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ECB keeps up limited cash supply to Greek banks

The European Central Bank (ECB) has kept up a limited supply of emergency cash for Greek banks. T...
Newstalk
Newstalk

08.06 2 Jul 2015


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ECB keeps up limited cash supp...

ECB keeps up limited cash supply to Greek banks

Newstalk
Newstalk

08.06 2 Jul 2015


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The European Central Bank (ECB) has kept up a limited supply of emergency cash for Greek banks.

That is despite the fact that European Union leaders have insisted there will be no more talks on a new bailout for Greece until after a crucial referendum on Sunday.

The Greek Finance Minister Yanis Varoufakis has publicly thanked the ECB and its president Mario Draghi for the cash lifeline. Varoufakis ha also said he will resign if there is  Yes cote in the referendum.

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Mr Varoufakis says it's self evident that the Syriza Government is not wanted by European leaders.

Speaking has been speaking to Bloomberg TV in Athens.

The Greek Prime Minister Alexis Tsipras is going ahead with a referendum on a bailout deal for his country, despite repeated calls not to.

Eurozone finance ministers have agreed to wait for the result of Greece's referendum before holding any more talks on the debt crisis.

There is also confusion about the stance Mr Tsipras is taking on the referendum - after he said he would agree to the bailout, but would still campaign for the Greek public to vote no.

'No means powerful pressure'

In a televised address to the nation, Mr Tsipras said a "no" vote would not push Greece out of the Eurozone, but rather win a better bailout deal.

"There are those who insist on linking the result of the referendum with the country's future in the Euro," he said.

"They even say I have a so-called secret plan to take the country out of the EU if the vote is "no". They are lying with the full knowledge of that fact."

"No means powerful pressure for a financial agreement that will give a solution to the debt...an agreement that is socially just."

Mr Tsipras said Europe must stop acting in an "undemocratic way" and sought to reassure Greeks that their bank deposits were safe.

The speech came after he wrote to creditors saying that Greece will accept terms by the European Commission on Sunday but with a number of amendments.

Greece wants to keep a reduced level of VAT for its islands, reduce the size of cuts to its military budget and delay the phasing out of a supplement for some retired people.

Mr Tsipras previously rejected conditions that the creditors wanted Greece to meet in exchange for further bailouts.

A poll on the upcoming Greek referendum had the yes side at 47% against 43% for no. The undecided's make up the remainder on the results, which were published last night.

George Katrougalos is the Greek minister for administrative reform. He told Newstalk Breakfast the referendum is likely to pass.


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