GREECE LATEST-Negotiator Tsakalotos to replace Varoufakis – Reuters

July 6 Following is the latest news on Greece’s
debt crisis following its overwhelming rejection of a bailout
offer from creditors. All times GMT.

1531 – German Finance Minister Wolfgang Schaeuble expresses
respect for Greeks’ democratic decision.

1525 – Greece’s top negotiator in aid talks with creditors,
Euclid Tsakalotos, will be sworn in as finance minister on
Monday after the resignation of Yanis Varoufakis, Greek
presidency says.

1521 – Greece’s main opposition and ruling parties issue a
joint declaration backing the government’s efforts to clinch a
new deal with creditors.

1511 – UK finance minister George Osborne says Greece’s
financial situation will worsen rapidly if there is no sign of
agreement in Tuesday’s euro zone talks.

1423 – IMF Managing Director Christine Lagarde says: “We are
monitoring the situation closely and stand ready to assist
Greece if requested to do so.” U.S. stocks trim losses after her

1415 – A spokesman for Belgian retailer Delhaize
says its Greek supermarket business has seen a rush of demand as
people stock up on basic items. “Because of this demand we can’t
always manage our inventory as well as we are used to. People
are paying much more with credit and debit cards than they used
to. It’s about 50 percent now, usually it’s 15. We are still
importing goods into Greece.”

A source at a major European transportation company tells
Reuters it has seen a significant drop in bookings in the Greek
market and ordered its Greek drivers to stock up on fuel.

1332 – Portugal’s Deputy Prime Minister Paulo Portas says:
“Portuguese have made a lot of effort to beat bankruptcy and do
not deserve to be associated with the Greek situation.”

1326 – Greece plans to keep banks closed beyond Monday by at
least a few more days, four banking sources say.

1300 – Greece must present a new offer that goes beyond its
previous proposals if it wants to remain in the euro, German
Economy Minister Sigmar Gabriel says, adding that Athens soon
faces state insolvency.

1257 – Mohamed El-Erian, chief economic adviser at Allianz,
says he expects a “shock to risk appetite” given the likelihood
of a Greek exit from the euro zone.

1247 – Consultancy Eurasia Group says in a note that
‘Grexit’ is still not its base case, but ‘this is an extremely
close call’. It estimates the chances at 45 percent: “If Grexit
does occur in these circumstances, Germany will be blamed,
something it has always wanted to avoid.”

1244 – The leader of Spain’s anti-austerity party Podemos
says the ‘No’ vote has boosted Athens’ negotiating position and
he expects a deal with creditors in coming days.

1230 – Tsipras spoke by phone with Germany’s Angela Merkel
and agreed to present an aid proposal on Tuesday, a Greek
government official says.

1228 – Outgoing finance minister Varoufakis says he and
bailout negotiator Euclid Tsakalotos, strongly tipped to replace
him, will meet reporters together on Tuesday.

1148 – Tsipras and Russian President Vladimir Putin spoke by
phone on Monday, the Kremlin said. There is no mention of
possible Russian financial support.

1145 – The head of Portugal’s main opposition Socialist
party, Antonio Costa, says Greece must remain in the euro zone
and austerity has to stop as means of dealing with the crisis.

1139 – Pharmaceutical companies, owed more than 1.1 billion
euros by Greek hospitals and the state-run health insurer, say
they will continue supplying medicines to Greece for now.

1115 – The European Central Bank’s Governing Council will
discuss on Monday the provision of emergency funding to Greece’s
banks, two sources say.

1115 – European Commission Vice-President Valdis Dombrovskis
says the ‘No’ vote has widened the gap between Greece and other
euro zone states.

1112 – Italian Prime Minister Matteo Renzi says euro zone
meetings scheduled for Tuesday must resolve Greece’s debt crisis
once and for all.

1055 – Latest developments have not made it easier for the
European Central Bank to change its stance on emergency funding
it has granted to Greek banks, ECB Governing Council member
Ewald Nowotny says.

1048 – French President Francois Hollande’s office denies
remarks from a Greek source that he has spoken by phone on
Monday with Tsipras.

1013 – Spain’s Economy Minister Luis de Guindos says Greece
should remain part of the euro zone and Madrid is open to
negotiating a third bailout.

0948 – Germany’s government spokesman says the door for
negotiations with Greece is open, but conditions for such talks
are not yet met.

0928 – Euro zone finance ministers say they expect to hear
new proposals from Greece for credit when they meet on Tuesday.

0926 – The head of Germany’s BDB banking association says
the immediate consequences of any Greek default should be
manageable for banks in other euro zone states.

0916 – Russia hopes Greece will quickly reach a compromise
deal with creditors, and questions regarding financial help for
Greece should be addressed to Athens, a Kremlin spokesman says.

0906 – Jeroen Dijsselbloem, head of the Eurogroup of finance
ministers, says the ministers will meet on Tuesday at 1100.

0903 – The European Central Bank’s Christian Noyer says the
ECB cannot restructure the Greek debt it holds as that would
amount to financing a government, which it is banned from doing.

0812 – U.S.-listed shares of National Bank of Greece are
down 15 percent in pre-market trading.

0811 – Italy’s top official for European Union affairs calls
for Greece and its creditors to resume negotiations with an
increased willingness to compromise.

(Compiled by John Stonestreet and Mark Trevelyan)


Write a Reply or Comment:

Your email address will not be published.*