If Greece leaves the EU, the European project is over. If it leaves the euro and recovers, austerity is done for. The best option is a backdown on Greek debtLots of people have raised the suggestion of applying game theory to the the Greek debt crisis. I haven’t attempted this, reflecting my general scepticism about game theory in the absence of a well-defined strategy space.But now the Greek government and public have made what is, in effect, a final move.Related: Greek referendum: we are back to wild markets of the 2008 banking crisis Continue reading...

Many stock markets in Asia fall sharply – but losses are limited as investors wait to see how European leaders will react to the referendum voteShare prices were sent tumbling across the Asia-Pacific on Monday after Greece’s resounding no vote in the weekend’s bailout referendum raised fears it could be forced to exit the eurozone.While significant losses had not descended into regional turmoil as Asian markets prepared to close, analysts warned of more trouble ahead depending on the outcome of crisis meetings of European leaders later today and on Tuesday.

If Greece could be on the way out of the eurozone, will investors be less willing to hold the debt of other states carrying heavy debt loads?How far will financial markets fall on Monday morning? Expect to see the leading European share index plunge 10% initially in the event of a no vote, Goldman Sachs predicted at the end of last week.A 10% decline would be enormous, but almost any prediction is credible in the current climate. We’re back to the wild markets seen at the height of the banking crisis in 2008. Many fund managers, even last week, were expecting a strong yes vote in Greece. It’s hard to know how severely they will be shocked by the scale of the no victory. Share prices in London are bound to be affected – a 2% fall, or about 130 points off the FTSE 100 index, was Sunday night’s indication in futures markets. Continue reading...

Angela Merkel ‘respects’ the result in Greece but heads to meet François Hollande as Europe’s leaders and their advisers plan next movesThe German chancellor, Angela Merkel, is to head to Paris on Monday for urgent talks with French president François Hollande over how to avert a growing eurozone debt crisis after Greek voters sent EU leaders their clearest message yet that they are in favour of a radical change of policy.An email statement from the Berlin chancellery, sent out shortly after polls closed in Greece and which mirrored one sent out by the Élysée Palace, said the aim of the meeting, arranged after a telephone call between the two leaders, was to “jointly assess the situation after the Greek referendum and to address the continuation of Franco-German close cooperation in this matter.” Continue reading...

Thousands take to Athens streets to celebrate referendum result, many citing personal devastation brought on by spiralling economy as reason for voting noDemocracy in Greece spoke on Sunday and the response was a resounding “no” to demands for more of the excoriating austerity that over five long years has been the price of keeping Europe’s weakest economy afloat.

Victory by Syriza party of 60% to 40% in polarising referendum presents nightmare for eurozone elites, particularly German chancellor Angela MerkelGreece delivered a landslide no vote to the eurozone’s terms for the country remaining in the single currency on Sunday night, unleashing a seismic political shift that could derail the European project. The verdict confronts the EU’s leadership with one of its most severe ­crises of confidence and leaves Greece facing potential financial collapse and exit from the euro.In a polarising referendum called by the radical leftist government of Alexis Tsipras at only eight days’ notice, Greeks voted by more than 60% to 40% in support of the prime minister, spurning the extra austerity demanded – mainly by Germany and the International Monetary Fund – in return for an extension of bailout funds.Related: IMF: austerity measures would still leave Greece with unsustainable debt Continue reading...

