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Greece has clearly voted in the referendum on the European savings targets on Sunday with No. The country faces an uncertain future. During the Monday there will be numerous conversations, meetings and market reactions. The key question: How long is enough money yet in Greece? All developments in the Live Ticker
13.27 clock:. ECB provides advice on emergency loans: The European Central Bank is being advised by information from several insiders in the afternoon on emergency aid for Greek financial institutions. The news agency reported Reuters. The conference call will be held later in the afternoon. Greece banks have become heavily dependent on the so-called ELA emergency loans awarded by the Athens central bank against collateral. Would the ECB this aids caps, banks are likely to collapse in a short time
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13.12 clock: Gysi urges Merkel to compromise with Greece: After the No of the Greeks for reform and austerity program the lender Left Party leader Gregor Gysi urges Chancellor Angela Merkel to a solution to the debt crisis Athens on. “Now is the chancellor’s responsibility to find a compromise as soon as possible. A Grexit we can not afford, “Gysi said. The strategy of the federal government, to overthrow the leftist government in Greece was, did not work out. A compromise could be an interest rate cut for loans and a temporary forbearance of debts Gysis opinion. He pointed to breaks for Germany after the First World War. Germany had its debt after 92 years – reduced by haircuts – repaid. Gysi also called for an international debt conference, so that countries such as Ireland, Spain and Portugal would be considered more
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12.20 clock: EU COMMISSION IS provides stability of the euro is not in danger. Valdis Dombrovskis, Vice-President of the European Commission, at a press conference in Brussels saw the stability of the euro zone is not in danger. “The stability of the euro fund is not an option,” Dombrovskis said, “We have all the instruments to ensure financial stability in the euro area. We will also use all the instruments to make sure that does not extend the instability. The markets have indeed responded relatively cautious. ” However, further negotiations the No from Greece make difficult “the gap has grown”. The European Commission need a mandate from the euro zone for the inclusion of further talks with Greece. “We have to wait and see,” said the Vizepräsidnet the European Commission. However, he also stressed: “The place of Greece is and will remain in Europe.”
<- self.position eq 1 -> <- self.position: 1 -> <- classId: HCF Centre -> <- position: center -> <- Text position: HCF text-left -> <- inIsPrint: false -> <- self.position eq 2 -> <- classId: ! HCF inline-left -> <- position: left -> <- Text position: -> <- inIsPrint: false -> <- inHasPic: true ->12.00 clock – NZZ advises to Grexit: interesting comment from the Bank in Switzerland – not by anyone, but by the head of the economics department of the prestigious Neue Zürcher Zeitung. Under the headline “Greece says no. But now consistently” writes Peter A. Fischer, that the Greeks breaking out of the euro zone and should be healthy economies with the help of the drachma. “The Syriza troupe is without the” rich uncle “have to look from Brussels their way to bring revenues and expenditures into line,” writes Fischer. “The Greeks are likely here sooner or later realize that nothing passes from being economically competitive with a Grexit this will be more likely to accomplish..”
<- self.position: 1 -> <- classId: HCF Centre -> <- position: center -> <- Text position: HCF text-left -> <- inIsPrint: false -> <- inHasPic: true -> <- self.position eq 2 -> <- inTeaserPicPosition:! 1 -> <- classId: HCF inline-left -> <- position: left -> <- Text position: -> <- inIsPrint: false -> <- inHasPic: true ->11.40 clock – Berlin:. No basis for negotiations The federal government looks after the ‘no’ of the Greeks in the referendum on Sunday currently no basis for negotiations on a new aid program. “At present,” the preconditions are not met, government spokesman Steffen Seibert said in Berlin on Monday. The federal government remains willing to negotiate, but, he added.
The referendum had clarified the attitude of the Greeks. The population has placed itself mostly behind the negative attitude of the Greek government and the need to accept that. “. It is now making to the Greek Government something from it We wait with which proposals belongs to the Greek Government on their partner,” says Seibert
The spokesman for the Treasury, Martin Jäger, adds.: “We consider the economic risks as manageable, which is why we see no reason to deviate from our financial planning.”
