Tsipras’ Dramatic Call to Europe: “Restore the ELA to Greek Banks”

    Alexis Tsipras

    Greek Prime Minister Alexis Tsipras made a dramatic call to Europe to increase its Emergency Liquidity Assistance (ELA) to Greek Banks, in order for Greece not to turn to chaos.

    The European Central Bank (ECB) did not kept the financial lifeline for Greek banks unchanged on Sunday, thus not offering any more assistance to the crisis-hit country.

    “This decision [by Eurogroup] led today the ECB not to raise ELA for the Greek government and made the Bank of Greece ask for the activation of measures of bank holiday and restriction of bank withdrawals,” Mr Tsipras said in a statement that again called for an extension to Greece’s current bailout program.

    The Greek stock market will also remain closed on Monday as part of measures designed to prevent fresh panic.

    Greeks are racing to find functioning cash machines throughout the country faced with capital controls and an unknown future.

    Here’s the full statement of the Greek PM:

    Yesterday’s Eurogroup decision to not approve the Greek government’s request for a few days’ extension of the program to give the Greek people a chance to decide by referendum on the institutions’ ultimatum constitutes an unprecedented challenge to European affairs, an action that seeks to bar the right of a sovereign people to exercise their democratic prerogative.

    A high and sacred right: the expression of opinion.

    The Eurogroup’s decision prompted the ECB to not increase liquidity to Greek banks, and forced the Bank of Greece to recommend that banks remain closed, as well as restrictive measures on withdrawals.

    It is clear that the objective of the Eurogroup’s and ECB’s decisions is to attempt to blackmail the will of the Greek people and to hinder democratic processes, namely holding the referendum.

    They will not succeed.

    These decisions will only serve to bring about the very opposite result.
    They will further strengthen the resolve of the Greek people to reject the unacceptable memorandum proposals and the institutions’ ultimatums.

    One thing remains certain: the refusal of an extension of a few short days, and the attempt to cancel a purely democratic process is an insult and a great disgrace to Europe’s democratic traditions.

    For this reason, I sent a short extension request again today–this time to the President of the European Council and to the 18 Heads of State of the Eurozone, as well as to the heads of the ECB, the European Commission and the European Parliament.

    I am awaiting their immediate response to this fundamentally democratic request.

    They are the only ones who immediately can–even tonight–reverse the Eurogroup’s decision and enable the ECB to restore liquidity to the banks.

    What is needed in the coming days is composure and patience. The bank deposits in the Greek banks are entirely secure.

    This holds true for the payment of wages and pensions, as well. We will deal with any difficulties with calmness and determination.

    The more calmly we confront difficulties, the sooner we will overcome them and the milder their consequences will be.

    Today, we have the chance to prove to ourselves–and indeed, to the world–that justice can prevail.

    Once again, we have a historic opportunity to send a message of hope and dignity to Europe and the world.

    In these critical hours, as we face history together, we must remember that the only thing to fear is fear itself.

    We will not allow it to overcome us.

    We will succeed.

    The dignity of the Greek people in the face of blackmail and injustice will send a message of hope and pride to all of Europe.

