EUROZONE CRISIS
+++ Greek debt crisis - live updates +++
The Greek government has closed banks as Athens and its creditors enter the last 48 hours to strike a deal over Greece's debt or the nation risks bankruptcy. Read the latest here.
All updates in Universal Coordinated Time (UTC)
14:20 Greek opposition leader Antonis Samaras of the conservative New Democracy party challenged Prime Minister Alexis Tsipras to a TV debate on the planned referendum. He warned of an "unprededented catastrophe" if Greeks voted no to the bailout proposal put forward by international creditors.
14:15 German Chancellor Angela Merkel said she saw no necessity to hold a special European Union summit on Greece before the referendum, as nearly all governments had the same view on the bailout proposal. She said such a summit might take place after the referendum.
14:10 The president of the European Union's parliament, Martin Schulz, said he was prepared to visit Greece and campaign there for a 'yes" vote on a bailout proposal made by the country's international creditors, which the government rejects. Calling himself a "convinced European," he said he would "run and fight" to convince the Greek people to accept the proposal and stay in the eurozone.
14:06 Eurogroup head Jeroen Dijsselbloem says "the door remains open" to talks with Greece.
13:36 German Chancellor Angela Merkel has said that the German parliament, the Bundestag, will hold a debate on the Greek debt situation on Wednesday. She also said she is prepared to hold talks with Athens even after Greece's planned referendum next weekend.
13:32 US share markets open lower on concerns about the Greece crisis, with the S&P 500 down 0.6 percent. The Dow Jones Average was down 0.78 percent five minutes into trade, while the Nasdaq Composite Index dropped 1.05 percent.
13:21 German Chancellor Angela Merkel and her deputy Sigmar Gabriel had harsh words for Greece at a press conference in Berlin. Merkel stressed that compromises were necessary for European unity, and that Greece had shown a lack of willingness to make these compromises despite what she termed "a generous offer." But she said Greece's European partners and Germany were "ready to help if necessary" and that all the "economic aids to Greece were still up for discussion."
Gabriel said that Athens appeared to want financial help without any conditions attached, and to be exempted from sticking to the existing rules of European cooperation. He also warned of the consequences of the planned vote on July 5 in Greece. "It is entirely legitimate for the Greek citizens to decide in a referendum. But it must be absolutely clear what is being decided: essentially, it is the question of yes or no to remaining in the eurozone," he said
12:36 Greek Prime Minister Alexis Tsipras has telephoned with European Parliament President Martin Schulz, asking him to support a proposal by Athens to extend the bailout by a few days, according to a Greek official. The official, speaking on condition of anonymity, said Tsipras had also spoken by phone with European Commission head Jean-Claude Juncker to ask him to help restore liquidity to Greek banks until the referendum.
11:50 German Chancellor Angela Merkel has called a special Monday afternoon meeting with parliamentary leaders to discuss the Greek crisis.
11:23 Urging Greek voters to say "yes" on the bailout referendum, Jean-Claude Juncker tells the Greeks that if they do so, the message for the EU and wider world will be that "Greece wants to stay in the eurozone and the EU."
11:07 Juncker says that playing one democracy against 18 others is beneath the dignity of the Greek nation. He argues that despite what has been said, the latest offer to Greece includes no pension cuts, no wage cuts, and promotes social fairness.
10:56 Jean-Claude Juncker, president of the European Commission, says he "feels a little betrayed" after a "particularly sad" weekend for Europe, wherein "selfishness...took precedence" over "good will." He also alluded to "blackmail," a phrase used by Prime Minister Tsipras (for example in the tweet below), and asked "blackmail by whom?" Juncker called for "virtuous, respectful dialogue...for the good of everyone."
"We don't deserve" to be villified, said Juncker, reiterating that for him, the so-called 'Grexit' was never an option.
10:47 In a speech celebrating the 70th anniversary of her party, the Christian Democratic Union (CDU), Chancellor Merkel warns that "if the euro fails, Europe fails" and calls for "compromise."
10:31 "Moscow is watching developments in the European Union very closely in the context of the financial crisis in Greece," says Kremlin spokesman Dmitry Peskov. "We are concerned about the possible negative consequences for the whole of the EU."
9:58 Greek Transport Minister Christos Spirtzis announces that all public transport in Athens will be free for a week, hoping to prevent a rush on gas stations.
9:55 News agency Reuters reports that European Central Bank Governing Council member Ewald Nowotny said Greece would not be "immediately" bankrupt if it failed to pay the IMF on Tuesday. A spokesman for German Chancellor Angela Merkel says that she is "of course available for talks with Prime Minister Tsipras if he wishes."
9:34 Switzerland caps the value of the Swiss Franc "in order to stabilise the markets," which have tumbled over the escalating crisis, according to Swiss National Bank head Thomas Jordan.
Long lines at ATMS were accompanied by sporadic panic shopping at supermarkets as the banks remained closed.
9:17 Angry scenes break out at banks with withdrawals capped at 60 euros per day. Ordinary Greeks begin to refer to this day as "Black Monday" in interviews with reporters.
8:55 European leaders try to mitigate panic. Spanish Economy Minister Luis de Guindos tells Spanish radio that "I hope that rationality and common sense will return and we can redirect the situation over the next 48 hours. The bottom line is that the agreement is best for everyone, but especially for Greece." French President Francois Hollande says that France "has nothing to fear from what could happen" and that he respects the right of the Greek people to decide their own future.
8:00 Greeks rush to withdraw cash from ATMs after the Greek government imposed capital controls as the June 30 deadline for a repayment to the International Monetary Fund (IMF) looms. Banks will be closed through July 6, the day after a popular referendum on whether to accept any possible debt deal with creditors.
es/rc (AFP, AP, dpa, Reuters)
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