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Greece Invokes Nuclear Option: Tsipras Calls For Referendum
Update: Greek PM Alexis Tsipras has announced a referendum in a televised speech to the nation after another day of fractious negotiations with creditors closed without a deal.
The dramatic move comes after Athens rejected a proposal from the troika aimed at delivering some €16 billion in aid to Greece as part of an extension of the country's second bailout program.
- GREECE'S TSIPRAS SAYS CREDITORS POSED ULTIMATUM TO GOVT
- GREECE'S TSIPRAS SAYS CREDITORS PROPOSALS ARE AGAINST EU RULES
- TSIPRAS SAYS CREDITORS AIM TO HUMILIATE GREEK PEOPLE
- TSIPRAS SAYS WILL CALL REFERENDUM ON GREEK DEAL WITH CREDITORS
- TSIPRAS GREEK REFERENDUM WILL BE HELD ON JULY 5
- TSIPRAS SAYS HE NOTIFIED MERKEL, DRAGHI ON REFERENDUM PLAN
- TSIPRAS SAYS GREECE IS, AND WILL STAY PART OF EUROPE
- TSIPRAS SAYS GREECE NEEDS TO SEND DEMOCRATIC RESPONSE TO EU
Protothema now says the Greek parliament will meet on Saturday and a referendum will be called as early as next week. Whether this is simply a last minute attempt to put pressure on EU finance ministers ahead of Saturday's Eurogroup meeting remains to be seen, but one thing is for sure: Tsipras is playing a dangerous game with the ECB ahead of a difficult week that could very well see the imposition of capital controls.
???????? ????????? - ??????? ??? ?????????: ???????? ??? ?????? ?? ??????? ??? ??????????? ?? ???? ????? http://t.co/J23WZiI8Cb
— ????? ???? (@protothema) June 26, 2015
More from Kathimerini:
The government is considering a referendum on the substance of the agreement, according to recent reports, during the enlarged meeting taking place from Friday night at the Maximos Mansion. The referendum is expected to be held next Sunday, while the prime minister has already informed the political leaders. The prime minister after returning from Brussels convened the extraordinary Governing Council at the Maximos Mansion, which after 23:00 turned into cabinet by attendance of ministers and party executives to discuss the latest developments and next steps in view of tomorrow's Eurogroup.
Earlier:
Protothema is reporting that Tsipras has confided in a fellow EU official that if the country's creditors insist on sticking to pension and VAT red lines and if Friday's bailout extension proposal (which the Greek government apparently views as a patronizing stopgap) is the troika's final offer, he is prepared to call for snap elections.
Via Protothema (Google translated):
The dramatic developments of the last few hours, following the government's move to reject the proposal of the creditors may conceal preparation for use of the popular verdict, a decision which is expected to be finalized in the next few hours if the lenders do not move from its rigid positions. According secure information protothema.gr, a few hours ago he Prime Minister Alexis Tsipras European leader confided in Eurozone member country adjacent friendly in Greece that the data are up to this moment is ready even to call early elections.
This revelation of thought by the Greek prime minister to the foreign leader can be interpreted in two ways: Either Mr. Tsipras is ready "plan B" if tomorrow the negotiation fails or leaked deliberately in order to exert indirect pressure on lenders to mitigate their requirements. Upon completion of the meeting Mr. Tsipras with Angela Merkel and Francois Hollande, the Greek side revealed that the Prime Minister pointed out to the leaders of Germany and France that does not understand why the institutions insist on so hard measures. The prime minister insisted his decision to reject the proposal of the creditors for a five-month extension of the existing agreement with a funding of 15.5 billion euros. "The proposal does not cover us, because the financial part of barely meets the needs for payment of installments to the lenders, not help anywhere else the economy," emphasized a close associate of Alexis Tsipras and adds: "We will not accept the proposal, as we said, we were waiting to bring us another proposal tomorrow."
Greece has rejected creditors' bailout extension proposal.
