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Summary

  1. No increase in emergency funding for the Greek banking system, says the European Central Bank
  2. Greek banks to stay closed on both Tuesday and Wednesday this week
  3. Greece to propose 30% debt haircut in eurozone talks on Tuesday
  4. Euclid Tsakalotos will be the new Greek finance minister, taking over from Yanis Varoufakis
  5. Greek voters decisively reject terms of international bailout in referendum

Live Reporting

By Ian Pollock

All times stated are UK

Get involved

  1. 'Signs from EU grim for Tsipras'

      Newsnight chief correspondent Laura Kuenssberg tweets:

  2. Cheerio

    That's it for tonight. We will be back tomorrow at 06:00, bright and lively, and focussing once more on Greece and the euro. Thank you for the dozens of emails you sent us with your views. Keep them coming tomorrow. Good night.

  3. Via Email

    No mechanism for servicing debt

    Greeks queue at a bank ATM

    Keith Batterham says, "Shame on the bankers for extending credit lines for no other reason than propping up the 'ego project' which is the eurozone.

    "The politicians in Brussels and EU leaders need to draw a line under this and pave the way for Greece to exit the euro.

    "The whole reason that Greece and some of the other countries using the euro are doing so is because the politicians bent the rules of membership and completely broke the banking rules - Greece literally has no mechanism for servicing its debt since it has little or no manufacturing capability, little in the way of exports and relies so heavily on tourism."

  4. Via Email

    A man with a plan

    Frank Praties says, "I believe the answers (if keeping Greece in the eurozone) would be a suspension of debt repayment/interest (or at least the ones that the eurozone can control) and then set a repayment system in place (similar to Germany in 1953) that Greece would pay a maximum of 2% in 2016 of GDP, raising 2% per year to a maximum of 10% by 2020.

    "In return, the (almost) agreed changes to VAT/pensions/military spending should be implemented along with a full and open review of the tax system and the ability to prosecute tax evasion."

  5. Via Email

    Too much interest

    Dimitri Strutt says, "What many people commenting seem to forget is that Greece brings more money in through taxes than it spends. The surplus is entirely wiped out by the interest on debt which spiralled after the 2008 crisis without Greece having had to borrow more for expenditures as such.

    "The Greek government isn't suggesting it shouldn't pay the debt, it is asking to be left to develop the means to do so."

  6. Via Email

    The debt will simply carry on accumulating

    Brendan Pells says, "The problem with just writing off Greek debt is that the Greek government still has to make unpopular reforms that will bring the level of government spending into line with what they can realistically raise in tax revenues. Unless they are prepared to do this, the debt will simply carry on accumulating and in four or five years time they will be back asking for yet another haircut."

  7. Via Email

    Whipping a cow

    Pam Connolly says, "I am inclined to agree with Yanis Varoufakis: you can't try to get more milk out of a cow by whipping it (well, you can try, but it won't work) and this is exactly what the Troika have been doing. Greece needs to be given time and debt relief to sort itself out.

    "On another note, perhaps the people who did the due diligence on Greece joining the Euro in the first place should be held to account?"

  8. Post update

    No more cash says IMF

    Christine Lagarde

    Just to make things clear, the IMF has told the Greek Prime Minister Alexis Tsipras, that it will not advance any more money to Greece. Why? Because it missed that last payment of €1.6bn. "The managing director [Christine Lagarde] explained the fund's inability to disburse under its arrears policy," an IMF spokesman said.

  9. Via Email

    Silly or sane?

    10-euro bank note

    Mac says, "People keep saying that the EU knew it was risky to lend to Greece and that it's the EU's fault they [Greece] can't pay, but they are forgetting that the issue now is about lending them more money. If it was stupid of the EU to have been bailing them out for over three years, how is it a sane act for the EU to provide more funds now?"

  10. Via Email

    Rejecting a haircut

    Darren writes, "Why the Germans shouldn't take a haircut: If the Germans take a haircut there is nothing that'll stop the next country asking for the same, which could cost the Germans even more than just accepting the complete loss involved with a Greek default."

  11. Via Email

    Why some Greeks have had enough

    Ben Haley writes, "Many readers seem to be underestimating the real impact of [the] Troika's austerity measures in Greece. One wrote, 'Increases to VAT and retirement age and cuts in public spending may be unpleasant...'

    "My wife is Greek. Most of her family, and many of her friends live there. Here are some things they have experienced in the last few years: Wages cut from €2000 to €1200 a month; salaries unpaid for up to six months at a time; pensions halved; medicines hard to find; increased taxes on homes.

    "Unemployment is 26%. Youth employment is close to 50%. 46% of children live in poverty. Thousands of talented young Greeks have left their country to look for work elsewhere."

    "The Greek people have had enough of [the] Troika's failed austerity plan."

  12. Via Email

    The blame game

    Jeffrey Maskell says, "The blanket blame attributed to the people of Greece is unfair and unrealistic. The onerous terms inflicted on Greece by the EU, ECB and IMF, are such that they simply cannot bail out the sinking ship."

    "If they cannot come to an understanding, similar to the position post World War II, then it is perhaps in the best interests of Greece to leave the Euro and the EU. It is in my view far better to stand against adversity when you control your own destiny, than to suffer the humiliation and same adversity inflicted by "foreign" powers."

  13. Statement of the obvious

    The credit ratings agency Fitch says Greece's 'no' vote in the austerity referendum has "dramatically increased" the risk of Greece leaving the eurozone. Fitch said a deal between Greece and its creditors remained possible, but that there was little time. Really?

  14. Via Email

    The relevance of debt relief for Germany in the 1950s

    Pierre d'Argent says, "Debt cancelling cannot happen without fiscal discipline. The Greek people cannot both say please cancel our debts while we govern ourselves as we please.

    "In 1953, German debt was largely cancelled during the London conference, but Germany was still under occupation and its government closely scrutinized. It was only later, with the so-called Überleitungsvertrag (transition treaty), that occupation was gradually transformed.

    "But the German economy was closely disciplined and its institutions safely in place and guaranteed by the transition agreements, after the entire German state apparatus had been de-nazified and rebuilt."

