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Greek Referendum

Greek Referendum

Tsipras says we proved democracy cannot be blackmailed as Greeks reject bailout terms

Eoin Burke Kennedy Sat, Jul 4
 
LIVE: Greek Referendum

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  • This event has now ended
  • 12:45
    Have we arrived at the climax of the six-year long Greek debt crisis? Probably not, but the outcome of today’s vote on its bailout terms will either bring Greece closer to the euro trapdoor or collapse the government. The stakes just couldn’t be higher.

    With the banks running on empty and rumours of imminent food shortages, the country appears to be divided on which way to vote. Polls suggest the outcome is too close to call.

    Prime Minister Alexis Tsipras has staked his political reputation on a No vote which he claims will strengthen his mandate to return to the negotiations.

    European leaders and creditors, however, claim a rejection will turn Greece away from the euro with a huge potential fall-out for the wider European and global economy.

    I’m Eoin Burke-Kennedy and I’ll be steering our blog on the crisis on this crucial day for Greece and the European Union.
  • 13:00
    Bruton versus Krugman and Stiglitz: Former taoiseach John Bruton has put it up to Krugman and Stiglitz, suggesting Greek voters should not listen to their "ongoing American polemic" against the euro. He says the present "collapse in confidence originated in the US, in a housing bubble in a small number of US states, that eventually engulfed the whole world. The US system did not prevent that." Read more
  • 13:02
    Greek finance minister Yanis Varoufakis leaves after casting his ballot in a voting centre during a referendum in Athens
    Greek finance minister Yanis Varoufakis leaves after casting his ballot in a voting centre during a referendum in Athens
  • 13:07
  • 13:10
    Just to recap: four polls published in quick succession on Friday showed the Yes vote marginally ahead while a fifth put the No camp 0.5 per cent ahead. All were well within the margin of error.
  • 13:12
  • 13:15
    Many commentators are suggesting a close result could sow further confusion, possibly leading to violent protests. "The nightmare result would be 51-49 percent in either direction," a senior German official cited by Reuters said. "And the chances of this are not insignificant."

  • 13:26
    Schulz claims Greece will have to mint new currency in event of No vote:

    The airwaves are clogged with politicians opining on what a No vote would mean for Greece. However, nothing has generated for consternation than the comments of European Parliament president Martin Schulz, who suggested Greece would have to mint a new currency in the event of a No vote.

    "If they (Greeks) say 'No', they will have to introduce another currency after the referendum because the euro is not available as a means of payment," Schulz said in remarks broadcast on Germany's Deutschlandfunk radio on Sunday.

    Several commentators have denounced Schulz's intervention as a shameful intrusion in the democratic process.
  • 13:29
    Result expected 7pm Irish time: By the way, polls close at 7pm (5pm Irish time), with the first official projection of the result expected at 9pm (7pm Irish time).
  • 13:34
    Voters stand in polling booths as they mark ballot papers for the Greek referendum at a polling station in Athens<br /><br />
    Voters stand in polling booths as they mark ballot papers for the Greek referendum at a polling station in Athens

  • 13:42
  • 13:49

    No side has narrow lead, according to poll seen by FT

    The Financial Times says it has seen as yet unpublished opinion polls which point to a narrow win for the No side.

    "Last-minute opinion polls indicated a knife-edge result, with voters narrowly favouring Mr Tsipras’s call for a No vote to reject a last-ditch bailout offer by Greece’s creditors, even though it has already expired," the FT says.

    Between 51 and 53 per cent of voters would back No, according to one unpublished poll.

    The FT is als reporting that banks around Europe are bringing in extra staff to handle the expected volatility on FX markets following the result.

  • 13:59
    Ruadhan appears to have fallen down a philosphical wormhole.
  • 14:05
    This is from a few days ago but the sight of distressed pensioners outside banks is undoubtedly the most emotive   image of crisis
    This is from a few days ago but the sight of distressed pensioners outside banks is undoubtedly the most emotive   image of crisis
  • 14:10
    Turnout expected to eclipse mandatory 40% margin: Several TV reports in Greece say turnout has been markedly high, standing at 35 per cent with four hours to go, and queues have been seen at polling stations in Athens, accordint to AP. Turnout must be above 40 per cent for the referendum to be valid. High turnouts are normal in Greece because voting is mandatory — although that law has not been enforced in recent years.

