Update: Parliament has voted in favor of Alexis Tsipras' call for a referendum.
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Greece’s referendum question will would have read as follows (before the offer was rescinded):
"Greek people are hereby asked to decide whether they accept a draft agreement document submitted by the European Commission, the European Central Bank and the International Monetary Fund, at the Eurogroup meeting held on on June 25 and which consists of two documents:
"The first document is called Reforms for the Completion of the Current Program and Beyond and the second document is called Preliminary Debt Sustainability Analysis.
"- Those citizens who reject the institutions’ proposal vote Not Approved / NO."
"- Those citizens who accept the institutions’ proposal vote Approved / YES."
The two documents reflect the complexity of Greece’s financial predicament.
- The first includes sections on "parametric budgetary measures" and "unified wage grid reform."
- The second has a discussion of the methodological advantages of using ‘‘gross annual financing needs’’ to assess Greece’s debt burden, rather than the more traditional debt-to-GDP ratio.
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We noted earlier:
The Greek parliament is in session on Saturday evening as lawmakers debate the country's EMU fate and vote on the referendum called by PM Alexis Tsipras just after midnight this morning.
- TSIPRAS SAYS REFERENDUM WILL BE MOMENT OF TRUTH FOR CREDITORS
- TSIPRAS: GREEK PROPOSAL FOR SUSTAINABLE DEAL STILL ON TABLE
- TSIPRAS SAYS REFERENDUM NOT MEANT AS RUPTURE WITH EUROPE
- TSIPRAS SAYS GAME OF BAILOUT HAS COME TO AN END
- GREEK PARLIAMENT TO RESUME IN 10 MIN AHEAD OF REFERENDUM VOTE
- SAMARAS SAYS REFERENDUM DRAGS COUNTRY OUT OF EUROPE
- SAMARAS SAYS CREDITORS DISCUSSING PLAN B FOR GREECE
- STATE MINISTER PAPPAS SAYS GOVT STILL AIMING FOR AGREEMENT
Parliament Speaker Zoe Konstantopoulou announces 10-min recess after opposition New Democracy lawmakers walk out of chamber in the middle of debate.