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• Greece becomes first developed nation ever to default on the IMF •
Eurogroup teleconference set for this morning • Greece defaults on the
International Monetary Fund after launching 11th hour attempt to agree
new rescue deal • Yesterday - as it ...
Wednesday 01 July 2015
Greece crisis live: Greece defaults on the IMF, with polls suggesting a "no" vote
Last night Athens applied to European rescue fund for 11th hour €29bn loan package in return for debt relief
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A pro-European Union protester waves an EU flag during a demonstration in front of the parliament Photo: AFP
8:40AM BST 01 Jul 2015
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• New poll shows "no" vote support at 57pc, but gap is shrinking
• Greece becomes first developed nation ever to default on the IMF
• Eurogroup teleconference set for this morning
• Greece defaults on the International Monetary Fund after launching 11th hour attempt to agree new rescue deal
• Yesterday - as it happened Greece crisis: Greece defaults on the IMF
• Greek debt crisis: In Athens, scavenging from bins has become a way to survive
• Greece becomes first developed nation ever to default on the IMF
• Eurogroup teleconference set for this morning
• Greece defaults on the International Monetary Fund after launching 11th hour attempt to agree new rescue deal
• Yesterday - as it happened Greece crisis: Greece defaults on the IMF
• Greek debt crisis: In Athens, scavenging from bins has become a way to survive
08.40
Greece overtakes Italy as first port of call for migrants
In the first six months of this year, Greece has received more migrants
crossing the Mediterranean than Italy, according to a new UN report.
Italy had previously been seen the rise in migrant arrivals.
(UNHCR)
• The number of refugees and migrants entering the western Balkans from
Greece has already dramatically increased since the beginning of June,
with over 1,000 people entering every day, as opposed to 200 just a few
weeks ago.
• There has been a major increase in refugees and migrants taking the ‘eastern Mediterranean route’ from Turkey to Greece.
(UNHCR)
• More than 85 pc of those arriving in Greece are from countries experiencing war and conflict, principally Syria, Afghanistan, Iraq and Somalia. From Greece, most move onwards across the Balkans to western and northern Europe. Italy remains the primary destination for Eritreans, Somalis and other people from sub-Saharan Africa.
• 90pc of Syrian refugees interviewed in Greece said they wanted to find asylum somewhere else in the EU, mostly in Germany and Sweden, for better assistance and employment opportunities
• FTSE 100 is up 0.8pc
• Germany's DAX is up 1pc
• Spain's IBEX is up 0.8pc
• FTSEFIRST 300 up 0.5pc
But German Chancellor Angela Merkel has ruled out further negotiations until after Sunday's referendum.
Sapin said it was incredibly complicated to find a deal and that smaller EU countries which had gone through painful reforms had taken the toughest approach towards Greece.
He said that a no vote in Greece would risk causing a Greek exit from the euro zone but added: "Even if the no wins, France's role would be to do everything to keep (Greece) in the euro zone".
The FT reports that the ECB is today "poised to impose tougher haircuts on the collateral Greek lenders place in exchange for the emergency loans."
They also report that some officials in Frankfurt and Brussels doubt whether Greece's biggest banks can survive the week and worry that some are so weka they will struggle to serve their customers until the referendum - despite the €60 ATM limit imposed by capital controls.
This video shows chaotic scenes outside a branch of Greece's National Bank in Athens.
end quote from:
• There has been a major increase in refugees and migrants taking the ‘eastern Mediterranean route’ from Turkey to Greece.
(UNHCR)
• More than 85 pc of those arriving in Greece are from countries experiencing war and conflict, principally Syria, Afghanistan, Iraq and Somalia. From Greece, most move onwards across the Balkans to western and northern Europe. Italy remains the primary destination for Eritreans, Somalis and other people from sub-Saharan Africa.
• 90pc of Syrian refugees interviewed in Greece said they wanted to find asylum somewhere else in the EU, mostly in Germany and Sweden, for better assistance and employment opportunities
08.24
Hold the phone
Today's Eurogroup teleconference has been pushed back to 4.30pm BST.08.15
Green across the markets
The markets have opened up...• FTSE 100 is up 0.8pc
• Germany's DAX is up 1pc
• Spain's IBEX is up 0.8pc
• FTSEFIRST 300 up 0.5pc
08.09
Sapin: France will try for a deal before Sunday
French finance minister Michel Sapin said this morning that France will still try to reach a goal with Greece before a referendum on Sunday.But German Chancellor Angela Merkel has ruled out further negotiations until after Sunday's referendum.
Sapin said it was incredibly complicated to find a deal and that smaller EU countries which had gone through painful reforms had taken the toughest approach towards Greece.
He said that a no vote in Greece would risk causing a Greek exit from the euro zone but added: "Even if the no wins, France's role would be to do everything to keep (Greece) in the euro zone".
08.08
What to expect today
The Eurogroup of finance ministers is holding at teleconference at 10.30am BST to discuss Greece’s request for a third bailout - a new two year programme under the European Stability Mechanism, which plays the role of Europe's bailout fund.The FT reports that the ECB is today "poised to impose tougher haircuts on the collateral Greek lenders place in exchange for the emergency loans."
They also report that some officials in Frankfurt and Brussels doubt whether Greece's biggest banks can survive the week and worry that some are so weka they will struggle to serve their customers until the referendum - despite the €60 ATM limit imposed by capital controls.
07.51
Banks open - but only for pensioners
Some 1,000 Greek banks are due to open today to help pensioners take out up to €120 of their pension - as many of them don't have credit or debit cards.This video shows chaotic scenes outside a branch of Greece's National Bank in Athens.
07.46
Poll suggests "no" vote - but support is shrinking after capital controls
The imposition of capital controls seems to have increased support in the "yes" camp, but "no" is still leading.07.34
Good morning
Greece has become the first developed country in history to default to the International Monetary Fund, joining Sudan, Zambia and Peru who have failed to make their commitments to the world's "lender of last resort".end quote from: