Greek PM Tsipras Urges No Vote and Could Resign if Defeated

Greek PM Alexis Tsipras has threatened to resign over the result of a snap referendum on Greece’s debt crisis due on Sunday.

Mr Tsipras said a clear vote against austerity would help Greece negotiate a better settlement to the crisis.
Otherwise, he warned, he would not stay in office to oversee more cuts.

Greece’s bailout expires on Tuesday, the same day it faces a deadline to repay a €1.6bn (£1.1bn) loan to the International Monetary Fund (IMF).

The loan is to be repaid by 18:00 Washington time (22:00 GMT).

As the deadline nears, reports in Greece say a last-minute offer was made by creditors on Monday night.

EU leaders have warned that a rejection of the creditors’ proposals on Sunday would mean Greece leaving the eurozone – though Mr Tsipras says he does not want this to happen.

Talks between Greece and its creditors broke down last week, leading to Greek banks having to shut this week.

via BBC

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza