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Meanwhile, the German Finance
Minister has suggested Greece could leave the eurozone 'temporarily'.
Wolfgang Schaeuble, one of the country's biggest creditors and toughest
critics, made the remarks on the eve of a Greek referendum, which will
decide if ...
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Greece told 'No' vote at today's referendum risks collapse of health system and national power blackouts... but country's Finance Minister accuses creditors of 'terrorism'
- Martin Schulz, the president of the European parliament, warns of collapse
- Schulz says the EU may need to prepare emergency loans if 'No' vote wins
- Came after Greek Finance Minister said creditors were 'spreading terror'
- The country is the first Western democracy to fail to pay its debts to IMF
Greece
has been warned it is risking the collapse of its health system and
power network - as well as a blockade on imports - if it votes 'No' in
tomorrow's referendum, as the country's finance minister accused
creditors of 'terrorism'.
Martin
Schulz, the president of the European parliament, made the stark
warning just hours before Greece's residents were due to go to the polls
to decide the fate of their country.
Supporters
of both the 'Yes' and 'No' campaigns have ramped up the rhetoric in the
finals days of the campaign, with Greece's Finance Minister Yanis
Varoufakis saying the level of fear being spread by opponents to the
'No' vote to the country was akin to 'terrorism'.
Scroll down for video
The German Finance Minister Wolfgang Schaeuble has suggested Greece could leave the eurozone 'temporarily'
Schulz
- who earlier called for the ruling Syriza party to be replaced - said
the EU might have to have emergency loans in place, should the country
side with its government, The Telegraph reported.
'Without
new money, salaries won't be paid, the health system will stop
functioning, the power network and public transport will break down, and
they won't be able to import vital goods because no one can pay,' he
said.
Meanwhile, the German Finance Minister has suggested Greece could leave the eurozone 'temporarily'.
Wolfgang
Schaeuble, one of the country's biggest creditors and toughest critics,
made the remarks on the eve of a Greek referendum, which will decide if
there should be further austerity measures.
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He said: 'Greece is a member of the eurozone. There's no doubt about that.
'Whether
with the euro or temporarily without it: only the Greeks can answer
this question. And it is clear that we will not leave the people in the
lurch.'
He added that while some individual banks might collapse the risk of it spreading to other parts of the eurozone was small.
'The markets have reacted with restraint in the last few days. That shows that the problem is manageable,' he said.
But
Varoufakis, who announced he will resign if the country votes 'Yes' to
austerity measures, condemned European action towards the country and
added that a trillion euros would be lost if Greece was allowed to
crash.
'What they're doing with Greece has a name: terrorism,' Varoufakis said in the interview with Spanish newspaper El Mundo.
'Why
have they forced us to close the banks? To frighten people. And when
it's about spreading terror, that is known as terrorism.'
He
also took to social media to denounce suggestions Greece could take up
to 30 per cent of deposits above 8,000 euros (£5,700) to stave off
financial ruin.
The Greek Finance Minister, pictured
at a rally yesterday, has accused creditors of 'terrorism' the day after
he was forced to label a report of the country preparing to raid
savers' bank accounts as a 'malicious rumour'
Yanis Varoufakis took to social media
to denounce the suggestion, after it was alleged Greece could take up to
30 per cent of deposits above 8,000 euros (£5,700) to stave off
financial ruin
He
tweeted on Friday night: 'FT report of a Gk [Greek] Bank Bail In is a
malicious rumour that the Head of the Greek Banks Association denied
this morning.'
The
reported plan for a bail-in would have matched a similar rescue plan
agreed by Cyprus in 2013, which saw a 'haircut' imposed on uninsured
deposits over 100,000 euros (£71,000).
Greece
became the first Western democracy to fail to pay its debts to the
International Monetary Fund (IMF) on Tuesday night. It was due to pay
£1.1billion by 11pm.
In
an attempt to placate the situation Greek Prime Minister Alexis Tsipras
tabled a dramatic request to creditors for £21billion just hours before
the deadline.
Greek Prime Minister Alexis Tsipras,
pictured at a 'No' protest yesterday, shocked EU leaders when he called
for a referendum on Sunday
A referendum official checks the election material at an Athens high school ahead of tomorrow's referendum
The ballot paper will ask Greeks whether they are willing to swallow tougher austerity measures in return for bail-out funds
A homeless man sleeps at the entrance of an empty shop in central Athens on Saturday morning
A man tries to tear down a poster calling for a 'Yes' vote in the upcoming referendum
One woman sits by the side of the street and sells garlic as the debate about the country's debt reaches its climax
But the prospect of such a deal evaporated when Angela Merkel made clear time had run out.
The German chancellor’s tough stance meant Greece did not have the cash to repay money lent by the IMF.
Greek banks have been shut since Monday with capital controls in place so citizens can only draw out 60 euros (£42) per day.
Pensioners have been pictured queuing outside banks as they desperately attempt to get some cash.
The controls have not affected foreign tourists, who have not had their withdrawals limited.
Mr
Tsipras shocked EU leaders when he called for a referendum on Sunday to
ask Greeks whether they are willing to swallow tougher austerity
measures in return for bail-out funds.
The country's economic system faces collapse if the European Central Bank declares them insolvent.
Yesterday
was the last day of campaigning before Sunday's referendum on whether
Greece should accept creditors' demands for more austerity in return for
bailout loans.
Last
night clashes broke out between a group of youths and police in the
Greek capital's Syntagma Square just before the start of a main 'No'
rally.
But Mr Varoufakis said the banks will reopen on Tuesday whether it is a 'Yes' or 'No'.
Yesterday was the last day of
campaigning before Sunday's referendum on whether Greece should accept
creditors' demands for more austerity in return for bailout loans
Greek banks have been shut since Monday with capital controls in place so citizens can only draw out 60 euros (£42) per day
A large queue forms outside a bank as citizens wait to see if they can withdraw any money on Thursday
Four men wait outside a bank on Thursday after it allowed them to get their pensions, with a limit of 120 euros (£85)
Pensioners are pictured queuing outside a bank as they desperately attempt to get some cash
He said: 'There's too much at stake, as much for Greece as for Europe, I'm sure.
'If
Greece crashes, a trillion euros (the equivalent of Spain's GDP) will
be lost. It's too much money and I don't believe Europe could allow
it.'
But
Athens' 18 partners in the eurozone said they can easily absorb the
fallout from losing Greece, which accounts for barely 2 percent of the
bloc's economic output.
Austrian
Finance Minister Hans Joerg Schelling said in an interview with online
newspaper Die Presse: 'For Europe, this would be easy to manage
economically. [For Greece] it would indeed be considerably more
dramatic.'
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