Monday, June 29, 2015

EuCo President Jean-Claude Juncker urges Greeks To Vote "Yes" In Bailout Referendum

European Commission President Jean-Claude Juncker urges Greeks to vote "yes" in Sunday's bailout referendum and against the recommendation of their government. Juncker said he felt personally betrayed and told Greeks a "no" vote would point to a euro exit.

German Chancellor Angela Merkel said she stood ready to restart talks with the government in Athens after a planned referendum on July 5, 2015. Merkel also criticised Greek Prime Minister Alexis Tsipras for failing to compromise with its euro zone partners. offer.

Greece's bailout expires on June 30, 2105 and an International Monetary Fund payment is due at the same time, Prime Minister Alexis Tsipras called on European officials to extend the program until a referendum on Sunday. The frantic efforts to secure Greece's place within the euro zone followed a dramatic weekend. Tsipras's decision to put the aid package to a popular vote took the lenders by surprise. Greece is at risk for defaulting on 1.6 billion euros ($1.77 billion) due to the IMF on Tuesday. Tsipras's Syriza political party is against austerity measures proposed by creditors and urged voters to say "No" in the referendum on bailout terms.

The referendum asks Greek voters to answer one question, "Should the proposal which was submitted by the European Commission, the European Central Bank and the International Monetary Fund at the Eurogroup of June 25, 2015 which consists of two parts that together consist of their comprehensive proposal be accepted? The government has urged Greeks to vote "no". The Economist Intelligence Unit predicted a no vote and put the odds of a "Grexit" at 60 percent.