  • 14:11
  • 14:16
    A man gestures as he casts his ballot at a polling station at the village of Anogeia in the island of Crete
    A man gestures as he casts his ballot at a polling station at the village of Anogeia in the island of Crete
  • 14:18

    This is from early: Prime minister Alexis Tsipras said the referendum sends the message that Greeks are embracing a united Europe but want to live “with dignity”.

    Speaking after casting his No vote, he said the referendum demonstrates the Greek people’s right to choose their own future. He said although many Greeks may pick a different choice than the government, “no-one can ignore the will of the people to take their lives in their hands”.

  • 14:20
  • 14:22
  • 14:35

    Is the Pulp song Common People really about Yanis Varoufakis's wife? This has been bugging me for days. Danae Stratou, wife of Greece's outspoken finance minister, did apparently study art at St Martins in the UK, in the late 1980s, at the same time as Pulp frontman Jarvis Cocker.   Cocker is apparently keeping tight-lipped about who inspired the song.

  • 14:50
  • 14:55

    Despite all the doomsday predictions surrounding a No vote, many European leaders have held out the prospect that Greece could continue to negotiate even if it rejects the bailout terms.

    Italy's prime minister, Matteo Renzi, said it was "obvious" negotiations would have to resume as of Monday, telling the Rome newspaper Il Messaggero that Greece "cannot end up like this."

    Do we really believe that Frankfurt would turn off the tap and toss Greece into a financial inferno?

  • 15:02
  • 15:07
    The countdown begins: There are just two hours of voting left until the polls close in Greece. According to the twitter machine, we'll be getting some sort of exit poll at 5pm but this will based on phone calls and not a sampling of voters exiting polling stations, hence, its reliability is questionable. Actual data may take some time. The result is expected at 7pm, however.
  • 15:14
  • 15:17
    How much would Grexit cost Germany? €14.4 billion. According a report in the Germany's Handelsblatt, the head of the Bundesbank Jens Weidmann has warned the cabinet a Greek exit from the euro would hit the Bundesbank's profits and Germany's budget. The bank's losses could top €14.4 billion, he says.
  • 15:21
    Breaking news:BBC's Robert Peston is reporting that Varoufakis has scheduled a meeting with the central bank and commercial banks tonight to discuss situation.
  • 15:28
    A woman withdraws money at an ATM outside a National Bank branch during a referendum in Athens
    A woman withdraws money at an ATM outside a National Bank branch during a referendum in Athens
  • 15:42

    Two quick 'what if' scenarios:

    A Yes vote - Greek government collapses, ECB keeps credit tap on and a new national unity government is formed within weeks which signs up to deal as per the wishes of the Greek people.


    A No vote - European leaders, including Juncker, suggest this represents a de facto severing of ties with euroland for Greece. Athens, however, insists they are bluffing. In this scenario, talks founder and Greece exits euro on July 20th when next debt deadline arises.

  • 15:49
    According to the Guardian's Jill Treanor, tensions in London's financial hub are running high ahead of the Greek result.

    "Barclays has a team of foreign exchange experts arriving at 5pm. Its research, sales and trading staff have been monitoring the Greek referendum all weekend," she says.

  • 15:51
  • 15:54
  • 16:03
    Outcome in Greece could have major impact in Spain:

    Reuters reporting on new poll from Spain showing anti-austerity Podemos virtually tied with the country's two mainstream parties less than six months to a parliamentary election.

    "For the second month in a row, the ruling People's Party narrowly led the survey carried out by Metroscopia for El Pais newspaper, garnering 23 per cent support."

    "The opposition socialists and Podemos came close second and third in the poll with 22.5 percent and 21.5 percent respectively."
  • 16:08
  • 16:10
    We've less than a hour left, with reports from Athens suggesting voting is winding down. Channel 4's John Snow tweeting he's meeting a lot of No voters...
  • 16:23
  • 16:24
  • 16:28

    Investors braced for prolonged uncertainty no matter what outcome we get today:

    Bloomberg reporting is reporting global investors are bracing for prolonged uncertainty as there's no assurance Greece's referendum will bring Europe any closer to resolving the nation's debt crisis.

    The yen rose the most among major developed currencies last week as Europe's turmoil prompted a repeat of a January rally driven by haven flows.

