The head of government stressed on Monday during a briefing in Warsaw that Greece needed Europe, but also Europe Greece. – We should definitely today to support Greece in its reforms. Without these reforms difficult to Greece would come and say we do not do anything, but we want to support. Identical criteria in relation to all European countries, especially those countries that are in the euro zone – she noted.
It assessed that “the euro zone must be reliable, strong, with stable finances and a stable economies”. After that – as indicated – to other countries that are still outside the euro area, were encouraged to enter it.
– We’re safe, our banks are stable – Kopacz assured.
The head of the government reminded that we have large reserves of foreign exchange and not only the Polish National Bank, but also reserves at the disposal of the Minister of Finance. – These are billions in reserves. At any time, the Minister of Finance and President of the Polish National Bank have the ability to maneuver, rapid response. If the dollar to weaken, then it is known that the use of financial instruments that are at the disposal of the minister of finance – she pointed out.
The government spokesman reassures: We have a stable banking system
TVN24 / x-news
Deputy Minister, funding: there are no threats for Polish economic growth
There are no significant risks to economic growth in Poland in connection with the situation in Greece; This growth accelerates all the time – also spoke on Monday at a briefing in Warsaw Deputy Finance Minister Artur Radziwill.
Deputy Minister of Finance stressed that the Polish finances and the banking sector are stable. – All these factors make us feel very well – he stressed. He added that “to translate what is happening in Greece on the situation in Poland is very low, practically zero”
– We have a very strong economy – Radziwill said.
According to him the reactions of markets Financial weekend events in Greece are “generally quite small.”
– Poland is included in the group of countries with the most stable economy – Radziwill said.
0:54 SPEC Greece does not threaten Polsce.mp3 Greek problems do not threaten Poland. Yes provides the Ministry of Finance and the opinion of many economists agree. Athens tomorrow need to repay part of the debt to the International Monetary Fund. Money, however, do not have and over the country the threat of bankruptcy.
Polish economy is safe, but …
Monika Kurtek stresses that the Polish economy is safe, but the turmoil will not miss her. Economist adds that we see today nervousness on the stock markets and foreign exchange, but in a few days the situation is likely to calm down. The expert believes that even a Greek exit from the euro zone does not necessarily mean trouble for the Polish. He added that the problems of Athens extend for several years and their solution can be accepted by investors of relief.
Merkel: no compromise there is no Europe
German Chancellor Angela Merkel stressed that the failure of the euro would be a failure of Europe. The German chancellor called for compromise on Greek debt.
head of the German government in Berlin said that if Europe loses the ability to compromise, then the Community itself will be lost. Merkel recalled that in the EU apply common values and solidarity and responsibility are two sides of the same coin.
Merkel clearly in favor of maintaining the unity of the euro zone, reaching for his famous phrase from the hottest phase of the crisis, that the failure of the euro would be a failure of Europe.
Merkel, however, did not betray how he wants to save the zone. German Chancellor spokesman said earlier that the head of the German government is still ready for talks with the authorities in Athens.
Juncker urges Greeks to vote “yes” in the referendum
The head of the European Commission calls for Greeks vote for YES in the next referendum on proposed agreements with international institutions. Jean-Claude Juncker talked about this at a special press conference on Monday.
government in Athens announced the vote on the draft compromise on the reforms which are demanding creditors. Mainly for this reason, they broke off negotiations on another loan for Athens.
Head of the European Commission admitted that he was surprised by the announcement of the referendum, which greatly complicated the talks on loans to Athens. In his opinion, if the Greeks will vote for NOT send a clear signal to Europe that they want to distance themselves from the euro area and from the rest of the Community. “The Greek people who are responsible, honorable, proud of yourself and of your country must say YES Europe”, – he said.
Jean-Claude Juncker stressed that the Greek government must “speak the truth” to its citizens on the proposals that are now on the table and a voice in the matter which will have a referendum for Greece and the rest of the Union. Commission President did not hide his irritation “performance” – as he called it – that recently played a round of talks with the Greek authorities, in which they accused Brussels of the ultimatum and blackmail. “Playing this way, one of democracy against 18 others in the euro zone, it does not become a great nation, which is Greece” – said Juncker.