- GREECE SAID TO REJECT EU15.5B BAILOUT EXTENSION PROPOSAL: ANA
#Greece gov't rejects institutions' proposal for programme extension & funding of €15.5 bln (via @amna_news) #ec #ecb #imf #eurogroup
— Manos Giakoumis (@ManosGiakoumis) June 26, 2015
* * *
On Friday, the German press reported (and Bloomberg later confirmed) that Greece’s creditors had presented PM Alexis Tsipras with a document (essentially an outlining the following available funds that could theoretically be part of either an extension of the country’s second bailout or a third program (with the latter having been previously ruled out by the IMF and German lawmakers). The details are as follows:
- EU creditor proposal foresees EU8.7b in EFSF funds: official
- Creditor proposal foresees EU3.3b in SMP profits: EU official
- Creditor proposal foresees EU3.5b in IMF funds: EU official
As noted, if Greece receives €3.3 billion from SMP profits it will mean that the ECB has forfeited the money it made on the Greek bonds it purchased in the past, effectively allowing Athens to repay the central bank with its own money. Here's DB with some color:
There may be a more rapid disbursement option. EUR1.9bn of the EUR7.2bn stalled tranche is SMP profits. Releasing these funds might only involve a decision by finance ministers without necessarily consulting parliaments. Disbursing EFSF funds, on the other hand, requires the national approval process (e.g., the joint decision by the German Finance Minister and the Budget Committee, if not a full plenary vote). In other words, SMP profits could be disbursed at short notice. These would be sufficient to pay the EUR1.6bn owed to the IMF on Tuesday.
As for the EFSF funds, it's long been suggested that bank recap funds could be chanelled to Athens under the 'right' circumstances and apparently imminent default is as good an excuse as any. Citi has more on the EFSF funds:
The interim proposal would likely allow Greece to use part of the €10.9bn from the original Hellenic Financial Stability Fund (HFSF) designated for Greek bank recapitalization, and later transferred back to the EFSF/ESM. Various media outlets have reported on the possibility that around €9bn could be used for current expenditure, in line with our estimates of the financing needs of the Greek sovereign for 3Q. Although a unanimous agreement will be required at the ESM board level to redirect the resources away from its banking recapitalization objective, we believe that a deal is likely to be found. The release of such funds would allow an extension of the current programme for several months, while giving more time for creditors and the Greek authorities to complete the negotiations for a third aid programme. It could also convince the ECB to increase the T-bill ceiling and the SSM to raise the ceiling on the exposure of Greek banks’ to their sovereign. All this however remains conditional on the approval of the ‘interim’ package by the Greek Parliament as well as by various national parliaments (in Germany, the Netherlands and Finland among others).
German Chancellor Angela Merkel implored Tsipras to accept what she calls a “generous” offer and has been adamant that a deal must be struck by the time the market opens on Monday which effectively means that EU finance ministers will need to strike an agreement at tomorrow’s Eurogroup meeting which starts at 2 pm local time. “I spoke today about a very generous offer because we simply have moved a step toward Greece, also with respect to the February agreement,” Merkel said.
In the wake of this morning’s news, the rhetoric from Tsipras has only hardened with the Greek PM pledging to uphold the democratic values upon which the euro was founded and to not accept “blackmail” (which of course is rather ironic, considering Merkel said precisely the same thing with regard to the Greek on Thursday):
Document of proposals presented to the Greek side by the institutions is “worse than a memorandum,” ANA reports, citing Greek govt officials in Brussels.
Greek Prime Minister Alexis Tsipras says he will defend the European Union’s founding principles of “democracy, solidarity, equality, mutual respect” as he seeks an agreement with international creditors to unlock aid for the country.
“These principles were not based on blackmails and ultimatum, and especially in these crucial times no one has the right to put in danger these principles,” Tsipras tells reporters in Brussels after an EU summit
“The Greek government will continue decisively to give the fight in favor of these principles, to continue to give the fight on behalf of the European people and of course on behalf of the Greek people,” he says.
Source in #Greece negotiations: "Not going well... Greeks backtracking significantly. Measures not credible. Don't know if there'll be deal"
— Ed Conway (@EdConwaySky) June 26, 2015
Big concerns among creditors that Greek measures both unambitious & growth unfriendly. Will def be document for eurogroup. May not be agreed
— Ed Conway (@EdConwaySky) June 26, 2015
For reference, here's a breakdown of what Greece's fiscal situation (i.e. budget deficit) looks like going forward:
* * *
Or, summarized:
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Evian Conference resulted in 1 nation out of all of those attending who would accept Jewish people (the bankers happen to be primarily Jewish - Deal With It), and that was only 20,000 and they had to be rich! Now we know Why! Monkey business. Who has time for this crap~! Only responsible lending would have saved us from the bullshit surrounded us. But to get their man elected, the party had to go on! Spending like there was no tomorrow, until tomorrow arrived. Now, we end up under their thumb.