  • 16:29
  • 16:35
    Things are going to heat up from here on in, as we close in on a result. Polls will close in less than 30 minutes. Just to recap, we're expecting some sort of indication shortly after 5pm based on a phone poll but this comes with a health warning and shouldn't be considered equivalent to an exit poll. We'll get the actual result at 7pm.
  • 16:39
  • 16:40
  • 16:44
    Wall to wall coverage of royal christening on Sky News...

  • 16:47
    Reports suggest there's only €1 billion left in the Greek banking system, which equates to €90 per person.
  • 16:54
    Summary:   Polls about the close on historic Greek referendum

    Result too close to call – polls suggest country is divided

    Varoufakis suggests a deal can be done with 24 hours of No vote

    Greek government to hold emergency meeting with central bank and commercial banks tonight

    FX traders are preparing for week of market volatility

    EU parliament president Martin Schulz sparks controversy by suggesting Greece would have to mint a new currency in the event of a No vote.

  • 17:03

    TV polls projecting a narrow win for No side as voting ends:


    OK here we go...polls have now closed and three TV polls in Greece are projecting a narrow win for the No side. dhese are not results but projection.

  • 17:10
    More on these TV polls, four TV polls are pointing to a No vote...just to confirm these are just projections


    Mega/GPO poll -   No 49.5% Yes 46.5%

    Ani/Merton Analysis - No 49% Yes 46%

    Marc - No 49.5% Yes 45.5%

    Star/MRB - No 49% Yes 46% The polls were released after voting ended on Sunday because of a ban on the publication of polls on the day before a vote is held.
  • 17:13
    Greek media is now confidently predicting a No vote. This is going to cause consternation in Brussels.
  • 17:15
  • 17:20
    First bit of political reaction: AFP is reporting that French and German leaders have scheduled a meeting for tomorrow to discuss situation   in Greece.
  • 17:24
    A man passes by a graffiti made by street artist N_Grams that read No (Nein) in German but also sounds like Yes in Greek language, in Athens
    A man passes by a graffiti made by street artist N_Grams that read No (Nein) in German but also sounds like Yes in Greek language, in Athens
  • 17:26
  • 17:29
    Greek government spokesman Nikos Filis, reacting   to the TV polls, said: “I think this is guidance for the government...to move forward quickly to seek a deal and normalise the banking system.”
  • 17:31

    More on the Merkel/Hollande meeting. Merkel will travel to Paris tomorrow evening for an emergency meeting on Greece with her French counterpart.


     

    "The talks with the French president from 630pm (4.30 Irish time), and over dinner will be about a common assessment of the situation after the Greek referendum and the continuation of the close German-French cooperation on this subject," said Merkel spokesman Steffen Seibert in a statement.
  • 17:45
    Syriza MEP says that “Greek people are proving they want to remain in Europe” as equal members “and not as a debt colony”. Dimitris Papadimoulis said that the country should wait for the official and final results of the referendum, and called on his fellow countrymen to remain calm. “A new effort is beginning,” he said, adding that Mr Tsipras would move fast to conclude a deal with Greece’s creditors.

  • 17:55

    OK if you've just tuned in, opinion polls released after today's referendum in Greece are all pointing to a No vote, suggesting Greek voters have defied the warnings of European leaders and creditors. I should emphasise counting is now only getting underway and no actual result has yet been called.

    On the political front, Merkel and Hollande are to hold an emergency meeting in Paris tomorrow to discuss the situation.

    The question remains if this is a No vote, will it strengthen the Greek government's hand in negotiations or will Greece slide further into the financial abyss?

    A backdrop to all this of course is what the ECB's next move will be. There are reports that only €1 billion remain in the Greek banks, equating to €90 a person. Finance minister Yanis Varoufakis insists the banks will open on Tuesday.

    These events are really unparalleled in European Union history.

  • 17:57
  • 18:01

    Just in: Greek government spokesman says Bank of Greece will request that the European Central Bank raise its ELA (emergency liquidity assistance) ceiling for Greek banks.

  • 18:03
    Polling station officials count the votes at a polling station in Athens
    Polling station officials count the votes at a polling station in Athens
  • 18:07
    Reuters: Greece's government wants to resume talks with the country's international lenders immediately to clinch a deal to keep it afloat, Greek government spokesman Gabriel Sakellaridis said.