A flurry of eurozone meetings are set to go ahead in Athens, Brussels, Paris and Frankfurt, but Greek exit contingency plans will also be discussed in the UK

This was a national vote but the issue is Europe-wide. We’ve yet to discover whether Greece can remain in the eurozone, or even in the EUYou can ignore what a government says, but you can’t ignore the voice of the nation. So said Alexis Tsipras when he went to cast his referendum vote today. It was a comment worthy of the prime minister of the country that gave the world democracy. What exactly the voters have said, however, might not be quite as clear as he would have liked.Through the evening, as the evidence mounted for a No vote – which, in the confusing world of current Greek politics, was essentially a Yes for the stance taken by Tsipras in the talks with EU and international institutions so far – it was possible to sense the trepidation that has gripped the rest of Europe for the past week mounting too. Within an hour of the polls closing, the French president and German chancellor announced they would be meeting in Paris on Monday , the choice of venue being the more diplomatic option, given Greek sensitivities. George Osborne had earlier sown concern where there had seemed to be none, by telling the BBC that no country was immune to the Greek debt crisis, including the UK. Continue reading...

Creditors may now be tempted to let Greece sweat it out a bit in a cashless economy, but to avoid a Grexit tragedy they should try less stick and more carrot

With more than 60% of the results counted, official projection from Greece’s interior ministry shows no vote set to win with an overwhelming 61% shareGreece is on the brink of a historic victory for the no vote against the austerity measures demanded by its international creditors, according to the first results.Three hours after the polls closed, and with more than 60% of the results counted, the official opinion polls showed the no camp on 61% and the yes camp with about 39%. An official projection from Greece’s interior ministry showed the no votes are set to win with an overwhelming 61% share of the vote.

Around the world bankers and investors prepare to discuss implications of the outcome, which remains uncertain as the first results are awaitedPolling stations across Greece have closed after a momentous referendum for the euro and a crucial one for global financial markets.Around the world, bankers and investors were preparing to meet to discuss the implications of the outcome, which was expected to be close. First results are expected around 9pm (7pm UK time).Related: The streets are calm but Greece is haunted by fear of civil strife Continue reading...

The referendum on whether to accept the terms of Greece’s creditors is under way. What happens in the event of a yes, no or ‘light no’ vote?

Alexis Tsipras calls referendum ‘day of celebration’, in which almost 10 million Greeks have right to vote on whether nation should accept its creditors’ termsGreeks have begun voting in a referendum that presents the biggest challenge to the euro since its adoption, and risks sending shockwaves through the world’s financial markets.Related: Our Greek referendum offers catastrophe or absolute catastrophe. Some choice | Aggeliki SpanouRelated: Greek referendum: share your photos and experiences Continue reading...

10 million Greeks go to the polls to vote on bailout package that EU leaders have framed as a referendum on membership of the EuroGood morning.About 10 million Greeks are going to the polls on Sunday, to vote in a referendum that poses the biggest challenge to the euro since its adoption in 1999. We will bring you the latest news and developments throughout the day."I am optimistic" PM Tsipras says after voting #Greece pic.twitter.com/SEV6uF4exi Continue reading...

The G8 has fractured, but a global meeting of ministers in Addis Ababa this month must show willingness to ensure overseas aid is done betterMake Poverty History: even the phrase seems reminiscent of more innocent days when campaigners buoyed by idealism hoped they could change the world with a rubber wristband, and rock musicians believed the strains of We Will Rock You, floating on the summer air, could force the rich world’s politicians to fix Africa.This week marks the 10th anniversary of the Gleneagles summit, when Tony Blair convened his G8 colleagues, plus a smattering of African leaders, at the swish golf hotel in Perthshire, to sign up for what they called “a new vision for the continent’s future”.Brown and Blair's relationship was often fraught, but Gleneagles was the pair’s partnership at its best Continue reading...

Embarrassment for government as it confirms only £5bn of announced £13bn funding is allocated for major road schemes and £3bn for railGeorge Osborne’s pledge to build a “northern powerhouse” has been condemned as “cynical pre-election spin” as it emerged that the £13bn committed to build it includes routine spending on potholes and maintenance for the A1, which comes out of London.In further embarrassment, a communities minister was also accused of misleading parliament over the money after he claimed to MPs in the Commons last week that the government was “investing £13bn in rail in the north” for “more trains, newer trains and more regular journeys”. A spokesman for the Department for Communities and Local Government (DCLG) has now confirmed that the money is not just for rail. Continue reading...