Tsipras will ask for punitive damages as well as a 100% writedown on fraudulent debt. Debt free with an extra couple hundred billion euros Greece will heal itself within a year.
A deal at the Saturday meeting will be quite interesting for Spain, Portugal and Italy. No deal and we may see capital controls all accross europe by Monday morning.
I think at least one of the 5 ton elephants in the room will be all the paper shorts of Au/Ag.
If the Euro tanks (Deutsche Bank goes belly up thru derivatives exploding) this would
be brought about by Spain,Portugal,France and Italy all being in a state of insolvency.
Gold and Silver will have to explode significantly against the dollar.
Spain has not recapitalized its Banks after the huge real estate construction bubble.
There will be alot of damage from a Grexit but I don't see how they can continue to
kick the can down the road.Greek 2 yr @28% ?! They are being priced out of the debt
markets.
That derivatives Bomb will not happen. No way, no how. too Big to Fail is the rule in capitalism now
Socialize the risk, privatize the profit
it's all fraud and greece Mr. T, knows it, there is no debt, there never was only bank shenangins whether central or otherwise, finally a country albiet greece, is standing up and saying no more, but alas we all know how this ends along with everything else or is this time different? I say stop the banks now, nevermind how they are colored, it's still fraud.
If they get a true vote, they can go into their future from a position of responsibility. Blame will have no place there.
I think Tsipras has done an incredible job for not folding for such a long time, and taking it to the Troika time after time, the pressure on him from those Mafia must/is very strong. Takes some balls to fight the wayhe has.
And the deal, is ensure the Greek population is entirely fucked over, but with the inevitable default coming one day, as debt gets added to debt. The Troika are absolutely not about helping Greece out of the mess which is of the Troika's design anyway.
This is all about making sure every minion country knows and behaves as a minion, and not think or have an independent will against the Troika.
Tsipras
The Euro is a failed dream now.
The man's gotta do what the man's gotta do...The Greek people have to decide what they want. They can't expect the guy to keep fighting if he isn't sure his folks will be behind him.
This whole thing isn't going to hinge around what Tsipras does or doesn't do. It will be whatever the Greek people decide. But they have to let him know what that is if they want him to help them get it.
Defaulting and returning to the Drachma isn't a decision to make lightly. It will involve considerable pain. But pain is what they have NOW.
I admire a leader who doesn't take it upon himself to make such a momentous decision without his people's clear mandate...It must be nice to have a leader like that...*sigh*
You can add also the referendum is like open government in a true democracy when the promise made before the election because it cannot be upheld the government goes back to the people for their choice on the issue.
Reckon many more countries should follow this kind of Democracy not the promise everything before and every promise is subsequently broken after being elected.
The EU is as schizophrenic as the Greeks, on facing reality..
EU knows that there are economies in the EU that in the near term, (10 to 20 years,) will not be on par with Germany, France and England.
Yet - they will NOT approve fiscal union. That is the way it is. Either fiscal union or no economic stability in the EU. All the rest is kabuki theater and "kick the can" game playing.
When I kept on saying another type of socialism which includes open democracy, participation and solidarity among the opressed is possible, I broke my personal negative vote records here...
I am honoured to see that Syriza, and the socialists of Greece have proven to everyone that we mean what we say.
The Greeks are being blackmailed by the EU/IMF and they will never get a clear question to vote on, the people will vote against their own self interest. :( I hate to be so negative... but we are dealing with bankers and the EU.
you cant fix stupid
To me it's not clear yet what this referendum should be about specifically?
This is a shitshow of epic proportions.
Tsipras is doing a Pontius Pilate act by washing his hands with the aid of a referendum. This is a clever move both in dealing with the hardline European partners and his schizoid electorate who want both an end to austerity but a continuing relationship within the Euro.
The bottom line however is that the maths of the Greek economy and its present reality do not stack up and will continue to not stack up for quite some time.
Net result = more pain, more suffering but no more pain killers.
LOL at july 5 shift. See? Nothing will happen in monday. "To be continued" once again and by then they will probably anounce some BS "deal" that will last another half year or so, lol what a farce.
I think this is a excellent desicion.
The reason the EU is trying to ruin Greece is that Greece is the birthplace of democracy, something other nations look to in regards to democracy.
The EU on the other hand is as un democratic as it could be.