    "Greece cannot have debt relief, stay in the Union and be fully sovereign about its spending choices at the same time."

  15. Via Blog

    Robert Peston

    Economics editor

    "One of the Big Four Greek banks has already almost run out of cash," says Robert in his latest blog from Athens.

  16. More tough talking

    Mark Rutte

    This from the Dutch prime minister, Mark Rutte, ahead of tomorrow's renewed negotiations. "Greece must accept deep reforms if they want a new bailout package," he said tonight. And, "If Greece does not accept tough reforms "it is over"." Did that referendum in Greece really happen at all?

  17. Via Email

    Accepting conditions

    Stephen Knijff says, "I think that giving the Greek debt a haircut of 30% would at least give them a chance of getting their economy going but they have to accept conditions which up to now they appear to refuse to accept."

  18. That ECB decision on emergency lending for Greek banks.

    Graffiti on Greek bank.

    The ECB isn't reducing the value of emergency loans that it will allow the Bank of Greece to make to its own banks. It's just not raising the total amount that can be borrowed by them at any one time. Not yet anyway. But it is making life harder for those Greek banks. The ECB is increasing the amount of "collateral" it requires those banks to put up for the funding it approves. That means the banks have to put up more bonds issued by governments or companies, or more bundles of repackaged company loans, for every tranche of euros they need.

  19. Platitudes

    Angela Merkel and Francoise Hollande

    So, what did two of Europe's most important political leaders have to say, after their meeting this evening, about the all-encompassing crisis threatening to swamp their beloved euro? The German Chancellor, Angela Merkel, said Greece had to take "responsibility" for reforming its economy. Meanwhile the French President, Francois Hollande, said Europe had to show "solidarity" with Greece. "The door is open for discussion," he said. Mrs Merkel echoed that, saying, "We say very clearly that the door for talks remains open." You would imagine that the current crisis had nothing much to do with them, wouldn't you?

  20. Via Email

    Lea in Greece (who voted yes) writes...

    "I have a small business in Greece and it was a healthy one up until last 10 days ago. Since then revenue has gone done 70% daily and two of our employees will most likely be let go. Greece's economy was largely based on small businesses and now we won't have even that. No one ever thought or cared about us and how we pay our suppliers, our taxes, our employees and daily expenses."

    "And to all of those naive believing that all these years the money the EU or the IMF lent us came right into our pockets: YOU ARE SO WRONG OR DREAMING! The money lent to us six years was just injected into our "slowly-dying" banks and not one citizen got any of it."

    "Payments & pensions were all slashed and you all know this. The problems of course are the austerity reforms and their false-tailoring to Greece's economy."

  21. ECB will not be lending more to Greek banks

    The European Central Bank (ECB) will not be adjusting the amount of funding available to Greek banks. In a statement, the ECB said: "ELA (Emergency Liquidity Assistance) can only be provided against sufficient collateral." ...and much of that collateral includes debt at increasing risk of default, as the Greek financial situation deteriorates.

  22. Talking tough

    The Dutch Finance Minister Jeroen Dijsselbloem has written a letter to the Dutch parliament, which is discussing the outcome of the Greek referendum tonight. He says any more money for Greece would still have "strict conditions" similar to previous packages, even though the country rejected such terms in Sunday's vote.

  23. Talks 'achieved nothing' - Varoufakis

    Greece's finance minister Yanis Varoufakis on a motorcycle

    The former Greek finance minister, Yanis Varoufakis, gave a blunt assessment of what have been month of talks with Greek creditors. After bidding farewell to staff, he told a reporter: "We haven't achieved anything yet. We're in the process. It's always a process isn't it?"

  24. Via Email

    Some sympathy

    Greig Abercrombie says, "I do have some sympathy for some of the Greek people, but you cannot have a country which is run on corrupt taxation methods, so the Greek government has a lot to be blamed for, but surely as this hasn't happened overnight, more stringent measures should have be employed by the eurozone countries who are now complicit, knowing what was going on in Greece all along."

  25. Via Email

    More on the haircut

    John Watson asks: "Why should the Germans take a haircut on Greek debt? For the simple, and rather obvious reason, that if they don't, they won't get anything. At least this way they see something. And worrying about 'moral hazard' might make the Germans feel better but it still won't get them their money back."

  26. Merkel Holland talks

    French President Francois Hollande welcomes German Chancellor Angela Merkel at a meeting in Paris

    The German Chancellor Angela Merkel has arrived in Paris for talks with French President Francois Hollande.

    The pair are expected to give a joint statement that could set the tone for tomorrow's emergency meeting of the eurozone leaders.

  27. Via Email

    Where is the democracy?

    Frazer Cooper asks: "If this No vote is a "win for democracy" as billed by the Greeks, then why shouldn't the rest of Europe be given the opportunity to vote on this issue?"

    "Why should the Greeks be allowed to vote not the accept further reform in return for European money when the rest of Europe has not been given the chance to give their opinion?"

  28. Support from Raul Castro

    Cuba's President Raul Castro attends a ceremony at the Palace of the Revolution in Havana

    Cuban President Raul Castro has sent a congratulatory message to Greek Prime Minister Alexis Tsipras, the Associated Press reports. "That result demonstrates the majority support by the Greek people of the courageous policy of the government you lead,'' Castro said in a note published on the front page of official newspapers on Monday.

  29. Via Email

    Fix the problem

    Martin Phillips says: "Greece has run out of their own money and now they have run out of other people's money. They need to fix their own problems."

  30. Who is Euclid Tsakalotos?

    Euclid Tsakalotos

    Our colleagues at BBC Monitoring have compiled some facts on the new Greek Finance Minister.

    • Born in 1960 in Rotterdam, but raised and lived in the UK for nearly 30 years. Married to British economist Heather Gibson. Described as amiable, phlegmatic and soft-spoken, with a faint British accent.
    • Studied PPE (Philosophy, Politics and Economics) at the Universities of Oxford and Sussex.
    • Professor at the University of Athens since 2012, author of six books.
    • Sees a "crisis of democracy" affecting Europe as a whole. However, considered a pro-European member of Syriza.
  31. Via Email

    Martyn in Greece writes....