German finance minister, Wolfgang Schäuble, appears to bolster No vote in last-minute intervention on SaturdayInvestors around the world held their breath on Saturday as 10 million Greeks prepared to vote in a referendum that presents the biggest challenge to the euro since its adoption.After more than five months of eyeball-to-eyeball confrontation between Alexis Tsipras’s radical left-led government and Greece’s creditors, and with only hours to go before voting began, one of the most hawkish of the lenders appeared to blink. Germany’s finance minister, Wolfgang Schäuble, until now even more of a hardliner than his chancellor Angela Merkel, suddenly turned a more conciliatory face towards Athens.Related: The streets are calm but Greece is haunted by fear of civil strifeRelated: In an Athens market, the talk is of paying bills, pensions, job cuts … and a better life Continue reading...

Rallies held in Bristol, Edinburgh, Leeds, Liverpool and London in support of Greek people who are preparing to vote on whether to accept austerity package

In Tyneside and Co Durham, braced for news of more cuts in Wednesday’s budget, there is doubt the ‘Devo Manc’ model will make it across the PenninesPeterlee, near Sunderland, was once a mining town. Now, it’s home to a vast, hi-tech manufacturing plant for US truck-maker Caterpillar. In every direction, blue-overalled workers clamber over the massive yellow vehicles, whose tyres are taller than a man, brandishing drills or lowering giant parts meticulously into place from ceiling-mounted hoists.Chris Fairs, the human resources manager, explains that his staff manufacture almost every part of the vehicles here: rolled steel comes in, giant trucks roll out, in what they call a “plate to gate” process. Many of the workers are former miners, or welders from the defunct Sunderland shipyards. “This is a world-class manufacturing facility,” he says. Continue reading...

Official also believes Sunday’s referendum is escalation of a Greek negotiating strategy that has gone wrongDebt relief was not on the table during negotiations to extend Greece’s existing bailout programme and agree a package of reforms needed to unlock its remaining funds, according to a senior EU official.The official told the Guardian that debt relief was “politically highly toxic for many eurozone member states”.Things happened too fast for game theorist [Varoufakis] to adapt, and not only is he destroying his economy, but has made a huge tactical mistake. Continue reading...

Finance minister’s rhetoric, arguing that troika is instilling fear in people, comes as Greece prepares to vote on country’s future in eurozoneYanis Varoufakis, the Greek finance minister, has accused the country’s creditors of terrorism, in an interview published on Saturday.“What they’re doing with Greece has a name: terrorism,” Varoufakis told Spain’s El Mundo. “What Brussels and the troika want today is for the yes [vote] to win so they could humiliate the Greeks. Why did they force us to close the banks? To instil fear in people. And spreading fear is called terrorism.”Related: Greek debt crisis: Yanis Varoufakis accuses Europe of terrorism - liveRelated: Greek economy close to collapse as food and medicine run short Continue reading...

Sunday’s referendum is taking place against the background of a kind of financial warfare. If the idea is to terrorise the population, it has only half worked

The million Greeks living abroad had to return home at short notice if they wanted to have a say in the country’s economic future. Many are doing soSpurred by patriotism and fear, Greeks are flying home from across the world to take part in Sunday’s bailout referendum.Due to referendum rules stating that ballots must be cast in person, the estimated 1 million Greeks living abroad will be disenfranchised unless they fly back to vote. Alexis Tsipras’s announcement last weekend gave them just one week to scramble on to flights. Continue reading...

Leaders need to move quickly towards to solve the Greek debt crisis, CBI warnsThe CBI has issued a call on eurozone leaders to quickly resolve the Greek debt crisis, whatever the outcome of Sunday’s referendum, after the British business group’s latest poll highlighted mounting pressure on exporters.The lobby group said its surveys of more than 750 companies across the manufacturing, retail and service sectors suggested UK economic growth lost momentum last month.We expect the economy to sustain a solid pace of growth over the remainder of the year Continue reading...