The referendum wont be about the Euro, it will be about the austerity package. Yes or No.
Cut pensions and lift VAT - good chance it will be No. Self interest usually wins when it is put like that.
However, the result of a No vote may end up being getting out of the euro.
This will end well for no one. Unless you own silver.
:)
The Greeks look as if they want to have their cake and eat it. It might look lije chocolate cake but it won't smell like it.
Very bold of Tsipras. Good idea, let the people decide for themselves. Voters are adults and can decide for themselves. Mostly. Except for the 30% fact-resistant strain of human communists.
Coke, or Pepsi.
Anything you want.
Papandreou picked a plan and then asked for approval. If Tsipras is smart, they will place the two plans on the referendum and make the voters choose. Tsipras can then either cave in to austerity or leave the Euro.
Referendums are loud and kill a lot of people, but nukes are another story.
I'm sure the global bloodsuckers fronted by the IMF and ECB will not go away easy.
Look no further that Aesop's Fable of the Ant and the Grasshopper....
Ha ha, they asymptotically approach default.
Come Monday expect the game of re-defining the meaning of words to start.
Fucking die already....where can I get a good Gyro????
Nuclear option, you're joking, right? The Greek referendum will end the same way the Scottish independance referendum did, more kabuki theatre.
Greece cannot kick the can indefinately. Whether the music is faced now or 2 years from now, they must face it.
The EU Central Bank. exists on the coatails of Germany and the German Central Bank. Once Italy and Spain start teetering all bets on Draghi are off. Unless of course the FED opens unlimited swap lines directly to the EU Central bank. Then all bets are back on for as long as the deception can be maintained.
Nice summary clip. Especially like the gentle slomo breeze just before the reckoning. It's a nice place to hang but unfortunately doesn't last.
If I am a creditor with a few billions in my pocket and have lent 1 billion to Greece.
I certainly would not do something to collapse an economy or country. It would be better to get 10 cents on the dollar rather then nothing. As all normal creditors do all around the world.
I would certainly push for a hard bargain, I certainly not be perturbed as our European creditors are.
So why are creditors screaming around like crazy?
The answer I think is quite simple. They do not have a few billions in their pocket. They borrowed that money from Banks (which was holding people's money to begin with).
The creditors have managed to push the interest on their Loans to near zero. Still they are bound by other aspects of the loans, probably book value maintenance or return of loan after a certain period that could not be renewed.
Most likely they could renew their loan terms indefinitely but cannot live like the Kings that they pretended themselves to be. Earnings has to come from somewhere and bad loans does not produce any earnings.
So, the creditors continue their scream and give ultimatums, while Greece, having understood the game, is now marching to the door leaving behind a big mess. For all the pretenses and bogus confidence coming from Troika, it is clear, they are finished.
Does anyone actually count votes anymore?
Greece is and will remain part of Europe.
Greece is, but will not remain part of EU.
POSTPONED, I KNEW IT!!!!!!! This shit will never be over.
Tsipras needs to level with his people. They, like the US population, have become mentally programmed to believe deficit dollars are manna from heaven. They are not. When the bill comes due, they do not call the shots. Their creditors have them by the balls. This was the plan when the Fed and the Federal income tax was established a century ago. At the time of reconing, tough decisions need to be made and backed by force if necessary. This is dawning on the Greeks and the American public will come face to face with it soon. Hope and change won't cut it.
Austerity is self-explanatory while prosperity has different outlooks.
I just started 6 weeks ago and I've gotten 2 check for a total of $2,200...this is the best decision I made in a long time! "Thank you for giving me this extraordinary opportunity to make extra money from home. This extra cash has changed my life in so many ways, thank you!" www.earnmore9.com
Become a gardener in Switzerland. They charge 80 Euros per hour.
Didi mau!
So Tsipras has surrendered. He wants the Greek people to vote themselves into Euro serfdom. Then he is off the hook
Typical pansy leftists. Can't take it in the ass like a man
You are such a lost case that in order to find an excuse to blame the lefties, you can even criticize the most democratic decision ever made by a government, one you have never seen and will never see in your miserable USA.
I know it is so painful to watch the leftists stand for their people, I know it is painful to watch "socialists" give the right to decide on their fate to the people, it is just against all your memorized prejudices, isn't it?
Read below. And if you have any personal dignity, shut the fuck up.
https://www.jacobinmag.com/2015/06/tsipras-speech-referendum-bailout-tro...
