Varoufakis: If Greece allowed to crash, 1 trillion euros to be lost

[unhappycamper]

http://www.ekathimerini.com/198931/article/ekathimerini/business/varoufakis-if-greece-allowed-to-crash-1-trillion-euros-to-be-lost

Varoufakis: If Greece allowed to crash, 1 trillion euros to be lost

Greek Finance Minister Yanis Varoufakis said European action towards the country was "terrorism" in an interview with Spanish newspaper El Mundo and said a trillion euros would be lost if Greece was allowed to crash.

"What they're doing with Greece has a name: terrorism," Varoufakis said in the interview, published on Saturday.

"Why have they forced us to close the banks? To frighten people. And when it's about spreading terror, that is known as terrorism."

Asked why he was sure an agreement would be reached, even if Greeks vote 'No' in a referendum on Sunday on the terms of a possible new bailout deal, he said failing to agree would be too costly for both sides. The vote could decide Greece's future as a member of Europe's single currency.

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1. EU warns of Armageddon if Greek voters reject terms

Greece risks a collapse of the medical system, power black-outs, and an import blockade, if the Greek people reject creditor demands in a make-or-break referendum tomorrow, the EU's highest elected official has warned.

Martin Schulz, the president of the European Parliament, said the EU authorities may have to prepare emergency loans to keep basic public services functioning and to prevent the debt-stricken country spinning out of control next week.

"Without new money, salaries won't be paid, the health system will stop functioning, the power network and public transport will break down, and they won't be able to import vital goods because nobody can pay," he said.

Mr Schulz earlier called for the elected Syriza government to be replaced by "technocrat" rule until stability is restored.

http://www.telegraph.co.uk/finance/economics/11718296/EU-warns-of-Armageddon-if-Greek-voters-reject-terms.html

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2. Angela Merkel shuts down group of Greek anti-austerity protesters

German chancellor Angela Merkel was interrupted by anti-austerity protesters siding with the current Greek government on Saturday while speaking at a reception held on behalf of her party's 70th anniversary in Berlin.

As Merkel commenced her welcome note at the headquarters of Germany's Christian Democratic Union Party (CDU), demonstrators started a chant of "Oxi" - the Greek for "No" - signalling their support for a "No" vote in Sunday's Greek referendum on whether to accept international creditor demands in return for a bailout.

http://www.telegraph.co.uk/news/worldnews/europe/greece/11718324/Angela-Merkel-shuts-down-group-of-Greek-anti-austerity-protesters.html