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Greece debt crisis: 'Last-minute deal sought'
Queues continued to form outside banks in Greece on Tuesday
The Greek government is reportedly
planning to request a new two-year
bailout deal from the eurozone.
Greek debt crisis
Greece in crisis: What
next?
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Page 1 of 14Greece debt crisis: 'Last-minute deal sought' - BBC
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6/30/2015http://www.bbc.com/news/world-europe-33325886
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It comes just hours ahead of a deadline
to repay 1.6bn (1.1bn) to the
International Monetary Fund (IMF).
Reports of the move to call for aid from
the European Stability Mechanism
(ESM) emerged as Greek leaders held
talks over the European Commission's
latest proposal for economic reforms.
If Athens accepts the EC deal, it will free up cash to repay
the
1.6bn.
Amid fears of a Greek default on its huge public debt of
323bn
- and a possible exit from the euro - long queues of people
are
continuing to snake from many cash machines in Greece, where
withdrawals are capped at just 60 a day.
Greek deputy foreign minister Euclid Tsakalotos told the BBC's
Katya Adler he
believed a solution could be found
Greek banks were shut this week after talks between Greece
and its creditors broke down.
However, up to 1,000 bank branches will re-open from
Wednesday to allow pensioners - many of whom do not use
bank cards - to withdraw up to 120.
What Greeks really
think about the crisis
Greek debt crisis:
Why a bailout
referendum?
Is Greece's exit from
the euro inevitable?
Page 2 of 14Greece debt crisis: 'Last-minute deal sought' - BBC
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6/30/2015http://www.bbc.com/news/world-europe-33325886
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A European Commission spokesman said the commission's
president, Jean-Claude Juncker, was called by Greek Prime
Minister Alexis Tsipras on Monday night.
The European Commission says the deal offered by Mr Juncker
on Monday was identical to one made on Friday.
However, reports in Greece say the new offer is different to
Friday's, and includes a change in terms to Ekas - a top-up
given to poorer Greek pensioners. Athens does not want it
scrapped before 2020, but Europe wants it phased out
earlier.
The ESM, subject of the latest Greek proposal, provides
financial assistance to eurozone members in order to keep
the
euro stable. It did not exist when Greece was bailed out in
2010
and 2012.
Resignation hint
A referendum is due to take place in Greece on Sunday over
whether the country should accept the creditors' proposals.
EU leaders have warned that a rejection of the proposals
would
mean Greece leaving the eurozone - though Mr Tsipras says he
does not want this to happen.
The EC says that if funds were to be released, Mr Tsipras
and
his party must back the "yes" vote in the referendum.
What will happen next?
01:00 Greek time Wednesday (22:00 GMT): Greece's 1.6bn
repayment to the IMF is due.
5 July - the referendum on creditors' proposals, and many
say
Greece's membership of the eurozone, takes place
20 July - Greece must redeem 3.46bn of bonds held by the
European Central Bank. If it fails to do so, the ECB can cut
off
Greece's access to emergency loans.
Page 3 of 14Greece debt crisis: 'Last-minute deal sought' - BBC
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6/30/2015http://www.bbc.com/news/world-europe-33325886
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Speaking live on state TV on Monday evening, Mr Tsipras
appealed to Greeks to reject the creditors' proposals, saying
this
would give Greece "more powerful weapons" to take to the
negotiating table.
Mr Tsipras also hinted strongly that he would resign if the
result
of the referendum was a "yes" vote.
"If the Greek people want to proceed with austerity plans in
perpetuity, which will leave us unable to lift our head... we
will
respect it, but we will not be the ones to carry it out," he
said.
Page 4 of 14Greece debt crisis: 'Last-minute deal sought' - BBC
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6/30/2015http://www.bbc.com/news/world-europe-33325886
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Marusa, attending a No rally on Monday, says: "I believe in
Tsipras and I'm not
worried"
Some eurozone leaders, including the Italian prime minister
and
French president, voiced their concern on Monday that Greek
voters would effectively be deciding next Sunday whether or
not
they wanted to stay in the eurozone.