Chancellor George Osborne set to unveil policy most likely to benefit higher earners on same day as setting out £12bn benefit reductionsGeorge Osborne is planning to use his first Conservative budget to lift all but the very richest households out of inheritance tax on the same day he sets out billions of pounds in welfare cuts.The move will allow a couple to pass a house worth up to £1m to their children or grandchildren. The chancellor will create a £175,000, tax-free allowance per person for their main property on top of their existing £325,000 allowance that can be applied to all assets. Continue reading...

Alexis Tsipras urges people to vote no in Sunday’s referendum as capital controls bite and vital tourism industry sees tens of thousands cancel holidays in GreeceRelated: This euro is destroying the European dream | Jonathan FreedlandGreece’s economy is on the brink of collapse after the capital controls imposed ahead of Sunday’s referendum left the country with shortages of food and drugs, the tourist industry facing a wave of cancellations and banks with barely enough money to survive the weekend.Related: A decade of overspending: how Greece plunged into economic crisisRelated: Greek referendum: what the experts sayRelated: The Guardian view on the Greek referendum: hard to imagine a more dismal choice | Editorial Continue reading...

Latest polls show country split down the middle

The Greek government is urging a no vote in Sunday’s bailout referendum. Eurozone leaders say vote yesGreeks go to the polls on Sunday to vote on whether to accept the bailout programme proposed by international lenders that would restart financial aid in exchange for further austerity and economic reform.The government is urging people to vote no, with the finance minister, Yanis Varoufakis, saying it is time to end years of rolling over Greece’s bailouts and “pretending” its debts can be repaid.A no vote would at least open the possibility that Greece, with its strong democratic tradition, might grasp its destiny in its own hands. Greeks might gain the opportunity to shape a future that, though perhaps not as prosperous as the past, is far more hopeful than the unconscionable torture of the present.The troika clearly did a reverse Corleone – they made Tsipras an offer he can’t accept, and presumably did this knowingly. So the ultimatum was, in effect, a move to replace the Greek government. And even if you don’t like Syriza, that has to be disturbing for anyone who believes in European ideals.It’s a complicated choice. The question being asked is whether the plan from the creditors is good or not. If that is the question being asked, the answer for me is clear: it is a bad plan.I recommend that the Greek people give a resounding “No” to the creditors in the referendum on their demands this weekend.The way forward is to reform from within, not by running away from the problem. There are already signs that sentiments are changing ... With patience other changes will follow. It is clear to most politicians in Europe that austerity is dividing the continent and damaging the European project. Reforms will follow. Greece has a role to play in this agenda but only if it stays within the eurozone.There has been too much austerity but a no vote would make things worse. It would almost certainly mean banks becoming insolvent, an exit from the euro and a much faster decline in economic activity, with hyperinflation following as the drachma that is introduced instantly devalues.A yes vote would keep banks open and give mandate for a deal to be struck that recognises the new Greek realities and includes, as the IMF now says, restructuring of the debt which every economist knows is unsustainable.Taking into account that the proposals of our creditors and the Greek government were converging until last Friday, we believe that what is really at stake in the coming referendum, irrespective of the precise formulation of the question, is whether Greece will remain, or not, in the eurozone and, possibly, whether it will remain in the EU itself...Leaving the eurozone, especially in this chaotic and superficial way, would likely lead to a process of leaving the EU too, with unpredictable and disastrous consequences for the national security and the democratic stability of our country. Continue reading...

Athens was poorly prepared for the 2008 crash - living off easy credit, while spending on wages and defence soared, and taxes began to fall awayHow did Greece get into this state?Greece was badly prepared for the 2008 financial crisis after a decade of overspending. In many ways, the weakness of its economy and public finances was akin to that of Spain, Ireland and Portugal, which also found themselves brutally exposed after 10 years of living beyond their means. Greece, though, was a special case, which was why in 2010 it became the first EU country to send a distress signal. Since then, Athens has struggled to piece together a deal with its lenders that allows the economy to recover. Continue reading...

