Let’s put it to a vote. Tsipras announces referendum on creditors’ proposals

The vote to be put to the people can be summed up as…

1. accept the proposal made by creditors, which means the certain death of Greece as a sovereign state, but keep the euro or…
2. tell the Troika to bugger off, default, go through financial hell, but remain free and sovereign.

The Greek parliament will meet on Saturday and a referendum will be called as early as next week.

Via Zerohedge…

Greek PM Alexis Tsipras has announced a referendum in a televised speech to the nation after another day of fractious negotiations with creditors closed without a deal.

The dramatic move comes after Athens rejected a proposal from the troika aimed at delivering some €16 billion in aid to Greece as part of an extension of the country’s second bailout program.

Whether this is simply a last minute attempt to put pressure on EU finance ministers ahead of Saturday’s Eurogroup meeting remains to be seen, but one thing is for sure: Tsipras is playing a dangerous game with the ECB ahead of a difficult week that could very well see the imposition of capital controls.

EU finance ministers will convene in Brussels tomorrow and it appears as though Tsipras is set to turn the tables by threatening to effectively put euro membership to a popular vote.

• GREECE’S TSIPRAS SAYS CREDITORS POSED ULTIMATUM TO GOVT
• GREECE’S TSIPRAS SAYS CREDITORS PROPOSALS ARE AGAINST EU RULES
• TSIPRAS SAYS CREDITORS AIM TO HUMILIATE GREEK PEOPLE
• TSIPRAS SAYS WILL CALL REFERENDUM ON GREEK DEAL WITH CREDITORS
• TSIPRAS GREEK REFERENDUM WILL BE HELD ON JULY 5
• TSIPRAS SAYS HE NOTIFIED MERKEL, DRAGHI ON REFERENDUM PLAN
• TSIPRAS SAYS GREECE IS, AND WILL STAY PART OF EUROPE
• TSIPRAS SAYS GREECE NEEDS TO SEND DEMOCRATIC RESPONSE TO EU

Via Ekathimerini….

Tsipras made it clear that he is against accepting the terms offered by creditors but said that he would accept the outcome of any vote.

The prime minister said he would go to Parliament on Saturday to get approval from MPs to hold the referendum on Sunday, July 5.

“After five months of tough negotiations, our partners unfortunately resorted to a proposal-ultimatum to the Greek people,” Tsipras said. “I call on the Greek people to rule on the blackmailing ultimatum asking us to accept a strict and humiliating austerity without end and without prospect.”

The surprise development throws into turmoil planned talks Saturday among euro-area finance ministers on their latest proposal, which would unlock 15.5 billion euros and extend Greece’s program through November, in return for a commitment to pension cuts and higher taxes that Tsipras opposes.

Greek Prime Minister Alexis Tsipras spoke with European Central Bank chief Mario Draghi on Saturday, who showed “understanding and sensitivity” over a decision to hold a referendum on July 5, the government spokesman said.

Greek banks rely on emergency infusions from the European Central Bank to stay afloat and the liquidity lifeline has been reviewed frequently in recent weeks as Greek savers pulled out money on fears of capital controls.

“We are sure – which was proven also during the phone call – that Mr. Draghi has the best of intentions on the decision of the Greek government to hold a referendum,” Gabriel Sakellaridis told Greek television.

Greeece’s Deputy Prime Minister Yannis Dragasakis and Deputy Foreign Minister Euclid Tsakalotos will meet Saturday with European Central Bank President Mario Draghi, a government statement said. Tsipras spoke with Draghi on the phone before announcing his decision to hold a referendum to explain the government’s view, Tsakalotos said in a phone interview.

References:

http://www.ekathimerini.com/4dcgi/_w_articles_wsite1_1_27/06/2015_551569

http://www.zerohedge.com/news/2015-06-26/tsipras-announce-referendum-live-feed