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Al Jazeera America
Greek Prime Minister Alexis Tsipras spoke to European Commission chief Jean-Claude Juncker on Monday and asked for help in securing a short extension of the country's bailout to allow time for a referendum on its terms, a government official said.Previous requests for such an extension had been refused.
Greeks struggled Monday to adjust to to shuttered banks, closed cash machines and a climate of rumors and conspiracy theories on Monday as a breakdown in talks between Athens and its creditors plunged the country deep into crisis.
Tsipras told Juncker that "obstructing the Greek people's democratic expression by closing banks goes against the democratic tradition of Europe," according to a Greek official. Tsipras asked Juncker to help get the program "extended by a few days and help restore the Greek banking system's liquidity."
DW
Nobel prize winning economist Christopher Pissarides tells DW why he is deeply disappointed with the Greek government’s mismanagement of the debt crisis. He also explains what Germany could have done better.DW: The Greek banking system has been shut down and capital controls are in effect as the Greek crisis has escalated dramatically over the last couple of days. Would you ever have thought it could come to this?
Christopher Pissarides: I did actually, when I saw the run on the banks when the Greek government started saying ‘No' and they really didn't seem to be willing to negotiate something that would keep them firmly in the euro. In fact, I think they made a mistake in delaying the capital controls for so long and, as a result, they now have to be much more severe than they had to be. In Cyprus, which is the only other example we have in the euro zone, they were very effective, but the restrictions there were up to 300 euros a day, whereas in Greece it is 60 euros. The Cypriots were also much more lenient with the use of credit cards abroad, allowing money to go abroad to pay for medical care, studies etc., whereas the Greeks don't have all that. They were forced to shut it down completely now. But under the circumstances, it was the only thing that could help them avoid bankruptcy this week.
NHK
Stock prices in Tokyo plunged sharply on Monday, due to growing concerns over Greece's possible default on its debts. The key Nikkei stock price index was down more than 600 points at one time.Sell orders surged across the board immediately after the start of trading on the Tokyo Stock Exchange in the morning. The selling spree gained further momentum in the afternoon.
The Nikkei average of 225 selected issues ended the day at 20,109, down 596 points from Friday's close.
The broader TOPIX index of all First Section issues closed at 1,624, down 42 points.
NPR
European leaders are warning Greeks who vote "no" vote in Sunday's referendum will be choosing to leave the eurozone, the bloc of countries that uses the common currency."It is democracy, it is the right of the Greek people to decide what they want for their future," French President Francois Hollande said in Paris." What is at stake is whether or not Greeks want to stay in the eurozone (or) take the risk of leaving."
The comment was echoed by Italian Prime Minister Matteo Renzi, who said on Twitter:
The appeals to vote "yes" in the referendum come after Greek Prime Minister Alexis Tsipras broke off talks Saturday with his country's creditors and announced he was putting the terms of their proposal to Greek voters on July 5. He is urging Greeks to vote "no."
Vox
When Greece joined the euro in 2001, confidence in the Greek economy grew and a big economic boom followed. But after the 2008 financial crisis, everything changed. Every country in Europe entered a recession, but because Greece was one of the poorest and most indebted countries, it suffered the most. The unemployment rate reached 28 percent in 2013, worse than the United States suffered during the Great Depression.If Greece wasn't in the euro, it could have boosted its economy by printing more of its currency, the drachma. This would have lowered the value of the drachma in international markets, making Greek exports more competitive. It would also lower domestic interest rates, encouraging domestic investment and making it easier for Greek debtors to service their debts.
Reuters
Tens of thousands of Greeks rallied on Monday to back their leftwing government's rejection of a tough international bailout after a clash with foreign lenders pushed Greece close to financial chaos and forced a shutdown of its banking system.With a popular referendum on the bailout planned for Sunday, Prime Minister Alexis Tsipras put his own position on the line, saying he would respect the result of the vote but would not lead a government to administer "austerity in perpetuity."
"If the Greek people want to have a humiliated prime minister, there are a lot of them out there. It won't be me," he said in an interview on Greek state television as one of the biggest rallies seen in Athens in years was taking place.