The Greek crisis has led Brussels into the business of regime changeBrussels should not be in the business of making or breaking governments. But that is nevertheless the dangerous point to which the European Union’s mishandling of the Greek crisis has brought it. The union “made” the present Syriza government in January this year by refusing to offer its predecessor, New Democracy, the softer terms on debt which would have allowed it to stay in office. But that could be put down to happenstance. The situation now is different, with European leaders openly campaigning for a yes vote in the Greek referendum due to be held on Sunday. A yes vote would almost certainly lead to the fall of the Syriza government. If this is not regime change, it comes perilously close to it, and it is a profoundly damaging development for the European project.It is worth asking again at this critical stage who is most to blame, because that question is so often asked in the wrong way. Alexis Tsipras and his colleagues are amateur politicians who in normal circumstances would have been fulminating from the opposition benches without worrying about what to do if they achieved power. It is hardly surprising therefore that, cocky and erratic, they have made mistake after mistake. Continue reading...

At the centre of this dramatic slide are individual investors borrowing from a broker to buy securitiesWhat goes up, can also come down, as the old adage and the modern-day investor warning go. And that is precisely what the tens of millions of people who hold shares in China have been discovering.Chinese stocks had doubled between last November and mid-June, to the delight of a fast-growing army of retail investors. In echoes of the dotcom bubble in the US, much of the speculation, fuelled by borrowing, has been on technology stocks. But now shares across all sectors are tumbling. After another punishing week, and despite a surprise move last week by the central bank to cut interest rates, shares are now down nearly 30% from their peak less than four weeks ago.Related: Volatility in China's stock markets stokes conspiracy theories Continue reading...

New research suggests that banker-bashing only makes matters worse, and that regulators should ‘focus on good behaviour’. I’ve got a better ideaBankers need more cuddles. They should be hugged and kissed and taken gently by the hand, and led to a room full of bouncy balls and bean bags, and told that they are clever and beautiful and kind, and that Mummy is proud.These aren’t quite the words of a new report, by PricewaterhouseCoopers and London Business School, into “unethical conduct” in banking, but they’re not a million miles off. The report is called Stand Out for the Right Reasons, which can’t help adding to the feeling that an ethical banker is about as common as a white rhino. The subtitle, which has a slightly threatening edge, is: “Why you can’t scare bankers into doing the right thing”.When bankers get scared, apparently, they don’t just cower in cornersRelated: Criminal bankers have brazenly milked the system. Let’s change it | Will Hutton Continue reading...

The Greek prime minister’s false assurances have left voters adrift on the eve of a confused – and possible less than legal – referendumAlexis Tsipras talks so much about democracy that one might think the Greek prime minister is a paragon of virtue when it comes to dealing with the voters. This is not the case. For a start, Tsipras has made a series of wild promises that he cannot deliver. Before January’s election, he pledged that he would tear up the country’s bailout programme while staying in the euro. The two are almost certainly incompatible goals, as the Greek people are now discovering at huge cost.In advance of Sunday’s referendum, he has given further assurances. One is that savers’ bank deposits are safe. He also said he will have a deal with Greece’s creditors within 48 hours of the plebiscite, if they vote no to the bailout plan. In fact, deposits are at risk and the chance of a deal in two days is virtually nil. A good democrat only promises what he or she can deliver. Tsipras is a demagogue.International standards recommend that a referendum is held with at least two weeks’ noticeRelated: Syriza can’t just cave in. Europe’s elites want regime change in Greece | Seumas Milne Continue reading...

