Greece will need €10 billion over the next few months and an additional €50 billion in the next three years, says the IMF. Before making any repayments, Athens should have a 20-year grace period, so the last debt payment would be made in 2055.
The EU and its financial institutions have been pushing an austerity policy on Greece for the last five years. High unemployment, more taxes, billions of euros fleeing, and an increase in suicides mean Greeks on Sunday have to decide if enough is enough.
Greece’s finance minister Yanis Varoufakis promises to keep Greece in the euro and avoid a banking collapse if the country votes against the rescue package proposed by the Eurozone. EU leaders say a No vote might force the country out of the currency.
A possible ‘Grexit’ will cause ‘severe’ consequences to the Greek economic system, warns the Standard and Poor’s (S&P) rating agency. It has increased the chances of Greece exiting the eurozone to 50 percent.
The eurozone project is a complete fiasco so Greece should be allowed to go back to the drachma, to devalue and to rebuild itself, columnist and podcaster Jon Gaunt told RT. This might be the beginning of the end of the whole EU he adds.
The latest polls and betting suggest Greece will back the cash-for-reform deal proposed by creditors in the July 5 referendum. They point to a mood shift since Athens closed banks and limited cash withdrawals.
Germany has opened its first Islamic bank representing a full range of banking services in accordance with the laws of Sharia. The Frankfurt-based bank, called KT Bank AG, is owned by Kuveyt Turk, the largest Islamic banking institution in Turkey.