    "As Brits living here in Greece my wife and I have seen the effect of the last few years on our friends and neighbours. For the record I am sick of reading comments about 'lazy Greeks'. Although I'm sure they exist, most of the local people we know work extremely long hours for little reward. For example a local butcher who is in his shop at 7:00 am six days a week and often there at 11:00 pm, ok he shuts for two hours in the afternoon.

    "Local taverna owners who are there from 8:00 am preparing dishes for the day, open for lunches and dinners often not closing until the early hours of the next day. OK maybe less in the winter months but most of them will spend weeks collecting their olive harvest and getting €2.50 kg for the oil!

    "Others have children at school and homes to run and often do other work to make a little extra money to pay for private lessons. Another friend works six days a week for around €20 for a seven hour day! Lazy Greeks, I think most emphatically not!"

  32. Greek banks staying shut

    Athenians continue to queue at cash machines at banks in Athens

    Greek banks will remain closed on Tuesday and Wednesday, with a daily limit on cash withdrawals staying in place, Greek officials have said. The measure was first imposed last week amid fears of a run on Greek banks.

  33. Via Email

    Black hole?

    Bob Dwyer asks: "As staunch supporters of European democracy, I wonder if the Greek government would mind delaying their request for a few billion more euros while the other 18 eurozone members hold referendums for their own electorates to decide whether or not we'd all like to send yet more of our money into the Hellenic black hole?"

  34. Via Email

    Misjudged and destructive

    Andrew Cunningham writes: "The banks did lend Greece money, but the last bailout was used almost entirely to bail out not Greece but banks. Privatise profit, nationalise debt. The blame for this lies most specifically the IMF, who inexplicably are still in the driving seat despite admitting that their austerity program was misjudged and destructive, and now admit that a deal without a massive write-off or restructure is pointless, but still deride Greece for rejecting exactly that deal."

  35. Via Email

    That 30% haircut

    Seth Hopewell argues that, "the problem here is that if Greece get a haircut, i.e. their debt cut, then all the other nations in the eurozone that signed up to austerity measures in return for bailouts would also ask for their debts to be written off, and that's a sure way to make Europe go bust!"

  36. Via Email

    Bending over backwards

    Jamiee Lewis, just back from a holiday in Paxos, says, "people were bending over backwards to make sure we had a good holiday. The folk running the local villa holiday service let us know they had experienced a few cancellations in recent days "due to the media coverage". We really felt for them. Tourism is their livelihood, and it feels like the most helpful practical thing we could do at the moment is spend our holidays (& euros) in Greece. "

  37. The old minister and the new

    BBC News Channel

    Greek Finance Minister Yanis Varoufakis (R) and head negotiator with Greece"s lenders Greek Finance Minister Yanis Varoufakis (R) and head negotiator with Greece"s lenders Euclid Tsakalotos (2nd L) (2nd L)
    Image caption: Euclid Tsakalotos (on the left) replaces Yanis Varoufakis as finance minister

    Professor James Galbraith, an economist from the University of Texas, on the replacement of Greek Finance Minister, Yanis Varoufakis, with whom he has written articles, says: "It's a loss for Greece. Yanis provided an enormous amount of vision to this government.

    "On the other hand, Euclid Tsakalotos is a very capable man. He's got a very soft demeanour and tough core, and I think if anyone can bring a deal home on acceptable terms, Euclid is certainly the best choice."

  38. Via Email

    A simple solution?

    Paul Gregory has this one line solution. "Freeze the debt for 10 years, give Greece time to get back on its feet. Maybe they will be in a position to start payback without alienating the Greek people," he says.

  39. Via Email

    A view from Crete

    Lynne McDonald runs a bookshop on the island. "The Greek government have been as good as their word keeping the ATMs running," she says. "A few ex-pats believed Cretans would vote no - we were taken back by the strength of the vote."

    "At the moment we're waiting to see what will happen. The banks are supposed to open tomorrow. The ATMs have been working overtime. There's no shortage of food, no problems here."

    "But tourists are scared. This should be our peak tourist season," she adds.

  40. Post update

    David Charter, Berlin correspondent of The Times, tweets:

  41. Via Email

    Knowing the risks.

    Reader Fabio Dias says, "the current Greek debt crisis has nothing to do with 'the banks' that people so much like to bash these days and it's because the EU/IMF financed a bad borrower for three more years. The EU/IMF should absorb the loss. They knew the risks."

  42. Post update

    The World Economic Forum tweets...

  43. Via Twitter

    Beppe Grillo (left) with Times reporter David Charter
    Image caption: Beppe Grillo (left) with Times reporter David Charter

    The leader of Italy's anti-euro Five Star Movement (M5S), Beppe Grillo, is in Athens, feeling inspired by the No vote in Greece, David Charter of The Times tweets.

    "Beppe Grillo calling for referendum in Italy," Charter says.

    In the 2013 election M5S won 109 seats out of 630 in the Italian lower house (Chamber of Deputies).

  44. Correction

    Mr Tsakalotos will be sworn in as the new Greek finance minister today, not next Monday.

  45. Via Email

    The scrounging friend?

    "It seems to me that Greece has become the friend that keeps borrowing your money but not paying it back, moaning that it's skint but still buying takeaway coffees," says Clare Clark. "Increase to VAT and retirement age and cuts in public spending may be unpleasant but they are what the UK has been experiencing for years since our banking crisis. The simple fact is that you cannot continue to spend money you don't have, and it isn't acceptable to expect other people to continue to bail you out," she adds.

  46. UK urges Greek deal

    George Osborne

    UK Chancellor George Osborne says the UK government is "urging all sides to have a final go at defusing the crisis" in Greece. Addressing Parliament, the UK finance minister said the deteriorating situation in Greece meant growing risks for the UK.

    The 2,000 British pensioners living in Greece have been given advice on setting up a British bank account, he said. Their pension payments will continue in the usual way, he said.