"Fellow Greeks, to the blackmailing of the ultimatum that asks us to accept a severe and degrading austerity without end and without any prospect for a social and economic recovery, I ask you to respond in a sovereign and proud way, as the history of the Greek people commands.
To authoritarianism and harsh austerity, we will respond with democracy, calmly and decisively.
Greece, the birthplace of democracy will send a resounding democratic response to Europe and the world.
I am personally committed to respect the outcome of your democratic choice, whatever that is. And I’m absolutely confident that your choice will honor the history of our country and send a message of dignity to the world."
I guess I am in good company
Here's what Tyler had to say on the "this is a sad day" post this morning
Why? Because they know that despite the referendum move, which is clearly just a last ditch attempt by Tsipras to save his political career by punting the decision straight to the people, if there is a "Yes" vote to the proposed bailout, then Syriza is out and new elections have to follow.
So Tsipras provides the rope and the Greek people are expected to place the noose around their own neck and jump off the scaffold
Fock you and fock leftists everywhere
Only bankers get a free lunch.
Funded delays are NOT in Greece's best interests, because every flow-thru borrowed euro lessens the potential Grexit/default pain on the other side while not actually benefitting Greece.
So he pussied out and went with the German suggestion. At the end of the day it's good for everyone, except the Greek people of course. What ever happens those in power can wash their hands off it.
Why is the option "nuclear"? The Greek government asks the population to decide. That is democracy. There were days when this was rather normality. It still is in countries like Island and Switzerland. Welcome to the club, Greece! Likely the population will decide pro continued debt slavery. 60% to 40% is my guess. But what are the choices for the Greek government? If they reject the proposal without referendum the heat will be upon them and rightly so. The Greek government, much despised by mass media in Europe and particularly in Germany, has beaten the German government on several fields: they are better in arithmetics, better in democracy and certainly better in riding a motorbike.
There will not be a referendum, because that would be the killer for Brussels. So they pay, Mutti is happy and Jucker is enjoying millésime Champagne, without having done anything. What a nice place Europe!
The State is the biggest corporation .... the voters have common stock .... the government employees have preferred stock !
Except for possibly Germany, you have described the entire EU.
Greece -the home of democracy.
This is the ultimate.
I say good for Tsipras.
If the Greeks are stupid enough to vote to be fleeced - leave them to it.
They deserve their fate.
If they have the guts to stand firm - they demand the respect of the people of the world.
Lets watch.
Lets hope.
Now is when the Washington-trained, IMF lapdog, Greek "reporters" will show just what they learned in those DC seminars.
Personally, I think the Greeks will be hard headed and stay firm. The EU can say goodbye to Greece, despite Washington's manipulation and propaganda...
Think the referendum is the right thing now it will be for Greeks to decide.
1. You stay in the EZ then you have to accept the austerity conditions demanded.
2. You choose out and though it will still be tough economic fate now resides in your own hands.
For me the debt increased through the Troika was odious because the money handed to you went straight back to shoring up banks in northern europe. THE INDIRECT ECB BAILOUT. It was never going to be possible to pay this debt and not a chance in hell as the Trioka said of only having 120% of debt to GDP by 2020.
Seeing as this referendum is radical and been deferred once I wonder if Tisipras gets shot next like JFK for going against the bankster wishes. On top of that if the vote is out you watch how vindictive the Troika becomes otherwise Spain and Portugal may choose the nuclear option also.
With the ocean of fiat conjuring occurring round the world, I would be angry as a Greek facing these choices presented by the pious EU banksters who themselves are conjuring fiat currency whenever, whereever, for whatever reasons. Someone wants to bend the Greeks over. All they have done is overspend (just like the US) plus agree to being part of their global government bloc (EU). As recently as WW2, the Greeks were determined fighters who gave the Nazis quite a fight. The Greeks face a kinder, gentler Nazi Germany today. Do they still have to stones to fight???