Meanwhile, European Commission President Jean-Claude
Juncker said he felt betrayed by the Tsipras-led government
and
called on Greek voters to oppose him.
The ECB is believed to have disbursed virtually all of its
emergency funds for Greece, amounting to 89bn (63bn).
Days of turmoil
Queues were forming in front of some ATMs in Athens - but
customers will only
be allowed to take out 60 per day
Friday evening: Greek prime minister calls referendum on
terms of new bailout deal, asks for extension of existing
bailout
Page 5 of 14Greece debt crisis: 'Last-minute deal sought' - BBC
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6/30/2015http://www.bbc.com/news/world-europe-33325886
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Saturday afternoon: Eurozone finance ministers refuse to
extend existing bailout beyond Tuesday
Saturday evening: Greek parliament backs referendum for 5
July
Sunday afternoon: ECB says it is not increasing emergency
assistance to Greece
Sunday evening: Greek government says banks to be closed
for the week and cash withdrawals restricted to 60
Is Grexit nearer?
Katya Adler: A European divide
Existential threat to euro from Greek exit
A guide to the key numbers and issues
Lenders' proposals - key sticking points
VAT (sales tax): A new system to come in from 1 July, with
three rates, aimed at boosting annual revenue by 1% of total
output (GDP)
Most goods to be taxed at top rate of 23%, including
restaurants and catering and processed foods
Reduced rate of 13% for basic food, electricity, hotels and
water
Super-reduced rate of 6% for medicines, books and theatre
End exemptions and eliminate VAT discounts for Greek
islands
Create strong disincentives to early retirement
Move retirement age up to 67 by 2022
Page 6 of 14Greece debt crisis: 'Last-minute deal sought' - BBC
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6/30/2015http://www.bbc.com/news/world-europe-33325886
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End Ekas "solidarity" top-up grant that some 200,000 poorer
pensioners get - immediate EKAS cut for wealthiest 20% of
recipients, and cut completely by 2020
Pensioners' healthcare contributions to rise to 6%, from 4%
Source: European Commission document, 26 Jun 15 (pdf)
Greek debt jargon explained
Are you in Greece? What are your concerns? Do you have
friends and family in the country who may be affected?
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Page 7 of 14Greece debt crisis: 'Last-minute deal sought' - BBC
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6/30/2015http://www.bbc.com/news/world-europe-33325886
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Page 8 of 14Greece debt crisis: 'Last-minute deal sought' - BBC
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6/30/2015http://www.bbc.com/news/world-europe-33325886
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Greece in crisis: What next?
2 hours ago
What Greeks really think about the
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29 June 2015
Greek debt crisis: Why a bailout
referendum?
3 hours ago
Is Greece's exit from the euro
inevitable?
29 June 2015
Full coverage Existential threat to euro from Greek
exit
29 June 2015
The Greek referendum question
makes (almost) no sense
29 June 2015
Greece on the brink
28 June 2015
How did Greece get in this mess?
22 June 2015
Why should I care about Greece?
28 June 2015
Greek islands' tourism fears
27 June 2015
'I heard rumours so I'm getting
cash'
27 June 2015
All Greek to you? Debt jargon
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11 minutes ago
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29 June 2015
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Page 10 of 14Greece debt crisis: 'Last-minute deal sought' - BBC
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6/30/2015http://www.bbc.com/news/world-europe-33325886
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Greece 'seeks last-minute debt
deal'The Greek government is reportedly
planning to request a new two-year
bailout deal from the eurozone - just
hours ahead of a deadline to repay a
1.6bn loan to the IMF.
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Page 14 of 14Greece debt crisis: 'Last-minute deal sought' - BBC
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6/30/2015http://www.bbc.com/news/world-europe-33325886