infinite and people have started buying great amounts of food from the supermarkets in case the worst happens. It's a nightmare and it scares me. 

[calmar 22,802]

I'm really glad I left Greece when I did. There were mass withdrawals during my last couple of days there, and I was near Syntagma Square when the first referendum was a few weeks ago and there were massive protests occurring. I hope everything resolves smoothly.

[Angel Down 2,807]

I'm really glad I left Greece when I did. There were mass withdrawals during my last couple of days there, and I was near Syntagma Square when the first referendum was a few weeks ago and there were massive protests occurring. I hope everything resolves smoothly.

Where did you migrate?

[Jester 6,388]

Greek leaders' behaviour is ridiculous.

The country is bankrupt and they act like it's a game and then they just walk out of negotiations?! And then?

[Curunir 7,510]

I live in Greece and that's true

I live in Greece and this is totally true. Today the queues outside banks were infinite and people have started buying a great deal of food from the supermarkets in case the worst happens. It's a nightmare and it scares me. 

holy sh*t that's scary 

hope everything gets better, stay strong 

[calmar 22,802]

Where did you migrate?

I was there for most of this month studying abroad. I didn't actually emigrate.

[Angel Down 2,807]

holy sh*t that's scary 

hope everything gets better, stay strong 

Thank you SO SO much!!! I hope everything just gets better.

[Melech 9,900]

I live in Greece and that's true

I live in Greece and this is totally true. Today the queues outside banks were infinite and people have started buying a great deal of food from the supermarkets in case the worst happens. It's a nightmare and it scares me. 

Oh God. As someone who lives in Germany, that's sounds so unbelievable. (I believe you of course). Stay strong. Let's hope Greece will find a way. Europe can't let a part of it die like that.

 

[Bloody 64,632]

Politicians in my country are such a mess.  Imagine that Greece invented democracy and look where is it now.  

[Supersonic 49,376]

I feel so sorry for all of those millions who now have to live with the consequences of a few rich people being a complete trainwreck

[Ivannn 1,150]

I am so sad because of this outcome. News in my country are reporting about end of Greek membership in eurozone and maybe EU. This referendum is the worse thing in this negotiatons and greek people must vote wisely. I would be sad if Greece is to leave eurozone because it would in one way kill part of united Europe dream.

[Luc 4,776]

Mixed feelings...

On the one hand, I really dislike Syriza. They call about democracy and solidarity all the time, but why should poorer countries like Estonia (Eurozone example) or Zimbabwe (IMF member) give money to Greece? That's not solidarity. It's one-way solidarity.

On the other hand it's bad for Greece (humanitarian crisis) and the rest of the world certainly won't get back their money.

I dislike the nationalist and conservative character of Syriza. Yes, they're Greens and I generally support Greens. But they keep talking about pride, patriotism and 'democracy' (but other countries' democracy doesn't matter - right? Because the money they lended doesn't have to be paid back if the Greek population decides so) and try to stir up some kind of dividedness in the EU by flirting with Putin, talking about Nazi-Germany refunds, etc.

All the uncertainty has basically ruined the whole economy and the Greek economy is now back at where it started. Had the old government stayed in place, there would be certainty, economic growth (highest in the Eurozone was predicted for 2015, but nothing of that growth is left), good diplomatic relations and the long-term problems would've been fixed.

In the end the Greek voter is to blame, because too many people let themselves get misleaded by politicians to vote for them - back in 2010 some people had pensions of over 40000 euro a year, starting from an age way below 60.

It would be stupid for the EU to keep Greece in it, considering they have already wasted 650 billion (including loans, infrastructure projects, ECB bank funds). And on the other hand it would be incredibly stupid of Greece to go out of the EU because the EU has invested 650 billion in Greece without getting anything back.

I agree with a referendum, I think. But only in this case. I think that the European leaders should change the package of reforms and cuts, though. Now it includes higher taxes on corporations, which should obviously be scrapped. 

[Stigma 205]

I'm really happy with the current development. The Greek crisis should be a very good lesson to all other populist, out of reality political parties all over Europe like Podemos in Spain for example. 

Also it is time to stop this historical injustice. Greece had received hundreds of billions of euros in the last 3 decades. Money that was spent not for improving the economy, assuring technological progress or such but everything was wasted on pensions, 13th, 14th and even 15th salary. Greek people don't pay taxes, there are always exceptions for them, something we can't say about all other eastern European members of the EU, they have ridiculous regulations with extremely strong unions and basically their economy is a total ****. (and I'm saying this as an economist).

To put it into perspective. In 2014 Greece exported goods for around 36bln. euros. Meanwhile Bulgaria who has 4 and a half times smaller economy, has exported goods for 28 bln. euros. It's so upsetting seeing so many european money wasted in Greece while other countries such as Bulgaria and Romania are left with leftovers...What is even more upsetting is that Bulgaria and Romania comply with the Maastricht economic criteria but apparently this doesn't mean anything for the European politicians.

Another example to see how bad and not fair the EU money distribution is... For the period 2014-2020, Bulgaria will receive 8 bln. euros in total!!!! FOR 7 FUC**** YEARS!!! Meanwhile Greece receives 1 bln. euros A DAY from the Central European Bank, the mechanism for support amounts 82 bln. euros and the european funds allocated for the period are more than 20 bln. euros..

 

Enough is enough , dear greek friends. It's time to pay the bill!!!!!!

[Economy 52,955]

Mixed feelings...

On the one hand, I really dislike Syriza. They call about democracy and solidarity all the time, but why should poorer countries like Estonia (Eurozone example) or Zimbabwe (IMF member) give money to Greece? That's not solidarity. It's one-way solidarity.

On the other hand it's bad for Greece (humanitarian crisis) and the rest of the world certainly won't get back their money.

I dislike the nationalist and conservative character of Syriza. Yes, they're Greens and I generally support Greens. But they keep talking about pride, patriotism and 'democracy' (but other countries' democracy doesn't matter - right? Because the money they lended doesn't have to be paid back if the Greek population decides so) and try to stir up some kind of dividedness in the EU by flirting with Putin, talking about Nazi-Germany refunds, etc.

All the uncertainty has basically ruined the whole economy and the Greek economy is now back at where it started. Had the old government stayed in place, there would be certainty, economic growth (highest in the Eurozone was predicted for 2015, but nothing of that growth is left), good diplomatic relations and the long-term problems would've been fixed.

In the end the Greek voter is to blame, because too many people let themselves get misleaded by politicians to vote for them - back in 2010 some people had pensions of over 40000 euro a year, starting from an age way below 60.

It would be stupid for the EU to keep Greece in it, considering they have already wasted 650 billion (including loans, infrastructure projects, ECB bank funds). And on the other hand it would be incredibly stupid of Greece to go out of the EU because the EU has invested 650 billion in Greece without getting anything back.

I agree with a referendum, I think. But only in this case. I think that the European leaders should change the package of reforms and cuts, though. Now it includes higher taxes on corporations, which should obviously be scrapped. 

i thought u liked higher corporate taxes tho

 

anyway yeah, they totally mispent their money. Corruption destroys economies big time