Thought the £12bn welfare cuts were a big deal? Try the £40bn the government saved itself with a sleight of hand over inflationIn next week’s budget, attention will be sharply focused on the details of how the new government will cut its welfare budget by £12bn.But while jobseekers and carers wait to hear specifics of how ministers will take nearly 10% off the annual benefits bill, few realise that the government has already made changes that will reduce payments to those depending on state support by many times more over this parliament.The story begins with a single paragraph in the emergency budget a few weeks after the 2010 general electionRelated: Iain Duncan Smith returns to cabinet to oversee £12bn welfare cuts Continue reading...

There’s so much more at stake than just euros. We need a cooling-off period in order to deliver and a real, sustainable solution on Greek debtThe possibility of a Greek exit from the eurozone has never been more likely. We shouldn’t be under any illusions – this would be a catastrophe for Greece’s eurozone creditors, the Greek state and the European Union.Like it or not, we are all in this together. If we continue on our current trajectory, everyone stands to lose from what now resembles a reckless, self-destructive standoff. The Greek economy is on the verge of complete collapse. This would not only be devastating for the people of Greece, it will guarantee that creditors never see their money again. We must remember that Germany has lent approximately €80bn. This is an astonishing figure, close to a quarter of Greece’s budget for 2016. Yet the sad irony is, the longer the current impasse continues, the greater pressure Angela Merkel will face within her own party to reject any solution that is accepted by the Greek government.Greek people remain the victims of governments who have protected the clientelist system at their expense Continue reading...

The EU claims it will create millions of jobs and bring down the cost of living – but others say it is a threat to public services such as the NHSIf you are not yet familiar with the acronym TTIP it is likely you soon will be. The Transatlantic Trade and Investment Partnership is a proposed trade agreement and the subject of an ongoing series of negotiations between the EU and US aimed at creating the world’s biggest free trade zone spanning the north Atlantic.It would dwarf all past free trade deals: the European commission reckons it could boost the size of the EU economy by €120bn (£85bn) – equal to 0.5% of GDP – and the US economy by €95bn – 0.4% of GDP.Related: I’ve seen the secrets of TTIP, and it is built for corporations not citizens | Molly Scott CatoRelated: Do you have concerns about TTIP? Continue reading...

It has been forced to reduce figure covered when banks collapse from £85,000 to £75,000 to bring UK in line with rest of the EUThe Bank of England has been forced cut by £10,000 the amount of a saver’s money that would be protected if a bank went bust, because of the slump in the euro over the past five years.The guarantee will now cover £75,000 per account rather than £85,000 – a move that may surprise savers and was described as bonkers by one expert.Related: Bank of England proposes savings protection limit of £1m Continue reading...

Private sector services exceeds expectations, but experts warn the economic recovery remains unbalanced as manufacturing slump continuesPrivate sector services grew more than expected in June, suggesting the UK’s economic recovery picked up going into the second half of the year.The Markit/Cips purchasing managers’ index (PMI) rose by 2 points last month to 58.5, exceeding forecasts in a Reuters poll and remaining above 50, the figure that separates growth and contraction. Continue reading...

It is a sensitive subject but there needs to be serious analysis of the health and economic impacts of the Muslim fasting monthIslam is a demanding religion, requiring a considerable amount of time and effort on the part of believers to fulfil duties of worship. The core duties are known as the “five pillars of Islam”, the most burdensome of which is the fourth pillar, the injunction to fast during daylight hours (whereby no food, drink, smoking or sexual activity is permitted) during the lunar month of Ramadan, that is, 29 or 30 days. This is necessarily a debilitating requirement, whose health and economic impacts can be significant (children, the ill and elderly are exempted).

Read the heir to throne’s ‘Rewiring the economy’ speech in full, in which he addresses the challenges of climate change, sustainable development and economic reform

Council of state to question whether referendum violates constitution as yes and no camps appear neck and neck in pollsGreece’s highest administrative court will rule on whether the country’s bailout referendum violates the constitution, amid growing concern that the hastily organised vote falls short of democratic standards.With less than 48 hours until polling day on Sunday, the yes and no sides will stage large rallies in Athens on Friday evening. The prime minister, Alexis Tsipras, is expected to turn out at the no rally, having attacked his eurozone partners for trying to “blackmail” his country into accepting a bad deal.