    "The negotiations which will start must be concluded very soon, even after 48 hours," Sakellaridis told Greek television after opinion polls showed the 'No' vote with a clear lead in Sunday's referendum on a bailout proposal from creditors. "We will undertake every effort to seal it soon."

  • 18:09
    Greek interior ministry says first official results will be out at 9pm (7pm Irish time)
  • 18:15
    Murphy compares No vote to collapse Berlin Wall: Obviously wanting to get in before the rush, Anti-Austerity Alliance TD Paul Murphy has just released a statement saluting a likely No vote in Greece ahead of the official result.

    "The likely victory of Oxi (No) in the referendum is historical. It is potentially the most significant political event since the collapse of the Berlin Wall. It may signal a reversal of the trend of victories of neo-liberalism and austerity in the interests of the 1% and gives hope to millions across Europe and indeed around the world," he said.

     “If the exit polls are borne out as seems likely, it is a victory achieved against the backdrop of an unprecedented campaign of terror – with its proponents stretching from the European Central Bank, the European Commission, the IMF, the German governments and other governments including the Irish, to the private media here, which have been entirely biased," he added.
  • 18:18

    First official tallies point to strong No vote:


    Ok big news, the first official result has emerged. With 7.4 per cent of votes counted, the No side are on 59.7 per cent with the Yes side on 40.3 per cent. This suggest the No side are way ahead and that the TV polls are underestimating the strength of the No vote.

  • 18:20
  • 18:24
    It's all going one way. With 11.5 per cent of votes counted, the No side is just under 60 per cent. We're looking at a 60/40 split in favour of rejecting the bailout terms. Incredibly strong result for No camp, given most of the opinion polls were pointing to Yes
  • 18:25
  • 18:30
    Greece is in unchartered waters. This is seismic. Voters appear to have backed the government and defied the warnings of European leaders.
  • 18:33
  • 18:37
    With over 18 per cent of votes counted, the No side is now at 60.4 per cent with the Yes camp on 39.6 per cent. Turnout is being put at 56 per cent. We're getting the results from the Ministry of Interior's website.
  • 18:40
    Remarkably bad few months for pollsters. Polls in run-up to UK elections proved way off. Similarly, most pre-referendum polls in Greece pinpointed a Yes vote or a very narrow No. Both those scenarios do not appear likely at this stage.
  • 18:45
    No side is on 60.4 per cent - official tallies.

    The No side is pulling away to a really comfortable victory. With 21.5 per cent of votes counted, the No camp is on 60.4 per cent with the Yes side on 39.5 per cent. Commentators are already talking about Tsipras is going to unite a divided country but it's no as divided as the pre-referendum polls suggested.  
  • 18:47
    A woman celebrates a likely No vote at Syntagma Square in Athens tonight
    A woman celebrates a likely No vote at Syntagma Square in Athens tonight
  • 18:54
    Markets expected to contract tomorrow
  • 18:59

    Comfortable No victory on the way: Latest voting update puts the No side on 60.6 per cent and the Yes camp on 39.3 per cent.

    Not a landslide for the No side but a comfortable 60/40 split now appears almost inevitable, provided the demographics of votes counted so far are not skewed in some way.

  • 19:02

    No plans for Eurogroup meeting on Monday after likely No vote:


    Reuters is reporting that there are no plans for an emergency meeting of euro zone finance ministers on Greece on Monday after Greeks today voted overwhelmingly to reject the terms of a bailout deal with international creditors, citing a euro zone official. Asked whether a meeting of the Eurogroup was planned for Monday, the official, said: "No way. (The ministers) would not know what to discuss."

    The European Commission had no immediate comment on the early results, which showed a 60-40 No vote against the conditions of a cash-for-reforms deal to keep the country afloat, which the leftist Greek government rejected this month, Reuters said.

  • 19:04
    No voters now celebrating
    No voters now celebrating
  • 19:05
  • 19:06
    John Forde Comfortable?? there's no comfort for ordinary Greeks in Greece tonight, no matter what the majority.
  • 19:07
  • 19:08
  • 19:13

    MPs calling on Samaras to resign: Members of New Democracy, Greece's main opposition party, are calling on leader Antonis Samaras, the former PM, to resign. Perhaps the strongest signal yet that the Yes side has lost.  

