Evening Wrap ...
1. Under extraordinary circumstances of an urgent and unforeseeable need, the President of the Republic may, upon the proposal of the Cabinet, issue acts of legislative content. Such acts shall be submitted to Parliament for ratification, as specified in the provisions of article 72 paragraph 1, within forty days of their issuance or within forty days from the convocation of a parliamentary session. Should such acts not be submitted to Parliament within the above time-limits or if they should not be ratified by Parliament within three months of their submission, they will henceforth cease to be in force.
* 2. The President of the Republic shall by decree proclaim a referendum on crucial national matters following a resolution voted by an absolute majority of the total number of Members of Parliament, taken upon proposal of the Cabinet.
A referendum on Bills passed by Parliament regulating important social matters, with the exception of the fiscal ones shall be proclaimed by decree by the President of the Republic, if this is decided by three-fifths of the total number of its members, following a proposal of two-fifths of the total number of its members, and as the Standing Orders and the law for the application of the present paragraph provide. No more than two proposals to hold a referendum on a Bill can be introduced in the same parliamentary term.
Should a Bill be voted, the time-limit stated in article 42 paragraph 1 begins the day the referendum is held.
#Greece's Parliament to start it's #referendum session today at 12h GR, same as Euro Working Group in Brussels. Eurogroup at 3PM GR
cristina lombardi retweeted
#Greece: Bloomberg bureau chief in Athens on the alleged "night bank run" after referendum annoncement.
Tsipras: I asked the ministerial council to call a referendum on July 5. My proposal was unanimously accepted.
TSIPRAS SAYS HE NOTIFIED MERKEL, DRAGHI ON REFERENDUM PLAN. by text message
Participation in the referendum should exceed 40% for political issues, 50% for social, according to SKAI TV.
#Greece #euro #politics
Greek referendum - today's @thetimes
Yves Smith retweeted
Disbelief here in Brussels abt reports of Greek plans to call a referendum in seven days. On results of tomo's eurogroup? Or something else?
#Greece Tsipras blamed mainly the IMF for failure on agreement.
Hugo Dixon retweeted
Open Europe retweeted
.@SPIEGELONLINE: if deal agreed @ #Eurogroup on SAT,have to be approved by Greek Parl on SUN & Eurozone Parls (inc Bundestag) latest on MON.
Morality in the Greek crisis http://coppolacomment.blogspot.com/2015/06/debt-and-morality-in-greek-crisis.html … Great piece & a view that seems to be coming to consensus now @Frances_Coppola
Geoffrey Smith retweeted
Merkel Says Leaders Didn't Discuss Debt Relief For Greece
Now even EU Commissioners issue deadlines to #Greece. Next deadline to come from EU doorman (no offense)
Mon interview de
@Stathgeorg ministre grec de l'économie http://www.latribune.fr/economie/union-europeenne/nous-avons-reforme-en-cinq-mois-davantage-que-les-gouvernements-precedents-en-cinq-ans-487369.html … #Grèce #Greece #Syriza #Grexit via @LaTribune
Greece talks to go down to the wire amid fears of imminent banking collapse - Telegraph http://www.telegraph.co.uk/finance/economics/11699699/Greece-talks-to-go-down-to-the-wire-amid-fears-of-imminent-banking-collapse.html …
Bulgarian PM complaints to EU leaders: there is never time for our problems because the agenda is dedicated to Greece http://m.novinite.com/articles/169466/Opposing+Concessions+to+Greece,+Bulgaria+PM+Urges+Help+for+NW+Region?utm_source=twitterfeed&utm_medium=twitter …
.@eucopresident Tusk says #Eurogroup will "conclude" #Greece negotiations Saturday, no need for extra EU summit http://www.consilium.europa.eu/en/press/press-releases/2015/06/25-tusk-remarks-ahead-european-council/ …
The 82-year-old head of Greece's public sector pensions union is fighting against EU demands for pension cuts http://bloom.bg/1J7bt6R
HFE on #Greece negotiations: We've never seen this before. Default is equally as likely as some last minute deal.
#Greece’s GDP is < than 2% of that of EMU BUT why it matters to currency credibility. http://bloom.bg/1GADjnU
BREAKING: 'Grexit' unavoidable if no solution found in 5 days - German EU commissioner http://on.rt.com/ez7dfh
PM Tsipras leaves Brussels meeting after 3 am, makes no statements
MERKEL SAYS SATURDAY EUROGROUP WILL BE DECISIVE FOR GREECE. need another ultimatum to make it sound really scary
Greek Crisis Highlights Euro Paradox at Heart of Eurozone’s Plight: @greg_ip http://on.wsj.com/1BPQsOu
EU referendum: What does every European leader think about Britain's demands? http://www.telegraph.co.uk/news/newstopics/eureferendum/11698556/EU-referendum-What-does-every-European-leader-think-about-Britains-demands.html …
EU leaders agree to relocate 40,000 migrants from Greece and Italy over next 2 years, Donald Tusk says - @BBCBreaking http://bbc.in/1SOQfPF
In 2015, 700+ boat asylum seekers arrived a day in Italy/Greece: now
#EU States agree to relocate 55 a day over 2 yrs http://bbc.in/1GvVNH5
#Turkey puts #EU & rest of world to shame over #Syrian #refugees, spending $6 billion to-date http://bit.ly/1J8NUNE
Markets of note.....
Calm open of #Eurozone bond markets after another Eurogroup meeting has collapsed. Periphery spreads widen only a tad
The Liquidity Crisis Intensifies: ‘Prepare For A Bear Market In Bonds’ http://emergingequity.org/2015/06/25/the-liquidity-crisis-intensifies-prepare-for-a-bear-market-in-bonds/ …
#China bubble to pop: Small cap index ChiNext heading for record one-day loss and bear market.
#China stocks tumble as markets struggle to digest a flood of IPOs, tighter cash supply & general policy anxiety.
"Blood On The Streets": Chinese 'Nasdaq' Crashes Most On Record, Morgan Stanley Warns "Don't Buy This Dip" http://www.zerohedge.com/news/2015-06-25/chinese-equity-futures-tumble-ahead-open-morgan-stanely-warns-dont-buy-dip-0 …
CHINA’S SHANGHAI COMPOSITE INDEX EXTENDS DROP TO 5%