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Greece: hopes raised, then dashed again

Thursday, July 02, 2015 - 02:08

Less than 24 hours after he wrote a conciliatory letter to creditors asking for a new bailout, a defiant Greek prime minister has urged Greeks to reject a bailout deal. David Pollard reports.

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A new dawn over Athens. No new deal. Hopes raised on Wednesday of a breakthrough, only to then be dashed again. Alexis Tsipras telling his countrymen to vote NO to the bailout conditions proposed by Greece's international creditors, in a referendum on Sunday. (SOUNDBITE) (Greek) GREEK PRIME MINISTER, ALEXIS TSIPRAS, SAYING: "'No' means strong pressure for an economically viable agreement that provides a solution to our debt and will not make it sky rocket and will not continually undermine our efforts to help lift the Greek economy and Greek society." That came within 24 hours of the Greek prime minister apparently agreeing to at least some of the bailout conditions. A move that raised the mood in Brussels and global markets. But it appears any prospect of progress is off the table for now. Eurogroup chairman of the group, Jeroen Dijsselbloem, was speakinig after a conference call with EU finance ministers. (SOUNDBITE) (English) JEROEN DIJSSELBLOEM, CHAIR OF THE FINANCE MIMISTERS' GROUP, SAYING: "Given the political situation, the rejection of the previous proposals, the referendum which will take place on Sunday and the 'No' advice of the Greek government we see no ground for further talks at this point." Back to square one then for Greece and an increasingly desperate population. With no new bailout funds in sight, banks are still closed - basic supplies in danger of running short. (SOUNDBITE) (Greek) THANOS STAMOU, PENSIONER, SAYING: "People have lost it completely. And its all the fault, one hundred percent, of all the politicians. They are to blame for the situation we are in now". (SOUNDBITE) (English) NICOLE PAPATHANASOPOULO, 47, LAWYER SAYING: "Very, very worried because I think that its very difficult, the times, people are waiting just to take 50 euros, and we see the government, she does nothing, they do nothing. " In the meantime, markets are cautious - waiting for the outcome of the referendum. Brenda Kelly of London Capital Group. SOUNDBITE (English) BRENDA KELLY, HEAD ANALYST, LONDON CAPITAL GROUP, SAYING: "I certainly would imagine that come tomorrow there might be a lot of position unwinding ahead of it. I wouldn't particularly fancy being involved in the equities suite over the course of the weekend." With neither side holding out any hope of a breakthrough before Sunday, Greece and its international creditors are in stalemate.

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Greece: hopes raised, then dashed again

Thursday, July 02, 2015 - 02:08