  • 19:16
    Latest update: official tallies after 35 per cent of the votes counted put the No side on 61 per cent and Yes side on 39 per cent. Margin of victory for No side is continuing to grow. Voter turnout is approaching 60 per cent.
  • 19:22
    The euro slipped 0.5 per cent last week to close on Friday at $1.1114. Market analysts are expecting it to fall again on the back of this vote.
  • 19:26
    Much chatter about Schäuble's suggestions that Greece could temporarily leave the euro.

    In an interview with tabloid Bild before the vote, he said: "Greece is a part of the Eurozone. There’s no doubt about that. Whether with the euro or temporarily without, this question can only be answered by the Greeks themselves."
  • 19:26
    Daniel Hickey How come the Greeks cannot live within their means and poorer countries can? The answer to this will indicate where the solution exists to current problems
  • 19:34
    With over 40 per cent of votes counted: No - 61 per cent Yes - 38.9
  • 19:34
    Mark Hurley No = hope - I don't think so - No = chaos , the drachma and abject poverty for many many Greeks- yes = hardship but hope
  • 19:36

    Greece might be better off outside euro, says German MP

    Senior German conservative MP Hans Michelbach told Reuters on Sunday that Greece might be better off outside the single currency after early referendum results showed the country was poised to reject euro zone bailout terms.

    "Now one has to ask the question whether   Greece would not be better off outside the euro zone," said Michelbach, a hardline member of the Bavarian Christian Social Union (CSU) and part of Chancellor Angela Merkel's conservative bloc. "Unfortunately, Greece has chosen a path of isolation," he said, adding that if a No vote won, as results indicate, he saw no basis for further aid for Greece.
  • 19:37
    Anti-austerity No voters celebrate the results of the first exit polls in Athens<br /><br />
    Anti-austerity No voters celebrate the results of the first exit polls in Athens

  • 19:55


    Italy's foreign minister said this evening it was now right to restart efforts to reach an agreement with   Greece, as partial results of a bailout referendum indicated it had rejected the austerity measures demanded by Europe, according to Reuters. Paolo Gentiloni tweeted: "Now it is right to start trying for an agreement again. But there is no escape from the Greek labyrinth with a weak Europe that isn't growing."
  • 19:57
    Alan Moore With a population of 11 million people, 350 billion euro of debt, how will more austerity correct this? No = hard but also a wake up call for Europe after 5 years of sleepwalking to this result
  • 19:59
    With half the votes counted, the 60/40 margin in favour of No is still being confirmed. The official website puts the No side on 61.2 per cent and the Yes side on 38.8 per cent, totally defying the pre-referendum polls.
  • 20:03

    Tsipras has caused a disaster, says German MP

    Senior German conservative Michael Fuchs told Reuters on Sunday that Greek prime minister Alexis Tsipras had caused a "disaster" after early referendum results showed the country has rejected euro zone bailout terms. "I very much regret the result," Fuchs said by telephone. "Tsipras has caused a disaster and must see how to pick up the pieces. There is no chance that a solution will be achieved within 48 hours," said Fuchs, who has long had reservations about bailouts for Greece.

    A more moderate German conservative, Julia Kloeckner, said in a statement that Tsipras should not think he could put Germany and Europe under pressure with the referendum result but stopped short of calling for a Greek exit from the euro zone.

  • 20:12

    Large crowds now gathering in front of the national parliament in Athens to celebrate country's rejection of the bailout referendum. We're still awaiting the official result but it looks to be a strong No - 61/39 at this stage.

    The fallout across Europe-   politcally and financially - is only just starting but it's undoubtedly an historic moment in European Union history.

     

  • 20:15
    Euro drops 1.4% against dollar: The euro has fallen 1.4 per cent against the dollar to $1.09, and by 2.1 per cent against the Japanese yen. This is the first bit of concrete market reaction. We're in for another rollercoaster week.
  • 20:17

    No way for Greece to stay in euro, says German business associations:

    Two German business associations said tonight that they saw no way for Greece to remain in the euro zone following the country's resounding rejection of bailout terms in a referendum.

    "No, we won't be able to avoid it," Anton Boerner, head of the German exporters association, told Reuters when asked whether a so-called Grexit was inevitable.

    Georg Fahrenschon, head of the association of German savings banks, said: "With a 'no' vote, the Greek people have spoken out against the foundations and rules of the single currency bloc. As a consequence, Greece should leave the euro zone."

