Greferendum: Eurogroup shocked, bailout extension unlikely as Greek parliament


The Greek parliament is discussing the referendum law and voting is due for 21:00 GMT, 24 hours before markets open. Euro zone finance ministers gathered in Brussels express their worries about the dramatic referendum announcement, and they criticize the timing of the event now dubbed “Greferendum”. Also the head of the IMF Christine Lagarde says that “we will continue to work” but looks extremely serious according to reports.

Update: Report: ECB to end Greek ELA – Grexit chances are high

Chief Dijesselbloem said it is a sad day for Greece and that it closes doors.

I am very negatively surprised by today’s decision by the Greek government. They have apparently rejected the final proposals from the Institutions.

In Germany, members of both Merkel’s CDU party and the SPD coalition partner have also rejected the move with some saying that Tsipras “pulled the plug”.

Update: Eurogroup does not extend the bailout to Greece

Greek finance minister Yanis Varoufakis enters the meeting without speaking to the press.

Along with the announcement of a referendum on the proposals (that the government rejects), Greece has asked for an extension of a few days, until after the planned referendum for July 5th. Finance ministers are expected to leave the deadline unchanged.

What looks more likely is capital controls. So far, there are only few reports of queues outside ATMs. The Bank of Greece reports smooth replenishing of cash machines.

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Yohay Elam – Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I’ve accumulated. After taking a short course about forex. Like many forex traders, I’ve earned the significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I’ve worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.

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