Defiant Greeks reject EU demands as Syriza readies IOU currency
By Ambrose Evans-Pritchard, in Athens
8:30PM BST 05 Jul 2015
The European Central Bank faces an immediate decision over whether to continue freezing emergency liquidity assistance (ELA) for Greek banks at €89bn, a stance that would amount to liquidity suffocation.
"If they do that, the situation would be very serious. That would be pretty close to trying to bring down the government," said Euclid Tsakalotos, the country's chief debt negotiator.
French president Francois Hollande said he would bend over backwards to keep Greece in the euro despite voting no. He is to meet German Chancellor Angela Merkel in Paris on Monday to draw up a joint response to what has turned into the biggest EU fiasco since the rejection of the constitution by France and Holland in 2005.
"If necessary, we will issue parallel liquidity and California-style IOU's, in an electronic form. We should have done it a week ago," said Yanis Varoufakis, the finance minister.
http://www.telegraph.co.uk/finance/economics/11719688/Defiant-Greeks-reject-EU-demands-as-Syriza-readies-IOU-currency.html