  • 20:23
    Adams commends Greek people for asserting democratic control:

    Sinn Féin leader Gerry Adams says the people of Greece have made an historic decision against austerity and an unsustainable bailout package.

    "The big question facing all citizens of the European Union today, including Irish citizens, is whether people have the right to assert democratic control over decisions which affect their lives. That is at the heart of the crisis in Greece," Mr Adams said.

    "It is also a huge issue in Ireland. The EU must now make clear its desire to keep Greece in the euro zone by negotiating a solution that doesn't impose years of economic depression on the Greek people."

    He went on: "It is shameful that throughout this crisis the Irish Government aligned itself with the EU elite and against the interests of the people of Greece, of Ireland and of the EU."
  • 20:24
  • 20:26
  • 20:27
    Anti-austerity No voters celebrate in front of the Greek parliament in Syntagma Square
    Anti-austerity No voters celebrate in front of the Greek parliament in Syntagma Square
  • 20:31
    Thousands of government supporters have gathered in Syntagma Square in celebration, waving Greek flags and chanting “No, No, No.”

    With nearly 63 per cent of votes counted, the No camp is on 61.3 per cent and the Yes side is on 38.7 per cent.
  • 20:38

    OK, finance minister Yanis Varoufakis is on TV, making a statement now. He says Greece will try to forge common ground with European partners tomorrow.

    "As of tomorrow we will call on our partners to find common ground," he said.

  • 20:41

    Reuters reporting comments from German economy minister:

    German economy minister Sigmar Gabriel told the Tagesspiegel daily that it was hard to imagine talks on a new bailout programme with Greece after the country clearly rejected bailout terms in a referendum. "With the rejection of the rules of the euro zone ... negotiations about a programme worth billions are barely conceivable," said Gabriel, leader of the Social Democrats (SPD) who share power with Chancellor Angela Merkel's conservatives.

    "Tsipras and his government are leading the Greek people on a path of bitter abandonment and hopelessness," he said, adding Tsipras had "torn down the last bridges on which Greece and Europe could have moved towards a compromise".

  • 20:45
    More from Varoufakis - "As of tomorrow, with this very generous No that the Greek people have given us - ignoring the fear created with closed banks and by the media - we will try to co-operate with our partners and we will invite them one by one to see if we can find some common ground. And we will try to be positive," he says.
  • 20:47
    Greek finance minister Yanis Varoufakis delivers a speech in Athens
    Greek finance minister Yanis Varoufakis delivers a speech in Athens
  • 20:47
    John Forde Greece is going to have to reform their economy and society, only now they won't have the safety net of the Euro
  • 20:49
  • 20:52
  • 20:54
  • 20:58

    More on   Varoufakis's address to media. He said a No vote from Greeks to a bailout package from lenders on Sunday was a vote in favour of democracy and social justice that allowed Athens to call on its partners to find a fair deal.

    "As of tommorrow, with this brave 'No' the Greek people handed us.... we will extend a helping hand towards our lenders. We will call on each one of them to find common ground."

     "As of tomorrow, Europe, whose heart is beating in Greece tonight, is starting to heal its wounds, our wounds. Today's No is a big Yes to democratic Europe."

  • 21:02
    From our political reporter Mary Minihan:

    Fine Gael MEP Brian Hayes has called on the Greek political leaders to “ditch their aggressive, provocative language”. In a statement released before the official result was announced but with polls showing a No vote ahead, Mr Hayes said the result of the Greek referendum must be respected by European authorities and leaders.

    “I think there is now an urgent need to resume negotiations in a spirit of good faith,” he said. Mr Hayes said the most immediate issue was funding for the Greek banks. “Ten days ago the two sides were very close to an agreement. The Greek government has to be clear in its own mind if it wishes to remain in the euro zone."

    “There are elements in the Greek government who wish to leave the euro. It is critical that the Greek government now make an application for a third bailout in seeking almost €30 billion of new funding.”
  • 21:07

    Euro on the slide: Meanwhile on the other side of the world markets are waking up and the euro is on the slide. According to Bloomberg, the euro fell 1 per cent to $1.1001 at 5.29am in Sydney and touched $1.0979, a level last seen on June 29th.

    The currency has been resilient amid the ebb and flow of Greek bailout talks, gaining 3.9 per cent versus the dollar in the three months through June, its best quarter since 2013. That strength may now be at risk. "Things change if there's a   No vote and there's a clear implication Greece will leave the euro," Steve Barrow, head of Group-of-10 strategy at Standard Bank Group Ltd. in London, said before the vote.

