A ‘No’ Vote Will ‘Dramatically Weaken’ Greece — European Union President Juncker

“We can not go to our board to complete this review unless we have a comprehensive programme”, said a senior International Monetary Fund official in a conference call, adding that debt relief from creditors would be essential.


In corporate news, K+S rallied after Potash Corp said it can address the company’s concerns about its takeover proposals.

Sunday’s vote will be watched closely around the world.

Based on latest update by Fortune, the key factor for the general sense of positivity is the leaking of a new letter from Prime Minister Alexis Tsipras to Greece’s creditors appearing to agree to more concessions in a bid to get fresh financial aid.

Some European officials have said the Greek referendum amounts to a vote on whether to stay in the euro.

Proponents of a “yes” vote, including a parade of ex- prime ministers and the main opposition party, say backing the government will jeopardize Greece’s place in the euro. The Greek leader said Friday it was pointless to keep imposing harsh spending cuts on salaries and pensions just to continue servicing an unsustainable debt.

“I call on you to say “No” to ultimatums and to turn the back on those who would terrorise you”, he said.

The comment reflected the fear of many in the euro zone that a Greek exit would change the nature of a 15-year-old currency union meant to be unbreakable.

“Post-referendum looks pretty bleak for Greece either way but a “no” vote carries a lot more short-term risk”.

The Wednesday decision by the country’s troika of lenders to definitively close negotiations until the ballot can be seen as an attempt by creditors to push responsibility for Greece’s next move on to the shoulders of the Greek public and their government. “It’s insane. We don’t know what to do”, said 47-year-old lawyer Nicole Papathanasopoulo.

Maria Koleti, 57: “It’s only hard for the people to understand if they are silly”. The country’s banks don’t have enough money to last for much longer, and there is little reason why the European Central Bank would wish to extend them billions more if it is snubbed by voters.

Without those funds, Greece was not in a position to pay the IMF on Tuesday.

A separate group has filed a counter-motion supporting the referendum’s legality.

Voters are asked to check one of two boxes: “not approved/no” and – below it – “approved/yes”.

He says the referendum doesn’t violate the constitution, noting that votes can be held on “crucial national matters” which could include economic ones. And without the support of European institutions, Greece’s payment system would shut down and its banks would not be able to operate. Anything above 50 indicates an expansion in activity.

Schaeuble, a hate figure for Greek opponents of austerity policies, told Bild newspaper: “Greece needs reforms”.

Asked on Bloomberg TV whether, come Monday, if there is a yes vote, he will not be finance minister, Varoufakis said: “I will not”. Another 10.9 percent were undecided and the rest said they would abstain or leave their ballots blank.

In commodities, Brent crude oil was down 1.2% at $61.33 a barrel, and gold rose 0.3% to $1,167.20 an ounce.


Supporters of Greece’s bailout terms have taken a wafer-thin lead over the “No” vote backed by the leftist government, 48 hours before a referendum that may determine the country’s future in the euro zone, a poll showed.

S People are reflected in the doors of Tokyo Stock Exchange in Tokyo