Commission President has made it clear that there is no new proposals for Athens, but the door for Greece are “still open”.
Greece doubt the “sincerity” Juncker
The Greek government has doubts about the “sincerity” of the European Commission chief Jean-Claude Juncker. Between Athens and Brussels continues recriminations for the failure of the negotiations on the financial assistance program for Greece.
– An essential element in demonstrating good will and credibility in the negotiations is honesty – said government spokesman in Athens Gabriel Sakellaridis. This study Alexis Tsipras answer to the words of Jean-Claude Juncker, who stressed that the door for Greece “is still open”, but Athens must “speak the truth” to its citizens about the institution’s reform proposals.
The panic on the stock exchange
The precarious situation of the euro area means big declines on European stock exchanges. The British FTSE fell in the morning by more than two percent, the French CAC and German DAX by more than four percent. European EURO STOXX 50 index had a discount row four and a half percent. It is the biggest one-day drop in four years.
Large price reductions were also on stock exchanges in Asia.
“Control of capital in Greece justified”
The European Commission concluded that Greece introduced capital controls is “justified”. After the failure of talks with Eurogroup and nieuzyskaniu approval for any new loan the government in Athens has taken extraordinary measures to protect the financial and economic system of the country. It was decided to ban transfer money abroad, the closure of the stock exchange and banks.
Brussels reminded that Member States – in line with EU law – may introduce control over the flow of capital only in exceptional cases. Such actions need to be very clearly defined and proportionate to the economic situation.
In the light of these principles, the European Commission – as guardian of the Treaties – carried out a preliminary analysis of the recent decision of the authorities in Athens. Its results announced by European Commissioner for financial affairs Jonathan Hill. He declared that – because of the need to ensure the stability of financial and banking system in Greece to introduce temporary restrictions on the movement of capital in this country is justified.
Time for Plan B?
In Brussels, more and more talk about plan B, which is a controlled exit of Greece from the euro zone. Although they are and optimists. France, for example, hopes to resume talks. Greek Finance Minister Janis Warufakis said that it would be possible if the creditors submitted a new offer and softened demands for savings. – Then our government would change the recommendations and suggest the public vote in a referendum for the aid package – said Janis Warufakis. According to him, the key to resolving the crisis is German Chancellor Angela Merkel.
The Greek parliament agreed to a referendum on. The conditions of the aid program
CNN Newsource / x-news
Germany worried about the situation in Greece
The German authorities with growing concern are watching developments in Greece. Chancellor Angela Merkel convened a meeting today the heads of all political parties represented in parliament.
In recent months, the German government did not want to speculate on what will happen in the event of a Greek bankruptcy. Authorities in Berlin all the time repeated that they would do everything to keep Greece in the eurozone. According to commentators, the German politicians realized, however, that the agreement with Athens really can not be. About what to do next, Chancellor Angela Merkel will today discuss with the leaders of all political parties present in the Bundestag. Yesterday, the German Chancellor discussed the matter with the head of the European Commission, the European Parliament, and even with US President Barack Obama. Meanwhile, German Foreign Ministry warns tourists choosing to Greece before empty ATMs and recommends taking on the Greek holiday a sufficient amount of cash.
L. Balcerowicz: Dziwiłbym happen if the EU bowed to blackmail the Greeks
TVN24 / x-news
Everything suggests that Greece will exit the euro zone
All this suggests that Greece will exit the euro zone; if you need to change the EU treaty, the EU Member States are already prepared for this – told PAP chief economist Konfedaracji Leviathan Margaret Starczewska-Krzysztoszek.
After the unexpected decision of Greek Prime Minister Alexis Ciprasa to hold a referendum in Greece on July 5 and the breakdown of negotiations in Brussels, the European lender of Athens decided that they yield to an aid program for Greece has expired – according to the foreseen date – on Tuesday evening. On the same day Athens must repay the IMF 1.6 billion.