  • 21:08
    Spiegel cover: 'The Rubble Woman: If the euro fails, Merkel's chancellorship fails'
    Spiegel cover: "The Rubble Woman: If the euro fails, Merkel's chancellorship fails"
  • 21:16
    Three quarters of the votes have been counted and it's just confirming what we already know...it's a thumping victory for the No side 61.6%/38.4%
  • 21:21
    Just to recap:

    -      Greeks overwhelmingly reject bailout terms with 61% No vote
    -      Merkel and Hollande   to hold emergency in Paris tomorrow
    -      Euro is on the slide as investors predict market contagion
    -      Varoufakis to hold emergency meeting with banks tonight
  • 21:24

    Samaras resigns after resounding No vote: Antonis Samaras, the head of the main opposition New Democracy party, has resigned

  • 21:27
    More on the Samaras resignation:

    New Democracy leader Antonis Samaras, who championed a Yes vote, announced tonight he would step down. "Our party needs a new start. As of today, I'm resigning from the leadership of New Democracy," he said in a televised statement.
  • 21:29
    Antonis Samaras said tonight he was resigning as New Democracy leader
    Antonis Samaras said tonight he was resigning as New Democracy leader
  • 21:32
  • 21:34
    No supporters wave Greek flags as they celebrate in Syntagma square by the parliament in Athens
    No supporters wave Greek flags as they celebrate in Syntagma square by the parliament in Athens
  • 21:43
    Tsipras: We have proved democracy cannot be blackmailed

    PM Alex Tsipras says Greece has proved that democracy cannot be blackmailed. "We have turned a page in Greek history. Greeks made a brave choice, I'm convinced that the mandate is not to clash with Europe," he said in a TV address, he said.

    Tsipras said there were no easy solutions but "fair solutions provided both sides want it."   He added: "The mandate is to reach as viable solution. I will serve this mandate without wasting time."
  • 21:48
    With 85 per cent of votes counted, 62 per cent have voted Yes to the latest proposals for spending cuts and tax increases, according to results from the interior ministry.
  • 21:49
  • 21:53
    Reuters have a full report on Tsipras:
     
    "Greek Prime Minister Alexis Tsipras hailed a 'No' vote in Sunday's referendum on a bailout offer and said his government was ready to return immediately to negotiations with creditors in a bid to get shuttered banks open again."

    "Dismissing talk that the referendum was effectively a vote on whether Greece stays in the euro, Tsipras said the mandate that Greeks had given him was to reach a viable solution rather than clash with Europe. "With the difficult circumstances prevailing today you made a very brave choice," Tsipras said in a televised address to Greeks.

    "I'm fully aware the mandate you gave me is not one of a rupture with Europe but a mandate to strengthen our negotiating position to seek a viable solution."

    Tsipras said he would ask the country's president to summon a meeting of political party leaders to brief them on the situation.

  • 21:55
  • 21:57
    No supporters watch Greek prime minister Alexis Tsipras speaking on TV at Zappeion conference centre in Athens
    No supporters watch Greek prime minister Alexis Tsipras speaking on TV at Zappeion conference centre in Athens
  • 22:02
    Fianna Fáil Leader Micheál Martin has said the Greek referendum result cannot be ignored.

    “Now that the public vote in Greece has concluded we express our hope that the situation in Greece can move on in a more constructive way whether this is possible within a European framework is hard to tell following the referendum result."

    "While the politicians manoeuvre on both sides, the people of Greece are enduring appalling hardships and all Europeans must be extremely conscious of this. The chaos that we have seen in the last week has not done anything positive for
    Greece’s prospects or for European stability."
  • 22:04

    Tusk calls euro zone summit for Tuesday:

    Donald Tusk, president of the European Council, has called a euro zone summit for Tuesday evening to discuss Greece. More when we get it

  • 22:16


    Investors expecting markets to take sharp hit:

    European stock and bond markets are set to take a sharp hit on Monday after Greece voted No to harsh bailout conditions, and bankers said the European Central Bank's response was now key to the extent of contagion, according to Reuters.

    Many economists, including those at US banking giant JPMorgan, reckon the outcome of Sunday's referendum will probably hasten Greece's exit from the euro.

