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| Tens of thousands of people gathered outside the Greek parliament in Athens on Monday evening in a show of support for the government's proposals. |
Source BBC
Greek PM Alexis Tsipras has urged voters to reject CREDITORS' demands in a snap referendum on Greece's debt crisis due on Sunday. Mr Tsipras said a clear vote against austerity would help Greece negotiate a better settlement to the crisis. Otherwise, he warned, he would not stay in office to oversee more cuts. Greece's bailout expires on Tuesday, the same day it faces a critical deadline to repay a €1.6bn (£1.1bn) to the International Monetary FUND (IMF).
EU leaders have warned that a REJECTION of the creditors' proposals on Sunday would mean Greece leaving the eurozone - though Mr Tsipras says he does not want this to happen.
Talks between Greece and its CREDITORS broke down last week, leading to Greek banks having to shut this week. The uncertainty also caused stock markets to fall sharply on Monday.
Tens of thousands of people gathered outside the Greek parliament in Athens on Monday evening in a show of support for the government's proposals. A rival protest organised by those calling for a yes vote is due later on Tuesday.
Resignation hint
Speaking live on state TV on Monday evening, Prime Minister Alexis Tsipras appealed to Greeks to reject the CREDITORS' proposals, saying this would give Greece "more powerful weapons" to take to the negotiating table.
"We ask you to reject it with all the might of your soul, with the greatest MARGIN possible," he said.
He told viewers he did not believe the CREDITORS wanted to Greece out of the eurozone "because the cost is immense".
Mr Tsipras also hinted strongly that he would resign if the result of the referendum was a "yes" vote.
"If the Greek people want to proceed with austerity plans in perpetuity, which will leave us unable to lift our head... we will respect it, but we will not be the ones to carry it out," he said.
But some eurozone leaders, including the Italian prime minister and French president, voiced their concern on Monday that Greek voters would effectively be deciding NEXT Sunday whether or not they wanted to stay in the eurozone.
Meanwhile, European Commission President Jean-Claude Juncker said on Monday he felt betrayed by the Tsipras-led government and called on Greek voters to oppose him.
Mr Juncker said that he still believed a Greek exit from the EURO was not an option and insisted that the creditors' latest proposals meant more social fairness.
The government has already been forced to order all banks to be closed until 6 July after the European Central BANK (ECB) decided not to extend its emergency FUNDING.
The ECB is believed to have disbursed virtually all of its ceiling for funds, amounting to €89bn (£63bn).
Long queues of people were seen snaking outside ATMs on Monday, with withdrawals capped at just €60 a day.
Elderly people, many without bank cards, were seen waiting outside closed bank branches in the hope of getting access to funds.
Referendum question
The question which will be put to voters on Sunday will not be as simple as whether they want to stay in the EURO or not - instead it asks Greeks to approve or reject the specific terms laid out by Greece's creditors:
"Should the agreement plan submitted by the European Commission, European Central Bank and the International Monetary FUND to the June 25 eurogroup and consisting of two parts, which form their single proposal, be accepted? The first document is titled 'Reforms for the completion of the Current Program and Beyond' and the second 'Preliminary Debt Sustainability Analysis'.
The ATHENS STOCK EXCHANGE has also been closed as part of the emergency measures.
The government said it would make public transport free in the Athens area for a week while THE BANKS are closed.
On Monday evening the ratings agency Fitch said it had downgraded its rating of four Greek banks, NATIONAL BANK of Greece, Piraeus Bank, Eurobank Ergasias and Alpha Bank, to "restricted defau
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