European Commission

Tens of thousands of Greeks rallied on June 29 to back their leftwing government's rejection of a tough international bailout after a clash with foreign lenders pushed Greece close to financial chaos and forced a shutdown of its banking system. 

Greece's left-wing government plans to ask the country's citizens on Sunday whether to accept or reject the demands of its creditors for extended bailout funding needed to avert a default.

Most high-profile European leaders didn’t mince their words on Monday in the wake of the weekend’s dramatic twin “Grecian surprises” — a snap referendum and week-long capital controls — with the consensus being that the July 5 plebiscite will essentially decide Greece’s membership in the euro zone.

European leaders Monday pleaded with Greek voters to back hotly disputed bailout proposals in a crunch referendum or face leaving the euro as bank closures left many in Greece scrambling to find cash.

Proto Thema on Monday acquired the single ballot for next Sunday’s snap referendum — another neo-Greek political neologism – which shows the question that citizens wishing to vote in the plebiscite will be called on to answer.

The Greek government on Monday published the text of the question it plans to put to citizens in a referendum on Sunday, asking them to decide whether or not to accept the demands made by international lenders in return for fresh cash to keep Greece from defaulting on its debts.

The president of the European Union's parliament says he is willing to go to Greece and campaign ahead of the referendum there to convince the Greeks to vote for a bailout proposal that creditors have made. The Greek government has advised people to reject it.

The Turkish banking sector?s eyes are on Finansbank, 99.8 percent of which is owned by the National Bank of Greece (NBG), after the dramatic deterioration in the Greek economy, while a high level representative in Finansbank said any concerns about the bank?s deposit are baseless. 

The European Commission said on Monday it finds the capital controls imposed by the Greek authorities to be 'justified' but called for the reinstatement of the free movement of capital as soon as possible.

Drug makers said on Monday they would continue to ship medicines to Greece in coming weeks, despite mounting unpaid bills, but warned supplies could be in jeopardy if Europe did not take emergency action.