Today’s Eurogroup has taken dramatic proportions since, according to foreign news agencies, Greece’s place in the Eurozone is now at stake. German newspaper Handelsblatt reported that the Finance Ministers will not accept the Greek bailout program extension. “While long queues have formed at ATMs and supermarkets across Greece, the Eurogroup does not wish to give Greece a new deadline,” noted the article.
Bloomberg stated that the Greek government’s decision to ask for a referendum may divide the people. “The hastily called vote poses significant logistical challenges that make it doubtful it could be held as early as next Sunday, experts said to Bloomberg.
If the Greek people decide against the measures then the European Central Bank (ECB) will be forced to withdraw its support to Greek banks. However, if they decide to vote for the measures then it would lead to snap elections, concluded the agency.
In a similar tone, CNN wrote that Greece is risking its future and participation in the European monetary union. “The Greek government has thrown out a bailout proposal from its international creditors, putting the country’s future in the euro on the line,” noted the article. “Unless Europe blinks in the coming days, the gambit almost certainly means Greece won’t make a 1.5 billion payment due to the IMF on Tuesday. It would then become the first developed economy to default on the IMF.”
“In a dramatic move that will put Europe on tenterhooks, Greek Prime Minister Alexis Tsipras told his fellow citizens last night he would call a referendum on the bailout accord that international creditors have proposed to keep the debt-stricken country afloat,” stated British newspaper The Guardian.
According to the Daily Mail, the Greek Prime Minister called for a referendum on the bailout terms, paving the way for a vote that will decide whether the crisis-stricken country will remain in the euro. The possible rejection of the creditors’ proposal may lead to the country’s exit from the Eurozone. “German Chancellor Angela Merkel has told Greece it must reach an agreement by tomorrow so it can be ratified by the Greek parliament before markets open on Monday morning,” otherwise the country may face bankruptcy, noted the agency on its website.
The Telegraph reported that Greeks are making long queues outside banks after the Prime Minister’s shocking announcement. “The referendum move is a risk strategy by Mr Tsipras. Four years ago, the country’s then Prime Minister, George Papandreou, was effectively ousted from office by his European paymasters for suggesting a popular vote on its rescue package in 2011,” wrote the online newspaper.
Social Democrat Sigmar Gabriel welcomed the Greek Prime Minister’s decision to hold a referendum, wrote German newspaper Die Welt, while in an opinion article entitled “How Alexis Tsipras can be conceived as a coward,” it noted that the Greek Prime Minister is passing the responsibility to the people, while also making his opinion clear.
German tabloid Bild noted that Tsipras is blackmailing Europe with the referendum. “If creditors do not give Greece any money until Tuesday, then the country will not be able to make its payments. At that point, the creditor’s will lose part of their loans.”
Finally, German magazine Der Spiegel noted that by calling for a referendum during the night, Tsipras caused the fear of Greeks, while in another article the magazine called Tsipras a gambler. “Surprising everyone, Alexis Tsipras called on the Greek people to decide whether the country should accept the creditor’s proposal on July 5,” it wrote.
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