    More British consular staff are being deployed to Greece and travellers are advised to take sufficient cash and prescription medicines on their Greek holidays, he said. The UK Foreign Office has detailed advice.

  47. Via Email

    Now we will all pay

    That's the view of Nicolas Jenni. "I'm afraid the banks got out long ago, Janet. The people who have been thrusting money in Greece's direction for the last few years are you, and me, and our fellow taxpayers in the UK (through the IMF) and eurozone and EU taxpayers (through the ECB, the European Central Bank) and the European Commission. And it's our fault for not holding civil servants and politicians to account for wasting our money through an absurd papering-over of the cracks in this Greek tragedy. Now we will pay, and so will the Greek people."

  48. Tsakalotos to be new Greek finance minister

    Euclid Tsakalotos

    Euclid Tsakalotos will indeed be the new Greek finance minister, taking over from Yanis Varoufakis. The appointment has been confirmed by the Greek President's office.

  49. Via Email

    A lesson from history

    Daniel Milosevic reminds us of a salient piece of economic history. "The Greek crisis is one Europe has seen before during the aftermath of World War Two. The Germans, who were the aggressors during the war, had 60% of their debt forgiven by Europe and the USA, so why not do the same for Greece? At least structure the debt so if payments are made at a reasonable time, the debt can be written off."

  50. Via Email

    No sympathy for Greeks

    Several readers agree with Janet Moyers (blame the banks). But not David Hopkin. "Why should the creditors take a hair cut? The Greeks have had six years to correct the problems and have failed to do anything. The port of Piraeus was supposed to be sold by the Greek Government five years ago - they have done nothing. They have not reformed the chaotic tax collection regime or the insane pension system, and while they have slightly reduced the defence budget from 25% over Nato requirements it's still running at 10% in excess of this."

  51. Athens transport free

    Athens metro

    Athens public transport is free for another week, the Greek daily Kathimerini reports. The authorities made transport free last week to help ease ordinary Greeks' hardship, caused by capital controls. Daily cash withdrawals are limited to €60 (£43; $66) per person.

  52. Via Email

    Christopher Wheeler says...

    ...it is not "the banks" who have lent them the money, it is the European taxpayers! So I probably agree about someone taking a loss to sort this out… but it is us… not some third party banks who will be paying the piper.

  53. Via Twitter

    PM David Cameron - file pic

    UK Prime Minister David Cameron tweets:

    "I spoke to Chancellor Merkel today on Greece. We will do whatever is necessary to protect UK's economic security."

  54. The IMF speaks

    Christine Lagarde, managing director of the IMF

    A statement from one of the main players, the International Monetary Fund (IMF): "The IMF has taken note of yesterday's referendum held in Greece. We are monitoring the situation closely and stand ready to assist Greece if requested to do so." Profound or banal? You, the jury.

  55. More backing for Syriza

    The AP news agency reports from Greece that "three opposition parties have signed a declaration backing Prime Minister Alexis Tsipras in bailout negotiations with creditors". AP adds: "That makes a total of five parties behind the prime minister, who already had the support of his own Syriza party and the junior party in the governing coalition, the Independent Greeks."

  56. Via Email

    Sell some islands?

    "Why not sell off a few islands to cover the debts?" asks Stephen Oliver. How valuable are a "few islands"?

  57. Via Email

    A view from Crete

    A reader, Richard Barnett, says "currently on holiday in Plakias on Crete, and some businesses would definitely rather you paid in cash. The ATMs here and at Chania Airport have all been stocked, with no queues so far."

  58. Scylla and Charybdis

    John Rentoul has tweeted this Adams cartoon from The Telegraph, satirising the Greek referendum Yes/No choices:

    Adams, Telegraph cartoon - Scylla and Charybdis on ballot paper

    In Greek mythology Scylla and Charybdis were monsters of the deep that threatened Odysseus on his voyage. The equivalent English idea is "between the devil and the deep blue sea" - neatly capturing the grim choice that Greeks faced in the vote.

  59. Via Email

    A reader writes...

    Reader Janet Moyers takes a jaundiced view of the people who have lent money to the Greeks. "The situation in Greece/EU is the macro version of the American mortgage meltdown: big lenders convince those not up to it, to take loans, and then paint the borrower as lazy and untrustworthy and themselves as victims. The banks should absorb the loss. They knew the risks."

  60. Greek voices on BBC World Service

    World Service

    Chloe Tilley is live on air now with World Have Your Say (on BBC World Service), talking to Greek residents in Athens and asking other Europeans whether they want Greece to stay in the eurozone. Listen to the conversation here.

  61. Via Email

    A view from Greece

    Lesvos

    Life goes on as normal in the Greek village of Eressos, and its coastal neighbour Skala Eresou, which are on the island of Lesvos, says Roderick Blakeman. All tourists are more than welcome, he adds.

  62. Greek banks to extend 'holiday'?

    Athenians continue to queue at cash machines at banks in Athens on July 6, 2015 in Athens, Greece

    It seems that Greece's government will extend the current bank closedown by a few more days. Reuters reports from Greece that a fresh government decree will keep banks shut until Friday or next Monday.

  63. Finland to Greece: 'Play by EU rules'

    Finnish Foreign Minister Timo Soini

    Another eurozone politician makes it clear he doesn't like the fact the Greeks have even had a referendum. Speaking to the BBC, the Finnish Foreign Minister Timo Soini said the Greeks had to play by the eurozone's rules, and that giving them a better deal would set a dangerous precedent.

    "The problem is that Greece is part of the eurozone and they are practically insolvent now," he told the BBC. "So, if they want to hang on in the euro, which I think they do, they must obey the rules and play by the rules. It is a big moral hazard if they can vote in Greece and send the bill of that result to Finland."

  64. More comments from Dijsselbloem

    Jeroen Dijsselbloem

    The chairman of the Eurogroup, Jeroen Dijsselbloem, speaking in The Hague, said in his view there was no easy way out for Greece. "I keep repeating that, regardless the outcome of the referendum, difficult measures are necessary in Greece. Otherwise the country will not pull through, the government functions will not improve, the economy will not pick up."