– All indications are that, however, end up leaving Greece from the euro zone. Of course we do not know how it will affect the economies of the EU, the euro area. It seems that a large part of this possibility, which is a Greek exit from the euro zone, has been consumed by the financial markets. This has been going so terribly long, and so that financial markets and countries, politicians have managed to prepare the analysis of all possible variants that can happen – says Starczewska-Krzysztoszek.
Even though you will have to change the EU treaty, although, according to Starczewska-Krzysztoszek will not be necessary, “are EU Member States are already prepared for this.”
– This is obviously a need for lawyers and very serious debate, but I think that the documents for this are already prepared – emphasizes economist. – From the point of view of the Greek economy, it would be good to get that clear-cut decision one way or the other has been taken. We all pretend that Greece manages to move out painlessly, or almost painlessly with this very difficult situation that requires really serious, systemic change – he says.
Prof. Leg: The cost of the collapse of Greece could reach one trillion euros
TVN24 Business and World / x-news
Kluz: Greece will have to leave the euro zone
This view is Dr. Stanislaw Kluza with BCC. In his view, a Greek exit from the euro zone is inevitable. In an interview with IAR Dr. Kluza he noted that recent decisions of EU politicians suggest that they want to distance themselves from any decision. They throw this problem in the direction of the European Central Bank. Meanwhile, the ECB is not to solve the systemic problems of Greece – noted Dr. Kluz.
0:30 Dr. Stanislaw Kluza with BCC 1.mp3 exit of Greece from the euro zone is inevitable. That is the view of Dr. Stanislaw Kluza BCC
He added that Greece is also not eager to take any action that would heal its economy. He pointed out that when it comes to reforming the economy is five years in Greece, nothing happened. Hence, sooner or later Greece will have to leave the eurozone. For Polish, however, by Stanislaw Kluza, the consequences of this output will be minimal. We have no strong with Greece over financial and economic relations. A wave of financial consequences may, however, affect the economy, such as, for example, German or Italian. As far as the stability of financial markets at the beginning there is always a shock, which later quickly expire and it will quickly return to the previous balance – says Stanisław Kluza.
0:30 Dr. Stanislaw Kluza with BCC 2.mp3 Stanislaw Kluza believes that the Polish consequences of Greece leaving the euro zone will be minimal.
Greece no return?
The Greek crisis comes to a point from which it can no longer be turning back – warns the American newspaper “Washington Post”. “New York Times” writes that the fear of Athens leaving the euro zone is fear of the unknown.
Greek crisis is being watched not only in Europe but also in the United States. Articles on this topic in the US newspaper publishes on the front page. Official “Washington Post” writes that “at some point unimaginable becomes inevitable”. According to the newspaper, the prospect of Greece leaving the euro zone becomes real. “Washington Post” said that the positions of creditors and the authorities in the Antennae are not so distant. Both parties differ mainly as to how to reduce the deficit of the state and not whether this should occur. The closure of banks “Washington Post” describes as capitulation to panic.
“New York Times” notes that Greece may in a moment find themselves in the midst of an unprecedented and risky economic experiment, which according to the log would be a return to its own currency. The newspaper warns that if in the coming days the crisis is not resolved, then the probability of such a scenario will increase significantly. “New York Times” assesses that the decision of the European Central Bank, which has not increased emergency loans to Greek banks, the authorities in Athens had no exit and had to be closed.
Analyst Aviva: Grexit represents an appreciation of the franc and Polish debt prices
TVN24 Business and World / x-news
Greece: banks closed until July 6
Banks in Greece will be closed from today until July 6 – inform the government in Athens. The daily ATM withdrawal limit is 60 euros per person, but this amount may change finance minister. Prime Minister Alexis Tsipras announced yesterday that will also be introduced capital controls. He assured citizens that their pensions, salaries and bank deposits are safe. Withdrawal Limits will not be too concerned foreigners. ATMs in Greece are closed until late afternoon today. Payments
debit and credit cards in Greece will be allowed, but subject to a prohibition transfers to accounts abroad. A special committee has to approve bank, deemed necessary for the safety and the public interest. This may include expenditure on healthcare. Alexis Tsipras
Government informs about this in the official bulletin, entitled “Holiday break the bank”. It said that steps have been taken since she became “a sudden and unexpected need to protect the financial system and the economy of Greece, due to the loss of liquidity caused by the decision of the Eurogroup.”