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11.10 clock -. According to the Greek No shares of German banks suffer losses The clear No to the Greeks to the savings requirements of the creditors have brewed German equities start of the week losses. The decrease was however from lower than initially feared. The resignation of the Greek Finance Minister Giani Varoufakis was seen by market players as a support for the market. The Dax slumped in early trading on Monday at 1.24 percent to 10 921.78 points. The other European stock exchanges were less than expected into trouble: the euro zone benchmark index Euro Stoxx 50 fell by 1.84 percent. The rate of the euro limited the reductions to the Varoufakis-resignation also. Finally, the common currency stood at 1.1085 US dollars, only about a quarter cent lower than on Friday. From an industry perspective were banking stocks after the Greek referendum over Europe most under pressure. Accordingly, the shares of Deutsche Bank, Commerzbank and Aareal Bank were at a discount 2-3 percent to be among the worst in their respective indices. “Financial stocks are in the stock market always particularly affected by increased uncertainty about Greece, even though the business has been greatly reduced and only small direct dependencies exist,” said one trader. The uncertainty due to an investment in Greece has promoted the Deutsche Telekom shares by 1.82 percent into the red. The Telekom holds 40 percent of the Greek industry peers OTE
10.55 clock -. EU negotiations on a third rescue program? After the “No” of the Greek voters to savings targets of international creditors EU top representatives met in a telephone conference on how to proceed. EU Commission chief Jean-Claude Juncker spoke with EU summit Minister Donald Tusk, Euro group chief Jeroen Dijsselbloem and the President of the European Central Bank, Mario Draghi, it said on Monday in EU circles. In the EU, it goes after the referendum mainly a question of whether after the ‘no’ about a third rescue program for Greece can be spoken
10.45 clock – Greek challenge in Berlin.: Friends of Oxi-vote of the Greeks have expressed their joy last night at the Greek Embassy at Jägerstrasse. “The beginning of the end of Kapitalism”, was a banner that someone had hung on through the restaurant Vau – discovered by our colleague Melanie Berger <- self.position eq 1 -> <- inTeaserPicPosition: 1 -> <- self.position: 1 -> <- classId: HCF Centre -> <- Text position: HCF text-left -> <- inIsPrint: false -> <- inHasPic: true -> <- self.position eq! 2 -> <- inTeaserPicPosition:! 1 -> <- self.position: 2 -> <- classId: HCF inline-left -> <- position: left -> <- inIsPrint: false -> <- inHasPic: true ->
10:30 clock – pick Again fast money. Already at midnight were formed in Athens long queues at the ATM. An image that was also observed on Monday morning in the capital. The Athenians brought up from their daily Euro-maximum amount. But perhaps they placed themselves well, because no one could know how the financial situation in the country will continue to develop after the No
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10:23 clock – So responds the international press: The world ‘proposes a wide berth and represents the euro in relation to the European peace order: “Peace in Europe can hardly be safeguarded without the euro. The past decades have enough examples of what has prevented conflict the existence of the single currency. The goal must be the euro to make Europe so stable that it does not matter for the stability of the currency, if Syriza headstand makes. “
The Parisian” Libération “sees the EU after the referendum in Greece tough decisions: “Greece will plunge into a solitary odyssey of Ulysses is worthy …” More national and international press reviews can be found in an assortment here
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10:00 clock – successor to Varoufakis? According to Greek media reports, the economist Euclid Tsakalotos to be new Greek finance minister. He belongs to the party leadership of Syriza and former deputy foreign minister of Greek. His old area of responsibility fits his apparently new job: he was responsible for international economic relations – and apparently already engaged in negotiations with the Euro Zone. The Greek newspaper “Kathimerini” calls him a “top negotiator”. However, Economy Minister Georgios Stathakis could still be in the running for the Varoufakis succession