  65. Greece wants big debt write-off

    Athens ATM queue, 6 Jul 15
    Image caption: There are long queues at ATMs in Athens

    Greece's Economy Minister, Giorgios Stathakis, has told the BBC's Robert Peston: "We have a new version of the debt sustainability analysis which asks for a 30% direct or indirect haircut of the debt. And this is a very important part of our proposal." That would be in line with the IMF's analysis of Greece last week. The Greek proposal is to go before the eurozone on Tuesday.

    The debt relief - something Germany and other eurozone lenders are resisting - could be done through direct write-offs or by lengthening the repayment term, our economics editor reports.

  66. Does No mean Grexit?

    three scenarios for Greece

    How likely is a Grexit? The BBC's Paul Kirby examines three scenarios for Greece in this analysis.

  67. BreakingBreaking News

    Tsipras-Merkel talks on crisis

    Greek Prime Minister Alexis Tsipras and German Chancellor Angela Merkel have had a phone conversation and agreed that Athens will present proposals to the eurozone summit on Tuesday, several news agencies report, quoting Greek government officials.

    Why is Germany loath to write off any Greek debt? The graph below explains why - it holds the most.

    Graphic showing who owns Greece's debt
  68. 'No debt haircut' - Germany

    German Vice Chancellor Sigmar Gabriel has ruled out a debt restructuring or "haircut" for Greece, saying such a move would destroy the eurozone, the BBC's Jenny Hill reports from Berlin.

    Mr Gabriel told a news conference that Europe should organise immediate aid to Greece but said that, if Greece wanted to stay in the eurozone, the government must quickly propose a deal in return for longer term help.

    His centre-left Social Democrats (SPD) are in coalition with Chancellor Angela Merkel's conservative CDU.

  69. Euclid Tsakalotos to replace Yanis Varoufakis?

    Euclid Tsakalotos

    It seems that the new Greek finance minister, replacing Yanis Varoufakis, may be one of the Greek negotiating team, Euclid Tsakalotos. Reuters quotes Mr Varoufakis as telling reporters in Athens, outside the Greek finance ministry, "I am leaving and I will see you tomorrow with Mr Tsakalotos." Asked whether Tsakalotos would be the new finance minister, Varoufakis said: "I hope so."

  70. 'Business as usual' reports ABTA

    The Greek flag flutters in the village of Meyisti on the Island of Kastellorizo, Greece

    More advice for travellers has come from the travel agents' trade body ABTA. Take plenty of cash and make sure you have insurance, is the basic advice. "At this time, there are no limits on cash withdrawals for tourists using cards at ATMs. However, there are mixed reports on availability of cash from ATMs," it says. "Reports from our members and holidaymakers on the ground suggest that it is business as usual in the Greek resorts with bars, shops and restaurants adequately supplied and open as usual."

  71. Tsipras-Putin talks on Greek crisis

    President Putin and PM Tsipras in St Petersburg, 19 Jun 15
    Image caption: President Putin and PM Tsipras in St Petersburg, 19 Jun 15

    Greek PM Alexis Tsipras has discussed his country's debt crisis with Russian President Vladimir Putin by phone. A Kremlin statement said Mr Putin "expressed support for the Greek people in overcoming the difficulties facing the country". They discussed the "further development of Russian-Greek co-operation". The statement gave no further details.

    Mr Tsipras met Mr Putin in Russia last month and in April - and Mr Putin denied speculation that Russia could make a loan to cash-strapped Greece. Greece is developing energy co-operation with Russia, which wants to export more gas to Europe via new pipelines. But EU sanctions over Russia's role in the Ukraine conflict have hit their trade links. Mr Tsipras opposes the sanctions, but Greece has to comply with them.

  72. Via Email

    Greece talks

    Hari Tsoukas

    Professor of Organisational Studies at Warwick Business School

    "A possible way out would be for Tsipras to do a radical reshuffle to signal his commitment to reform. Dropping his coalition partner ANEL (a populist right-wing party) for centrists and social-democratic MPs would be such a move. The referendum has pushed Greece nearer Grexit. It has created a dynamic within Syriza of defying creditors, from which Tsipras will find it difficult to disengage.

    "In a country where national pride is important, people were moved by the way Tsipras stood up to the creditors. However, they may be surprised to find that national dignity is not so much served by confrontation and protests at rallies but by pragmatically building alliances, searching for compromises, and making credible commitments."

  73. Via Twitter

    Hard work after No vote - EU Commission

    In a tweet European Commission Vice President Valdis Dombrovskis says the agreement of all 19 eurozone countries is needed for any new Greek rescue deal. And the No vote makes that harder.

  74. Advice for visitors to Greece

    Parthenon atop the Acropolis, in Athens, Greece

    This is the latest advice from Thomas Cook for customers visiting Greece. You can find out moreon the Thomas Cook website.

    Quote Message: The feedback from the team on the ground - and indeed returning holidaymakers – has been that it is business as usual in the resorts, with customers continuing to enjoy their holidays without disruption. A Greek exit from the Eurozone would have little impact on the holidays customers have already booked with us as all pre-paid services are provided by Thomas Cook. We have existing contracts with hotels and airlines and we are comfortable that there is enough cash within destination to continue to provide the quality holidays our guests have booked and expect from us. Thomas Cook guests travelling to Greece should continue to take Euros to cover the duration of their holiday. This should be in small denomination notes i.e. €5, €10, and €20's.
  75. Dijsselbloem: 'Things more difficult'

    Dijsselbloem

    Keeping Greece in the euro zone "is still their objective and mine", according to Dutch finance minister Jeroen Dijsselbloem, who is also head of the Eurogroup of EU finance chiefs. The referendum "doesn't bring us closer to a solution right away. In fact, when proposals are rejected that only makes things more difficult," he said.