     "Although the situation is fluid, at this point Greek exit from the euro appears more likely than not," JPMorgan's Malcolm Barr told clients on Sunday evening, adding 'Grexit' was now the bank's "base case". "No most likely means EMU exit," Barclays told its clients.

  • 22:19
    Prime minister Alexis Tsipras addressing the nation after the results of the referendum
    Prime minister Alexis Tsipras addressing the nation after the results of the referendum
  • 22:24

    Bloomberg: The first shock waves from Greek voters' rejection of austerity were felt in the currency markets, with the euro falling against major peers and Australia's dollar sliding to a six-year low. Analysts are tipping a flight to safety, with Treasuries and German bunds to benefit.

    The euro lost 1.1 per cent to $1.0992 by 6.12am Tokyo time, touching its weakest level since June 29th. The currency slipped 1.7 percent against the yen and 1 percent versus the pound.

  • 22:26
  • 22:28
    We're closing in on a final result now. With 91 per cent of votes counted, the vote is 61.35% for No, 38.65% for Yes
  • 22:31
    We have a statement from the European Commission now:

    "The European Commission takes note of and respects the result of the referendum in Greece."

    "President Juncker is consulting tonight and tomorrow with the democratically elected leaders of the other 18 euro zone members as well as with the Heads of the EU institutions."

    "He will have a conference call among the Euro-Institutionals (with the President of the Euro Summit, the President of the Euro Group and the President of the European Central Bank) on Monday morning. He intends to address the European Parliament in Strasbourg on Tuesday."

  • 22:33
    Supporters of the No campaign react after the first results of the referendum in Athens
    Supporters of the No campaign react after the first results of the referendum in Athens
  • 22:35
    Bloomberg is reporting that the top currency forecaster's best advice is to stay away from trading the euro against the dollar. The most popular trade in the $5.3 trillion-a-day market is too risky given the turmoil in Greece and uncertainty about the timing of an interest-rate increase from the US Federal Reserve, according to Credit Suisse Group.
  • 22:37
  • 22:47

    Noonan: Ireland will continue to engage in an effort to reach a successful conclusion to the negotiations.

    Minister's office just released this statement: “I note the preliminary results from today’s referendum in Greece. I hope that following this result the Greek government will continue discussions with fellow member states in an effort to provide certainty for the Greek people and return stability to their economy. Ireland will continue to engage in an effort to reach a successful conclusion to the negotiations."

     

  • 22:58

    Amid all these hastily arranged meetings and summits, there's one question that supercedes all, will the ECB keep the liquidity tap on?

    The ECB is scheduled to meet tomorrow.

  • 23:04

    Schulz: euro leaders should consider humanitarian aid for Greece:

    Parliament president Martin Schulz says the summit of euro zone leaders should discuss an immediate “humanitarian aid programme for Greece”.

    He said Athens should make “meaningful and constructive proposals” in the coming hours to get the talks with the other 18 eurozone nations going again, adding:

    “If not we are entering a very difficult and even dramatic time.” Mr Schulz said ordinary citizens, pensioners, sick people or very young children should not pay a price for the dramatic situation the country was in, for which he blamed the Greek government.

  • 23:08
  • 23:12
    Eurogroup president Jeroen Dijsselbloem describes result as regrettable:

    Here's his statement: "I take note of the outcome of the Greek referendum. This result is very regrettable for the future of Greece. For recovery of the Greek economy, difficult measures and reforms are inevitable. We will now wait for the initiatives of the Greek authorities. The Eurogroup will discuss the state of play on Tuesday 7 July."

  • 23:15
    More happy Nos
    More happy Nos
  • 23:22
    Journalists watch Greek prime minister Alexis Tsipras speaking on TV
    Journalists watch Greek prime minister Alexis Tsipras speaking on TV
  • 23:34

    With 95 per cent of votes counted, the final result looks likely to be: No - 61 per cent, Yes - 39 per cent. After a result that was more definitive than polls had predicted, focus now shifts to how the markets will react and what the ECB will do in terms of its funding of Greek banks.

    In Asia, where markets are open, the euro is down 1 per cent at $1.1009. Most pundits are predicting a rough ride for investors in Europe and the US tomorrow on the back of today's vote.


    I'm hanging up my boots for the night on what has been an historic day for the European Union, but I'll be back in the morning with the latest market reaction from around Europe.