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9:44 clock – The No of the Greeks has German equities eingebrockt start of the week a slight loss The decrease was however lower than initially expected.. The resignation of the Greek Finance Minister Giani Varoufakis was seen by market players as a support for the market. The Dax slumped in the first minutes of trading on Monday at 1.64 percent to 10 877.47 points. Premarket he was at times even more than 3 percent were taxed under the Friday’s closing. In the previous week, the German benchmark index had already lost 3.78 percent of its value. The MDAX of medium values fell on Monday by 1.15 percent to 19 646.63 points. The technology index TecDAX fell by 1.00 percent to 1640.40 points. The Greek “Ochi” (No) also brought important foreign stock exchanges but little into trouble: the euro zone benchmark index Euro Stoxx 50 fell 2.04 percent to last. In Japan the Nikkei index closed more than 2 percent lower. Also, the euro gave way, the price reductions to the Varoufakis cancellation bordered a but. Finally, the common currency stood at 1.1056 US dollars, only about half a cent lower than on Friday
9:20 clock -. French Finance Minister Michel Sapin favor of further ECB bailouts , French finance minister has the ECB suggested, their emergency aid for Greek banks not to cut. “Currently, there is a level of liquidity that can not be reduced,” the minister said broadcasters Europe said on Monday 1. However, the European Central Bank (ECB) decisions in complete independence, he added. It was expected that the emergency loans are likely to be again on Monday issue a teleconference of the Governing Council on Monday. According to insiders, the framework for the liquidity support is currently around EUR 89 billion. Without the ELA loans institutions threatens the money to go out, as many companies and individuals have vacated accounts because of the uncertainty about the whereabouts of the country in the euro. After the “No” of the Greeks to the recent rescue proposals it is now up to the government in Athens to make new proposals, Sapin said. A withdrawal of the threatened with bankruptcy Mediterranean country from the euro zone is not an automatism. It continues to give a basis for dialogue.
<- self.position eq 1 -> <- classId: HCF Centre -> <- Text position: HCF text-left -> <- inIsPrint: false -> <- inHasPic: true -> <- self!. position EQ 2 -> <- inTeaserPicPosition: 1 -> <- self.position: 2 -> <- classId:! HCF inline-left -> <- position: left - ! -> <- Text position: -> <- inIsPrint: false -> <- inHasPic: true ->9:07 clock – Dax reacts with price losses on Greece No. The rejection of the reform proposals of the creditor by the Greeks has the Dax eingebrockt losses. Rekindled speculation on the “Grexit” – the withdrawal of Greece from the euro zone – pushed the German benchmark index on Monday at the start of trading 2.1 percent into the red to 10,827 points. The Euro Stoxx 50 lost 2.4 percent
9:04 clock -. Varoufakis successor is still on Monday after a meeting of the Greek leadership are named. The meeting begins, according to a government spokesman at 9:00 clock (CEST). Possible successors are Economics Minister Georgios Stathakis and the coordinator of the talks with creditors, Euclid Tsakalotos
8:50 clock -. Wolfgang Bosbach hopes after Varoufakis cancellation simpler Euro-negotiations. “That would probably facilitate the negotiations due to its recent occurrence,” the CDU politician said on Monday the ZDF “Morning Magazine” before the resignation was confirmed. However, the solvent is not the problem. “. The decisive factor is not so much the people as the political content” new multibillion dollar aid packages are not the solution, Bosbach said, “There is a lack of economic strength, competitiveness, to a truly efficient management.”
<- self!. position EQ 3 -> <- inTeaserPicPosition: 1 -> <- self.position: 3 -> <- classId: HCF-line right -> <- position: right - ! -> <- Text position: -> <- inIsPrint: false -> <- inHasPic: true -> <- self.position eq 2 -> <- inTeaserPicPosition:! 1 ! -> <- self.position: 2 -> <- classId: HCF inline-left -> <- position: left -> <- Text position: -> <- inHasPic: true ->8:40 clock – Wagenknecht to Varoufakis cancellation: The Left Party celebrated the “no” of the Greeks in the referendum on austerity. On the morning after, Sahra Wagenknecht, first deputy chairman of the Left Party in the Bundestag, expresses 5. the radio station WDR keeps the resignation of the Greek Finance Minister Yanis Varoufakis, who apparently also under pressure from the creditors of the euro zone came about, “respectable” for. Varoufakis wool, so Wagenknecht continued, “that for his country comes out the best”
8:30 clock – Comment by Elisa Simantke to Varoufakis cancellation:. Our Greece expert Elisa Simantke commented: it is the first piece of news this morning, which represents Greece at the beginning of a new era: On day one after the victory of the “No” -Sager Greece Finance Minister Yanis Varoufakis has resigned. A retreat from the Ministry of surprised at first glance. Finally Varoufakis had linked its future in the office with the outcome of the referendum – and won. The Greeks have a majority against the proposals put to the creditors.