Syriza administration estimates vote on country’s future in Europe will cost €20m while opposition puts it nearer €120m, as polls say 44.8% yes, 43.4% noIts banks closed and being drained steadily of cash, its economic and political crises worsening by the day, Greece is scrambling to organise a referendum on Sunday that it can ill afford.The leftist Syriza-led government of Alexis Tsipras says the cost of distributing ballot papers and paying monitors will be around €20m (£14m), but the conservative opposition – citing finance ministry data – puts the final cost at closer to €120m. Continue reading...

Greece’s finance minister tells Bloomberg TV he’d rather cut his arm off than agree to a deal without debt restructuringRead today’s Greek debt crisis live blog7.49pm BSTAnd finally..... Tsipras says MPs will be asked to vote on the old bailout proposal, if the referendum result is Yes.Greek PM Tsipras: Creditor deal will go to parliament if Greeks vote YES. (BBG)7.44pm BSTBack in the Greek PM’s office, Tsipras denies that he’s attempting a coup with his referendum (as the opposition claimed).He’s also calling out the media for being biased in favour of the Yes campaign; the interviewer points out that Syriza MPs get on TV too.#Greece Tsipras criticizes media for unbalanced reporting favoring YES - Journo: SYRIZA MPs in every TV too (lol )7.27pm BSTConstantine Michalos, head of the Hellenic Chambers of Commerce, doesn’t think the Greek banks are going to open again on Tuesday.He’s told the Telegraph that:“We are reliably informed that the cash reserves of the banks are down to €500m. Anybody who thinks they are going to open again on Tuesday is day-dreaming. The cash would not last an hour,”Exclusive: Greeks banks down to €500m as economy crashes - @AmbroseEP in Athens http://t.co/kv2ku1ZCx57.25pm BSTTsipras is now repeating what his finance minister told Bloomberg this morning - that a No vote will be followed by fresh negotiations, and a deal.* Greek PM says Greek banks will reopen after a deal - RTRS#Greece Tsipras Live: if strong NO next day I will be in Brussels and I will sign agreementThe queues at banks are a shame-for #Greece & Europe. Partners refused to grant short extension of program, opting for extortion instead.7.15pm BSTMy decision to call a referendum prompted the IMF to release its debt sustainability analysis, argues Tsipras.When we announced the #referendum, the IMF announced that #Greece's debt required a 30% haircut and long grace period. #Greferendum #OXI7.13pm BSTTsipras suggests that the International Monetary Fund could have piped up earlier:Tsipras now, ANT1 TV: What IMF says today for #Greece's debt was never said to us during the ngotiations. TR @doleross #Greececrisis7.10pm BSTAnd on the issue of the hour, Alexis Tsipras is adamant that a new bailout must include debt restructuringWithout debt restructuring, no program will be viable. #Greece #Greferendum #dimopsifisma #OXI#greece with impeccable political timing, IMF sides with greece against eurozone. #sortof http://t.co/SI6ewgslGm7.08pm BST...followed by a nice pop at his predecessors (such as Antonis Samaras, who blasted Tsipras on Bloomberg TV today)#Tsipras now, ANT1 TV: It never crossed my mind to do what other PMs did: come back (from negotiations) with a non sustainable deal. #Greece7.07pm BST7.03pm BSTA punchy soundbite:Either you give in to ultimatums or you opt for #democracy. The Greek people can't be bled dry any longer. #Greece #Greferendum #OXI7.02pm BSTNo early surprises from Alexis Tsipras in tonight’s speech (online here).He’s insisting that Greeks will be voting for Democracy and justice in Europe on Sunday (if they vote no). OXI does not equal Grexit, he vows.Voting #OXI / NO on a solution that isn't viable doesn't mean saying NO to Europe. It means demanding a solution that's realistic. #GreeceAusterity only serves to further the crisis. Workers and pensioners can no longer shoulder the burden. #Greece #Greferendum #dimopsifisma6.56pm BSTOh, one last thing...Alexis Tsipras is giving an interview on Antenna TV now.It’s being streamed live here. We’re keeping an eye for any major announcements...