    Alexis Tsipras

    Prime Minister of the Hellenic Republic


    1. I do start to believe to the speculations about Tsipras wanting to leave EU but advertising something else to get the votes. And in my opinion, he’s lacking experience to be at the highest rank position in Greece, with such a responsibility on his shoulders. He went from simply a deputy of parliament to Prime Minister and that’s a massive jump.
      Although, he is the only one who resisted bad deals to be imposed by the EU elites. So far, nobody else managed to handle this kind of pressure. A bad deal.. is a bad deal. Even if it doesn’t sound too bad to the rest of people who do not live in Greece, facing the outcome of austerity first hand, it is simply impossible to continue with such program. Troika didn’t let the country have any development at all. Austerity isn’t the solution. How people are supposed to pay all these taxes and all the money if they don’t have jobs anymore, if they can’t even survive to pay for it. They didn’t let the country breath…It’s a fact that Troika’s program didn’t work. In 5 years of this insane austerity program, the debt didn’t drop, instead it raised significantly. How is that a success? If it continues, in a few years there will be nothing left.
      There’s no democracy in EU. Let’s no kid ourselves. There are a couple elites that rule them all for their own personal benefit. They proved it last few days. They want to be the ones to take decisions for all the rest of us. They were the ones to extend the deadline further and further and when it came to referendum, it seems that they didn’t like the fact that people do have a say in democracy, people are liability, cannot be controlled, they’ll vote what they want to vote, therefore they halted the extensions to be able to take their own decision and they didn’t even have the courtesy to wait until the deadline (30 June) to kick Greece out from official meetings.
      That’s how Europe is “united”, helping each other. Literally raiding small/weaker countries, preventing any kind of development, any chance of survival, taking absolutely everything and let them die or hold them as slaves for eternity so they can get richer… only a few of them, not the majority, not even the countries they’re leading.

    2. What is hilarious is listening to a Marxist talk about democracy. Tsipras now realizes he is in a situation that he is way in over his head.

    3. This guy personifies the word “idiot”. He insults the lenders, whines, and cries, about the EU. IMF, and the ECB, and then he expects them to give him more money. There is obviously something mentally wrong with Tsipras.

      The Troika should just tell this clown to take a hike, cut off funding, and throw Greece not only out of the euro currency, but out of the EU. Tsipras does not have all his oars in the water.

    4. I believe there may be other implications for the Eurozone….France, Italy, Spain, Portugal…look at what’s happening to Greece very carefully! You might be looking into your own future!!!!!!

    5. “Yes and it would have been possible to hold the referendum any day during the last 5 months”

      it was delayed to allow people to get their $ out without telling them to do so explicitly. the ~ 50 bln in deposits pulled out the last 5 months thanks this tactic

    6. It is a shame because EU, and even Greeks that aren’t far left fanatics, put a lot of effort into this for nothing. Samaras in particular is a good man but he was treated poorly by both leftist Greeks and the EU (who wish they had him back now that they fully understand just how extreme to the left Tsipiras is)

      At this point, I can’t see how this can go on. Since leftist extremists are in control even if somehow there is an agreement it will only continue this unstable circus sideshow. Only if our leftists control the government and Greece crumbles around them will some of them finally understand they have been the chief problem with Greece all along.

    7. “Pasok or New Democracy reformed anything”

      This is a populist myth. No other country on earth downsized its government and made as many reforms in the last 5 years as Greece did under Samaras did. It’s not even close.

    8. “Never once did Europe insult Greece”

      Tsiprias is an idiot but i wouldn’t go that far as say no one in Europe insults Greece. A fair chunk of mainstream Europe has been demonizing Greeks for the last five years with negative stereotypes (see Financial Times in Uk or Bild in Germany). Then there are those that downplays Skopje’s sudden change into “ancient Macedonians” and irredentism to hide their mistake of calling them “Macedonians”. (effectively trying to delete the Greek people)

      To be sure, Greece holds the entire blame for its fiances but there is also a lot of very real racism being directed at Greeks these days too.

    9. What makes me sick to my stomach is Greece is headed for another depression and further decline…but our leftists will keep voting for their Marxist leader. The reason why communists stayed in power for so long even though it has been proven to be an economically inefficient and oppressive system over and over again is because leftists confuse speeches with action. (why the poverty stricken Cuban and North Korean government still have communists in power even after half of century of living in poverty)

    10. Viper if you owned businesses that dealt in international trade for fourty years you would not be saying what you are saying, the best option for Greece would be out of the Euro.
      Firstly Tsipras may be a socialist and socialism is completely flawed in my opinion because it is a dictatorial system, taking by force and compulsion and distributing without legitimate merit.
      Free enterprise or capitalism as it is called on the other hand, relies on a willing buyer to gain the benefit of a product or service from a willing seller that they both agree on as the value for the exchange, this is always the best transaction in the World.
      There is no Government in the World unfortunately that operates on a free enterprise system otherwise all the working people in the world would be there.