It also seems as if done all this not entirely voluntary. Varoufakis writes Tsipras consider this action to “helpful” to reach an agreement with the creditors – those Varoufakis, wanted to get rid of him. That’s why he was withdrawing voluntarily. Indeed, many EU leaders were especially wiped out in recent days to Varoufakis statements which described the pressure from Brussels before the referendum as “terrorism”. Tsipras, however, is now located after winning the popular vote at the fastest possible agreement, he has stressed in a televised address on Sunday evening. He would not break with Europe but a good deal with debt relief. Now this he sacrifices his most warlike Minister. In Athens, they now want to talk. ? And in Europe
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8:10 clock – Varoufakis “proud of the reluctance of creditors “: In a pathos-charged statement in his blog, the Greek Finance Minister Yanis Varoufakis explained his resignation:” The referendum on 5 July makes history as a unique moment in which a small European country rose up against debt bondage.
Like all struggles for democratic rights has also this historic rejection of the ultimatum of the Euro Group on 25 June its high price. It is therefore important that the great advance that our government got through the great NO vote, will be immediately invested in a yes to a sustainable solution – in an agreement that a debt restructuring, less austerity, redistribution in favor of the needy and actual reforms . includes
Immediately after the announcement of the voting results was made clear to me that some members of the euro group and certain “partner” would prefer my … “Absence” at their meetings; an idea that was the prime minister for potentially helpful to reach an agreement. For this reason I left the Ministry of Finance today
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After the “no” in Greece, is the “Grexit” to avoid yet
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I see it as my duty to Alexis Tsipras to help if he considers it necessary to take advantage of the advance payment to the Greek people gave us during yesterday’s referendum,
And I’m proud of the reluctance of creditors. know
We left on how to work collectively regardless of official privileges. I will support Prime Minister Tsipras, the new finance minister and our government fully.
to appreciate the superhuman task, the brave Greek people and his already famous OXI (NO), which gave it democrats throughout the world, has . just begun “
7:42 clock – Varoufakis announces retirement at: , the Greek Finance Minister Yanis Varoufakis in his blog and via Twitter that he will retire from his position in the Greek Government . announced Varoufakistypisch spectacular headline: “Minister No More!”
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7:33 clock – creditors arrange conference call: According to the clear No. of Greeks to the demands of international creditors want EU Commission chief Jean-Claude Juncker on Monday with the head of the European Central Bank (ECB), Mario Draghi , and Euro group chief Jeroen Dijsselbloem advise on how to proceed. They are arranged for Monday morning to a conference call, the Commission informed in Brussels on Monday night. During the night and on Monday will Juncker “consult the other 18 euro-zone members and the heads of the EU institutions”, leaders
7:24 clock -. “Unfortunate for future of Greece “: The head of the Euro group, Jeroen Dijsselbloem has responded to the clear rejection of the Greeks in the referendum on the demands of the international creditors concerned. “This result is very regrettable for the future of Greece,” the Dutch finance minister said on Sunday evening. For recovery of the Greek economy “tough measures and reforms inevitably” be. “We will not wait for the initiatives taken by the Greek authorities,” Dijsselbloem added
6:43 clock – planned special summit of the euro zone for Tuesday. German Chancellor Angela Merkel and French President Francois Hollande has proposed a special summit of the euro zone on Tuesday. A government spokesman in Berlin said on the evening that the two had agreed in a telephone conversation on Sunday it. “Both agree that the vote of the Greek people must be respected,” he added, without giving details. Already before phoning a spokesman had indicated that Merkel wanted to travel to Paris on Monday afternoon to speak out with Hollande on further steps after the referendum. On Monday evening a dinner to follow
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6:25 clock – official result is there: According to the official result in the referendum on the demands of the international creditors have 61.31 per cent of Greeks voted ‘no’. The Greeks thus clearly supported the actions of the government of Prime Minister Alexis Tsipras in debt dispute with the EU and the International Monetary Fund (IMF).
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