Europe fails to extend aid program for Greece. Greeks massively pay money from banks
STORYFUL / x-news
Experts: closing banks may prove to be the beginning of the end
Experts believe that Sunday the Greek government’s decision on the closure of banks and the introduction of capital flow control may prove to bankrupt Greece decisive moment in question leave the eurozone.
According to Fiona Mullen, director of consulting company Sapient Economics, both for Athens and their creditors would have preferred if, instead of sudden collapse, which in the current situation is becoming increasingly possible, agreed among the “orderly” Grexit “(leaving the zone euro) “.
– Everyone says that they do not want Greece left the euro zone, but dragging this difficult situation can cause more harm than good – Mullen told PAP. She recalled that Athens will most likely go bankrupt already 30 June, when it will pay 1.6 billion International Monetary Fund (IMF).
According to Mullen theoretically still possible that within the next 36 hours, all callers will return to the negotiating table, someone “pull a rabbit out of a hat”, Greece repay the IMF, and the Greeks will vote in a referendum on July 5 by agreement with the creditors. Such a scenario is far from improbable, and in addition would not solve all the problems of Greece.
– Greek crisis is a real vicious circle. We need to finally break out of it – says Mullen. He explains that although “Grexit” is actually unavoidable, it can be done as either pleasant or unpleasant. She recommends this first, which would mean cooperation between the Eurogroup and Greece on reducing the impact of the crash. Mullen turns in a control movement of capital and financial support for the Greek balance of payments would stop new Greek currency from a rapid decline in value. Mullen also dorzuciłaby to leave for Athens gate open in case the economic situation of Greece has improved enough that she could re-join the eurozone. – Eurogroup would then have the opportunity to demonstrate some of these European values, which rarely we have witnessed during the recent negotiations – says Mullen. He adds that the Sunday closing of Greek banks and the introduction of capital flow control reminds her of the banking crisis in Cyprus in 2013. It is suspected that the Greek story will take a lot longer and have worse mileage. (In Cyprus, the closure of banks was the result of an agreement with the government’s “troika” of lenders (EC, ECB, and IMF) and the control of capital movements was completed only in April this year.)
The Greeks keep money in their homes
Mullen believes, however, that since in Greece withdrawing money from banks had already lasted from January (when he came to power Coalition of the Radical Left, or Syriza) in the country is at the moment a lot of cash concealed under the mattress so at least some Greeks not so fast run out of money.
Greek bankruptcy very likely
Constantin Papapdopulos, a former banker and adviser. Economical George Papandreou’s government also believes that there is a great danger that Greece will go bankrupt on Tuesday. If, in addition during the referendum, the Greeks reject the agreement with creditors, banks will remain closed for a long period of time because only in this way will be able to avoid bankruptcy. Then the whole Greek economy will be frozen; nobody will be able to carry out business transactions and those who will have the cash they do not want her to spend on anything else but food.
Paralysis social life
– All the shops pozamykają to be just food – says Papadopoulos. Now – he adds – foreign travel agencies are beginning to cancel bookings they have made for themselves just starting the summer season, which was to bring Greece’s record income. According to Papadopoulos a more optimistic scenario, in which the Greeks accept the bailout lenders is also not good, because the return to negotiations and to develop a new agreement covering the consequences later, caused stagnation last few months of the recession, will cause it will not be the same package. – I do not know what the outcome of such a change and if then the government, which now does not behave reliably, it will accept. This may mean further complications – says Papadopoulos.
The Greek economy zombie: a fall in turnover and employment and the huge debt
Bloomberg / x-news
IAR, PAP, abo