  76. 'I'm out of here'

    Kostas Bokos has shut his business in Athens and is moving back to London. This is what he told the BBC:

    Quote Message: "I am a Greek Brit and have a business in Greece which has been hard hit by the crisis and many of its implications. Things here - businesses, the economy - have ground to a halt. Whoever has some access abroad is looking for a way out. The results have confirmed that my decision to close my business a week before the referendum was called was the right one. It has also finalised my decision about my family's future being back in Britain. I'm out of here on 4 August.
  77. Market update

    FTSE 100

    Losses remain modest on european stock markets. Around mid-day, London's FTSE 100 fell 38.53 points or 0.59% to 6547.25. Germany's DAX was down 147.91 or 1.34%, to 10,910.48, while Italy's FTSE MIB index dropped 2.3%. In Paris shares dipped 1.51% to 4,735.49.

  78. 'Every nation for itself'

    Ian Bremmer is president of the Eurasia Group, which studies political risk. He is also professor of political science at New York University. He tweets:

  79. Grexit fears - Greek press

    Greek Newspaper Front Pages

    Greek newspaper commentators react to the No vote with a mixture of triumph and anxiety - read our press review here.

  80. Spain open to new Greece bailout

    Spain would consider negotiating a new bailout for Greece, which should remain in the eurozone, Economy Minister Luis de Guindos told journalists. Athens "has the right to ask for a third rescue package. The Spanish government is open to these negotiations," he said. "Given the circumstances, from the point of view of the markets it is absolutely necessary," he added.

  81. Via Twitter

    Mark Broad

    Economics reporter, BBC News

    bbc

    tweets: Mark Carney pursued by @BBCNormanS after meeting Cameron & Osborne over Greece. Tight lipped on contents of meeting

  82. Advice for visitors to Greece

    Kefalonia

    Live page reader Russell Parrott lives on the island of Kefalonia. He had this useful advice for tourists visiting his island.

    Quote Message: In Pylaros (center of island round Agia Efimia) the only real shortage we have (at present) is tourists - all Tavernas are open, welcoming and serving great local food, at least one supermarket shop taking credit cards (well OK only supermarket shop that does) at the moment is is pretty much business as usual. I cannot comment for the 'South' - Skala way, but certainly in this area so far things are OK. Many yachts still around and the flotillas seem to be OK. People still eating out enjoying good weather, really friendly people who live in a true community. May not be the same on other islands, but certainly Kefalonia so far is fine - even ordered medicines yesterday to collect today at the pharmacy. from Russell Parrott Resident Kefalonia, Greece
    Russell ParrottResident Kefalonia, Greece
  83. 'Keep ECB lifeline going' - Greece

    Robert Peston

    Economics editor

    The European Central Bank must keep Greek banks alive for a week to 10 days, to allow for rescue talks, Greece's Economy Minister Georgios Stathakis told me.

    A decision on whether or not Greece stays in the euro cannot be put off for much more than 48 hours, he said.

    Read my full blog piece here.

  84. Varoufakis 'insulted Europe'

    Michael Fuchs, a senior MP in German Chancellor Merkel's CDU party, says Yanis Varoufakis "insulted the whole of Europe last weekend telling us we are terrorists". He was speaking to the BBC World Service soon after Mr Varoufakis resigned as Greek finance minister.

    "We spent more than 300bn euros on Greece and then telling them 'you are terrorists' - I'm sorry, this is not a way to talk to each other."

    He said even with Mr Varoufakis's resignation, the Greek negotiating position was untenable and there couldn't be any further assistance without credible reforms.

  85. Advice for visitors to Greece

    Live page reader Emily Robinson asks:

    Swimming pool, Santorini
    Quote Message: I just wondered if the BBC could shed any light on what this means for tourists? We are off to Kefalonia on Saturday and we are very anxious. There are whispers that the hotels can’t feed their guests as they can’t pay suppliers and everyone is advising taking more money due to the bank situation. What does the ‘no’ vote and the volatile state of the economy in Greece mean for tourists travelling out their this week?

    BBC personal finance reporter Kevin Peachey can answer some of those questions asked by Emily. You can read his piece here.

  86. BreakingBreaking News

    'No more bailout talks yet' - Germany

    The door remains open for bailout talks with Greece, following the No vote, but they cannot start yet, German Chancellor Angela Merkel's spokesman says.

    "In light of the decision by the Greek citizens, the conditions to start negotiations on a new aid programme are not met yet", Steffen Seibert said.

  87. Cash crisis for pharmacies

    Jasmine Coleman

    BBC News, Piraeus

    Pharmacy supplies - BBC pic

    Pharmacies have limits on the supplies they can buy - and many cannot afford to make the orders. Flora, 66, has worked in her family's pharmacy for 44 years. She says a payment from the government is three-and-a-half months overdue, and they now have no money to buy in supplies. The picture show today's delivery - one bag. It should be about eight times more than that.

  88. Tsipras 'in race against time'

    Mark Lowen

    BBC correspondent, Athens

    The BBC's Mark Lowen in Athens says PM Tsipras is "now in a race against time to stop an all-out collapse of Greek banks". He told the BBC World Service that the No camp's celebrations went on into the early hours, but "there is a sense of real emergency now" and the situation is "pretty bleak". "Greek banks could collapse within days if they don't get emergency liquidity from the ECB. It will only lend if the banks are solvent - which they're not - or if Greece is in a bailout scheme - and it isn't." There are still queues outside the banks and supplies are getting lower in some shops, he reports. Businesses are unable to pay their suppliers because of capital controls, and tax revenues have plummeted.

  89. Via Twitter

    Robert Peston

    Economics editor

    tweets: Banks can continue to allow €60 withdrawals till Friday, if ECB continues to freeze emergency assistance, minister Stathakis tells me

  90. Greek party leaders meet

    Tsipras chairs top meeting

    Greek party leaders meet, 6 Jul 15

    From left to right: Greek Communist Party leader Dimitris Koutsoubas, leader of Independent Greeks Panos Kammenos, Prime Minister Alexis Tsipras, Greek President Prokopis Pavlopoulos, Potami leader Stavros Theodorakis and Pasok Socialist Party leader Fofi Gennimata. Earlier finance minister Yanis Varoufakis resigned.