Yesterday, on the eve of 26th of June 2015, our country, Greece was given a deadline of 12 hours by the IMF, ECB, and EC to decide on whether to agree to the full domination of the Greek Republic, or else to be thrown out of the Euro and the EU, default and perish, but even if a 12 day or 12 week or 12 year were given, the Greek response would have been the same. The Greeks taught dignity and respect to democracy throughout the centuries. Today, when the entire world has turned against us for not giving up our freedom, we dare to question the invincibility of the Money-markets and those who are behind them and rule the world to their sole benefit raising against them the proud spirit of freedom in the most profound and legal manner through a defined and proper referendum as per the Word of our Constitution and approved by our parliament through majority vote. Regardless of who owes money to whom, as not paying back debts is a Judicial Issue to be judged by the appropriate legal Court, the dramatic question of the Referendum will be either to say YES and give in and surrender the Republic and the Constitution to the IMF, ECB, and EC, or to say NO, to default, and to leave the Euro and the EU completely on immediate basis. The Referendum is to be executed on the 5th of July 2015. This because as per Article 1 of the Greek Constitution, "In the case of an ultimatum or deadline that threatens to dissolve Democracy and the Constitution, the decision lies SOLELY with the will of the citizens by means of majority vote" (Hellenic Republic Constitution, Article 1, Clause 1). You may wish to blame the Greek people for not giving in to the IMF, ECB, and EC wishes, but I kindly request all of you to support us for defending our Constitution, Democracy and the Republic, at the same time taking full accountability for the outcome of the July 5th, 2015 referendum. Whatever this outcome comes to be it will be in full accord with Article 1 of the Constitution (For your kind information, the one and only time that Article 1 of the Constitution was not observed was on October 28, 1940 at 03:00 AM when NAZI Germany and Facist Italy gave us a deadline of 3 hours to supprender the Republic or else they attack, but I guess we had no time to call a Referendum as at 06:00 AM the attack had started and we had to defend our country and smash the face of the NAZIs, exactly as we mean to do on July 5th, 2015 no matter of the consequences. Greece will teach the German Chancellor a very good lesson exactly as we did to Adolf Hitler and we are ever proud of it ! ) Many thanks to everyone. Wishing a good day to all of you, the good people of the United States of America that once upon a time you stood by our side and we used to love you for this.
There is no means, no mechanism, to throw a member country out of the EU.
Any member country can voluntarily leave the EU, but no member can be forcibly expelled.
The Greek stance as you describe it so well is something that I can fully support 100% and would urge you to stand firm against the demands of Troika2. Better to live in pride than forever as a debt slave.
But I wonder how many other Greek people share your views of the situation, or do they simply want to roll over and keep taking the free money and to continue living at other peoples' expense? I don't know the answer to that.
too hard to read, how about paragraphs. I expect most people will just pass by a large block text, I usually do.
You can't polish a turd, but you can roll a turd in glitter...
When everything was booming it was Wall Street's investment banks that proved to be the weakest link in the global economy.
Greece is bad, but not that bad.
If Greece had had an unconditional bailout at the start and trillions pumped in the back door through QE it would probably be doing very well now.
If only Greece had been a bank, there would have been none of these problems.
Greece needs the TBTF (too big to fail) status that the banks crave.
Italy and Spain have just that.
The all important Sat. meeting is now history. The door is now open to a Sunday total capitulation of the "institutions". Free euros will be flowing come monday morning. Gonna be an interesting week.
Gutless politician.
If he needs the vote now, what was he basing his previous decisions on?
Should have pulled an Iceland
Yes, agreed.
Referendum is a lose-lose option for Tsipras.
He must have been forced to do it at gunpoint (metaphorically - probably his family has been threated by the great satan).
Snap elections would certainly be rigged and result in Tsipras and Syriza being removed from power.
GREECE MUST BE FREE AGAIN!
TELL THE MEGALOMANIACS TO GO TO HELL!
"The proposal does not cover us, because the financial part of barely meets the needs for payment of installments to the lenders, not help anywhere else the economy,"
There it is, as clear as a bad translation of the Greek can make it, the net flow to Greece has been reduced to essentially nothing. Time for a predictable referendum unless that flow gets increased to something significant very soon.
The Germans have been played.
awesome.
this reminds me of the scottish vote. tsipras doesn't NEED a referendum to leave the EURO. he is a lie. his job is to sell out the greek people, the referedum will be rigged and the outcome will be the greek people 'vote' to stay in the euro. their pensions and economic rights will be eviscerated and the banksters in the BIS , the real and only bank of europe----------will laugh their asses off blaming the greeks for voting for their own slavery.
democracy is a lie. tsipras would not be asking for a referendum if he wanted to leave the nazi BIS> he would jsut leave. his job is to decieve the people.
the ONLY way i am wrong about this is in fact if the greeks 'vote' succesfully to leave the EURO and EU. there is basically 0% chance of this.