Greek Finance Giani Varoufakis threatened due to the exclusion from the euro with a legal action against his country’s EU institutions. “The EU treaties have no provision for an exit from the euro, and we refuse to accept this,” Varoufakis said the British newspaper “Daily Telegraph”. Greece affiliation is not negotiable. The government in Athens let advice currently and drag if necessary a court of the European Court against EU institutions concerned. The government will make use of all their rights, stressed Varoufakis.
On Monday had different leaders Greece made it clear that the planned referendum on the reform requirements on Sunday was a vote on the euro membership. “The question is whether the Greeks want to stay in the euro zone or not -. Or whether they want to take the risk of an exit”
Grexit would not juridically, but by constraints
On the other hand, no one has demonstrated a legal way to remove Greece against his will from the euro. Most scenarios of Grexit amount to a situation in which Greece decides to introduce its own money because it itself has no possibility to provide its banks with fresh money and to pay civil servants.
Given his lack of money, the state pensions, civil servants and soldiers can not can pay. You fall out as demand for additional services, the economy crashes. At the same time Greek government bonds, which have the banks as collateral for their emergency loans, worthless. The emergency loans for Greece banks – the ECB’s rules accordingly – not further extended. To keep at all a money supply in the country running, Greece could issue its own Notwährung in such a situation.
rescue package runs out
Greece is today the last day under the rescue: In the early hours of Wednesday the international aid program for the country runs out. The Greek government has announced yesterday not to pay an overdue repayment rate on Wednesday by 1.54 billion euros to the International Monetary Fund. “This eliminates any future payment by the IMF,” German Finance Minister Wolfgang Schaeuble said on Monday evening in the ARD “focal point”. The IMF in Washington declined to comment on the failure. Immediate consequences the IMF threaten Athens, however, not at first.
Greek Prime Minister Tsipras had yesterday described the evening in the Greek state television, the payment to the IMF will not take place if it is not still give an agreement with international creditors. At the same time he pointed vaguely to a resignation in the event that the Greeks vote in the referendum ‘yes’ to the reform proposals of the international donors. Including Merkel, Juncker and Renzi – – Yesterday some European politicians had tried the Greeks on a “Yes” einzuschwören the reform package of the funders. At the same time they tried to make clear to the Greeks, which means “no” also necessarily an exit from the euro. Angela Merkel assured that they would not be closed further negotiations if Athens after the referendum should ask: “. If someone wants to talk to us, we are always ready to speak”
Schäuble: negotiations start from the beginning
According to the statements of Finance Minister Schäuble would would negotiate but then “from scratch” to start, “because this program that we had, (Tuesday) ends tomorrow night , and also the foundation is then withdrawn “.
More closed on
In Greece banks and stock exchange remain until early next week. For retirees, however, Greece will open by Mittwochbis Friday, 1000 bank branches. Pensioners with no credit or debit card should be possible to come to their remuneration, the Treasury Department said on Tuesday in Athens. The majority of pensions in Greece shall be paid in cash. Banks on the other hand for ordinary citizens remain closed. At the ATM will continue to apply the limit of 60 euros a day.
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