  91. 'Grexit risk 40%' - analyst

    Stefan Schneider, chief international economist at Deutsche Bank, says the risk of a Greek euro exit (Grexit) is now probably 40%. He said that the European Central Bank would probably wait for a decision by eurozone ministers on Tuesday before releasing any extra funds for Greece. Greek banks' reserves are diminishing rapidly as the ECB has put a cap on Emergency Liquidity Assistance (ELA). Greek banks might lower the daily cash withdrawal limit to €20, from the current €60, he said. "I think the ECB will do whatever it takes... to ensure the rest of the eurozone sticks together in case of a Grexit. I think the markets are really betting on the ammunition the ECB has."

  92. The situation so far

    Duncan Weldon, BBC Newsnight's economics editor has more useful analysis. He tweets:

  93. Via Email

    Market analysis

    Laith Khalaf

    senior analyst, Hargreaves Lansdown

    The next 48 hours promises to be a critical period for the future of Greece, and a volatile couple of days on the stock market. So far stock market reaction has been negative but not disastrous. This suggests a fair degree of pessimism over the Greek referendum result had already been priced into markets, after all, this bolt has hardly come out of the blue... Things could well get worse for stocks in the coming days and weeks, but the market is significantly cheaper than it was a month ago, and on a long-term view still looks attractive compared to bonds and cash.

  94. Greece 'needs extensive reforms' - Finland

    Finland's Finance Minister Alex Stubb writes on his website: "The near future will be very difficult for Greece. No matter what happens next, the consolidation of the country's economy will require extensive reforms. However, the negotiations can only be resumed when the Greek Government is willing to cooperate and commit itself to measures to stabilise the country's public economy and implement the structural reforms required for debt sustainability. The ball is now in Greece's court." Mr Stubb will join other eurozone finance ministers for talks on Tuesday focused on the Greek crisis.

  95. Greek bank manager: 'It's challenging'

    Tim Franks the presenter of BBC's Newshour tweets:

  96. Risk of Greece euro exit 'increased sharply'

    The giant fund management group, Investec has this comment on the result of the Greek referendum.

    Quote Message: Ahead of the referendum, many in the Euro area warned that a ‘no’ was tantamount to a vote to leave the euro. This risk has now increased sharply, yet the international authorities will still try to strike a deal, perhaps offering modest compromises... Overall Greek PM Tsipras has bought himself a short amount of time to gain some concessions, but it is not clear what on the table will be any different from the discussions 10 days ago, with debt relief remaining a major area of disagreement.
  97. Spanish elections a factor in negotiations

    Business Live

    Kamal Ahmen (far right)

    On Business Live BBC Business Editor Kamal Ahmed reminds us that Spain holds a general election at the end of this year. That's important because if Greece is given concessions, it may strengthen the parties in Spain - such as Podemos - who want to take a tougher stance with Europe over Spain's own debts. He also thinks that the European Central Bank will extend its emergency financing for Greek banks "under the notion that there is a reasonable prospect of a deal".

  98. Greek banks: Days or 'possibly hours' of funds remain

    Business Live

    Theo Leggett, Frankfurth

    The European Central Bank (ECB) meets today to decide whether to extend further assistance. We are likely to see "a steady-as-she-goes approach," says BBC business reporter Theo Leggett in Frankfurt. It is likely to maintain its credit lifeline at €89bn, Theo says. But that can only be a short-term stance as Greek banks have enough funds to last a few days, or "possibly enough for just hours," Theo warns.

  99. Greeks worried about their savings

    Tim Franks the presenter of BBC's Newshour tweets:

  100. Medicines in short supply

    Jasmine Coleman

    BBC News, Piraeus

    A Greek pharmacy - 10 Jun 15
    Image caption: Last month Greek pharmacists staged a 24-hour strike

    A pharmacist in Piraeus, Theodoulou Konstantinos, and his wife Pasiou Sofia say they don't have enough medicines to give patients because of problems with foreign suppliers. "Pharmacies do not have the right amount of boxes of supplies to give to patients, because the medicines must be prepared abroad and brought into Greece," he told the BBC. "The foreign suppliers do not trust the government. People don't want to go to the hospital because it is too busy. People trust us, and we want to help the people, but we can't give them what they need. "It has been a problem for two/three months but it is getting worse."

  101. 'Misery ahead'

    Hugo Dixon analysis on Greece

    Greece will struggle to stay in the euro, and even if it does, the lenders will impose tough conditions and intrusive monitoring, business analyst Hugo Dixon of Reuters Breakingviews writes, in a piece called "Misery ahead".

  102. 'Difficult day' - EU's Schulz

    European Parliament President Martin Schulz - a German socialist - says the Greek No vote has created difficulties for the eurozone. He said Prime Minister Alexis Tsipras's promise that a No would make it easier for Greece to negotiate a better deal "is in my eyes not true". "We are in a difficult situation. The Greek people said no, but 18 other members of the eurozone agreed about the proposals to which the Greek people said no. But this is democracy in Greece."

  103. Yanis Varoufakis resignation

    BBC Radio 4

    Hermes Investment Management chief executive Saker Nusseibeh says Yanis Varoufakis's resignation is a clever move. The Greek leadership has been keenly following game theory, he says. After getting the credibility of a referendum, "it allows the Greeks to be more conciliatory," he says, which could lead to a deal.

  104. Stathakis- next Greek finance minister?

    Giorgos Stathakis

    Giorgos Stathakis, the current minister for economy, infrastructure, shipping and tourism, is the favourite to take over as Greek finance minister. He has a PhD in economics from Newcastle University. BBC economics editor Robert Peston recently interviewed him, you can watch it here.

  105. France: 'Margins for dialogue thin'

    BBC chief correspondent Gavin Hewitt tweets:

  106. Via Blog

    Huge costs of Greece staying or quitting euro

    Robert Peston

    Economics editor

    Greek banks had expected to see Yanis Varoufakis at their emergency meeting last night on how to save them from collapse. This morning they learned why he didn't turn up: he was being bundled out of the Greek airplane by the pilot and Prime Minister Alexis Tsipras. Read more of Robert's analysis of the day's events on the website.