Σε λίγο, συνέντευξη στον ΑΝΤ1 & στη δημοσιογράφο Μαρία Χούκλη. #Greece pic.twitter.com/MildUJ0jgH5.47pm BSTThe Greek government has just announced that a number of leading musicians, singers and actors will stage a concert when a huge “no” rally is held in Syntagma square in front of the parliament tomorrow night, reports Helena Smith.“The big no rally will be a big festival of the people,” the ruling radical left Syriza party announced in a statement. “We will respond to the scene of fear that they want to impose with our songs, with our strong voice.”“In Sunday’s referendum with a proud OXI (no) we will write history. We will say the OXI of our life in order for life to emerge victorious.”5.37pm BSTJohn Hooper has been sounding out voters in the villages of Corinthia. Read his piece here:Related: MPs canvas vociferous voters in Corinthia, weather vane of Greek politics5.34pm BSTVoters won’t be able to miss this:5.29pm BSTEven a yes vote in Sunday’s referendum may not be enough to keep Greece in the euro, says Mohamed El-Erian, chief economic adviser at Allianz. Commenting on the International Monetary Fund’s report, he says:The IMF’s DSA (debt sustainability analysis) for Greece offers a stark reminder of the challenges faced by all those involved in this horrid tragedy.It points to an enormous need for economic reforms by a country that – repeatedly – has had huge difficulties sustaining a less ambitious effort under several governments.5.19pm BSTEuropean markets have ended lower ahead of the key Greek referendum decision at the weekend, with an exception being the FTSE 100 which has been lifted by BP agreeing to pay US authorities around $18.7bn relating to the 2010 Gulf of Mexico oil spill.5.00pm BSTECB board member Josef Bonnici said the terms of any future emergency funding it offered to Greek banks - including the amount of collateral - would depend on the outcome of the referendum.Asked by reporters in Milan if a win for the no supporters meant the emergency liquidity assistance would end, he said:4.50pm BSTOver in Athens the Greek government spokeman, Gavriel Sakellarides, has reacted to the onslaught of support former prime ministers have made for the yes campaign today. Our correspondent Helena Smith reports:Growing numbers in the governing Syriza party are now saying openly that the no campaign is being deliberately targeted by what the left-leaning paper Syntaktwn described as “a machine of terror” in its front page splash today.Echoing those sentiments, the government spokeman issued the following statement.

Costas Karamanlis, Antonis Samaras and Constantine Mitsotakis, as well as Athens mayor, have told the public to not isolate the country within the EUWith Greece’s European future hanging in the balance, a phalanx of former prime ministers have emerged to urge the nation to vote yes in Sunday’s nail-biting referendum over reforms that would ensure continued financial assistance for the country.Breaking five years of self-imposed public silence, the former conservative leader Costas Karamanlis implored Greeks to avoid “recklessness and division” by voting to belong to the European family. The EU may have made “serious mistakes” in the crisis, he said, but it was vital that Greece remained in Europe’s hard core. Continue reading...

Heir to the throne calls for end to ‘business as usual’ approach that does nothing to avert catastrophic global warming – and praises Guardian’s climate campaignPrince Charles has said that “profound changes” to the global economic system are needed in order to avert environmental catastrophe, in an uncompromising speech delivered in front of an audience of senior business leaders and politicians.The heir to the throne – often criticised for his meddling in political affairs – argued that ending the taxpayer subsidies enjoyed by coal, oil and gas companies could reduce the carbon emissions driving climate change by an estimated 13%.