  107. Sharp reaction in bond market

    German ten-year bunds

    There has been a sharp reaction in the international debt market to Sunday's referendum in Greece. Investors have been buying German debt, which has sent the yield (or return) on that debt lower (see chart above). German debt is seen as safer bet in uncertain times. There's been the opposite move for Spanish and Italian debt, with a sharp drop in prices sending the yield higher. The yield on the ten-year German bund is now 0.736% down 0.055% and for Spanish ten-year debt yield is 2.32% up 0.108% - which are sharp moves.

  108. German MP - 'Greece must quit euro'

    World Service

    A German MP allied to Chancellor Angela Merkel says Greece must now leave the eurozone.

    Klaus-Peter Willsch of the conservative Christian Democrats (CDU) told the BBC's Newsday programme that "the vote means they cannot go on within the eurozone - the ECB has to stop financing the bankrupt state of Greece".

    He said EU leaders "should talk about organising the Grexit ... Greece can stay in the EU, but within the eurozone they have no future".

    "They tried to blackmail us. They are trying to take the taxpayers of other countries hostage."

  109. Queue for pensions

    Greek pensioners waiting to collect pensions outside an Athens bank, 6 Jul 15

    Pensioners are given priority tickets outside an Athens bank - capital controls restrict access to cash.

  110. Merkel has 'battle on her hands'

    BBC World News

    German Chancellor Angela Merkel

    German Chancellor Angela Merkel is going to have "a battle on her hands" to persuade her own party to agree to any kind of fresh bailout deal, says the BBC's Berlin correspondent Jenny Hill. Meanwhile in Brussels, the BBC's Damian Grammaticas says that despite the referendum vote and the departure of the Greek finance minister, "the big picture hardly changes". He notes that last night Jeroen Dijsselbloem, the head of the Eurogroup, said that difficult measures and reforms for Greece were inevitable.

  111. Greece to ask for €3bn help from ECB?

    BBC Money Box presenter Paul Lewis tweets:

  112. Potential debt relief for reform deal?

    Duncan Weldon the economics correspondent for Newsnight tweets:

  113. Euro drops against pound

    BBC Breakfast

    BBC

    Kathleen Brooks, a currency expert, is speaking to Breakfast presenter Steph McGovern at the London Stock Exchange, about what the euro's drop against the pound means. Good for holidaymakers, but "exporters will struggle more", she says. One pound now buys you €1.408.

  114. Tsipras 'provides the head of varoufakis'

    BBC economics editor, Robert Peston tweets:

  115. New currency?

    BBC Radio 4

    euro

    Jane Foley, a currency expert at Rabobank is on Today talking about the chance of a new currency on the horizon: "The probability has gone up but I think at this stage its too early to think about that," she says. The European Central Bank "has a really critical role. We know there's a debt owed by July 30… if that isn't made, can it carry on giving liquidity to Greek banks?"

  116. Varoufakis - a profile

    Yanis Varoufakis

    Greek Finance Minister Yanis Varoufakis was not liked by Greece's creditors and he apparently didn't care for some of his counterparts. He has been a charismatic figure in the negotiations, his motorbike and stylish look setting him apart from other eurozone finance ministers. Read a profile of Mr Varoufakis.

    Yanis Varoufakis
  117. BreakingBreaking News

    Varoufakis to stand down as finance minister

    Yanis Varoufakis is standing down as finance minister. On his blog he says: "Soon after the announcement of the referendum results, I was made aware of a certain preference by some Eurogroup participants, and assorted 'partners', for my… 'absence' from its meetings; an idea that the Prime Minister judged to be potentially helpful to him in reaching an agreement. For this reason I am leaving the Ministry of Finance today."

  118. Where are we now?

    See below for a very good summary of where we stand this morning from Duncan Weldon the economics correspondent of Newsnight. His second tweet mentions ELA which stands for emergency liquidity assistance. It is the credit line from the European Central Bank (ECB) which has been keeping Greek banks afloat.

  119. 'Rhetoric will begin to calm down'

    BBC Radio 4

    "The rhetoric will begin to calm down now," says BBC reporter in Athens Mark Lowen. There will probably be one more push to try and get everyone around the table, as Greeks want to stay in the eurozone and the eurozone wants Greece to stay, Mark says. However, the situation has been made more difficult by the rapid deterioration of the Greek economy, which is in even worse shape than it was three weeks ago, Mark says.

  120. Euro trades lower

    Radio 5 live

    Euro vs dollar

    The euro is down this morning, but the move is not dramatic so far. It is 0.7% lower against the dollar and fetching $1.1029. Germany's stock market could start as much as 3% lower when it opens in around two hours time, says Colin McLean from SVM Asset Management on Wake up to Money. He says that a weaker euro might actually be positive for the eurozone as it makes exports more competitive.

  121. Varoufakis: 'Positive approach'

    A mixed message from Yanis Varoufakis, the Greek Finance minister this morning. He has published a blog with some tough words for the creditors.

    Quote Message: From the moment our election seemed likely, last December, the powers-that-be started a bank run and planned, eventually, to shut Greece’s banks down. from Yanis Varoufakis Greek finance minister
    Yanis VaroufakisGreek finance minister

    However he strikes a more conciliatory tone later in the blog.

    Quote Message: Today’s referendum delivered a resounding call for a mutually beneficial agreement between Greece and our European partners. We shall respond to the Greek voters’ call with a positive approach.
  122. 'Crucial' ECB meeting today

    BBC World News

    poster at ECB

    The European Central Bank (ECB) meeting today is crucial, the BBC's Joe Lynam says on World Business Report. If it wants more collateral (financial cover) from Greek banks then it is "game over", he says. Joe reminds us that a payment of €3.5bn euros is due to the ECB on 20 July. Also from next Monday, public salaries need to get paid Joe says.

  123. Post update

    Ben Morris

    Business Reporter

    Financial markets are down, but it's not a rout this morning following that momentous referendum in Greece on Sunday, when voters rejected the terms of a bailout deal from the nation's creditors. Greece's creditors will be holding talks this morning to come up with a response, we'll keep you up to date. If you want to email it's bizlivepage@bbc.co.uk or tweet @bbcbusiness.