Sunday 25 September 2016

Greek Finance Minister suggests injunction against EU as IMF repayment deadline looms

Published 29/06/2015 | 21:11

Protesters wave a
Protesters wave a "Estelada" (Catalonian separatist flag) (R) and a Greek flag in front of the parliament building during an anti-austerity rally in Athens, Greece, June 29, 2015. Stunned Greeks faced shuttered banks, long supermarkets lines and overwhelming uncertainty on Monday as a breakdown in talks between Athens and its international creditors plunged the country deep into crisis. REUTERS/Marko Djurica
Pensioners waiting outside a closed National Bank branch and hoping to get their pensions, argue with a bank employee (L) in Iraklio on the island of Crete, Greece REUTERS/Stefanos Rapanis
A nurse shouts slogans during a protest by hospital staff in Athens (AP photo)
A bank manager explains the situation to pensioners waiting outside a branch of the National Bank of Greece hoping to get their pensions, in Thessaloniki, Greece June 29, 2015. Greece closed its banks and imposed capital controls on Sunday to check the growing strains on its crippled financial system, bringing the prospect of being forced out of the euro into plain sight. REUTERS/Alexandros Avramidis
People, most of them pensioners, argue with a staff member outside a closed National Bank branch at the bank's headquarters in Athens, Greece June 29, 2015. REUTERS/Marko Djurica
Tourists line up at an ATM at Athens international airport upon their arrival in Greece June 29, 2015. Greece closed its banks and imposed capital controls on Sunday to check the growing strains on its crippled financial system, bringing the prospect of being forced out of the euro into plain sight. REUTERS/Marko Djurica
Pensioners wait outside a branch of the National Bank of Greece hoping to get their pensions, in Thessaloniki, Greece June 29, 2015. Greece closed its banks and imposed capital controls on Sunday to check the growing strains on its crippled financial system, bringing the prospect of being forced out of the euro into plain sight. REUTERS/Alexandros Avramidis
A migrant collecting card board pushes his trolley in front of Stock Exchange, on the first day of capital controls imposed to prevent Greeks from withdrawing all their savings from the banks, in Athens, Monday, June 29, 2015. The stock exchange was shut, and banks will remain closed until July 6. The developments are a dramatic twist in the country's five-year financial saga. (AP Photo/Thanassis Stavrakis)
People, most of them pensioners, line up outside a closed National Bank branch at the bank's headquarters in Athens, Greece closed its banks and imposed capital controls on Sunday to check the growing strains on its crippled financial system, bringing the prospect of being forced out of the euro into plain sight. REUTERS/Alkis Konstantinidis
Anxious Greeks queue in front of the National Bank to withdraw cash following the collapse of EU bailout talks
French Economy Minister Emmanuel Macron arrives to attend a council meeting on Greece at the Elysee Palace in Paris, France, June 29, 2015 .There are a few hours left to try and strike a deal on Greece, French President said on Monday, adding that it was up to the Greek government to decide if it wanted to come back to the negotiating table. REUTERS/Philippe Wojazer
Queues formed beside ATMs all over Greece yesterday as customers desperately tried to withdraw cash from their accounts.
Greek Finance Minister Yanis Varoufakis and Interior Minister Nikos Voutsis greet each other as they arrive at Prime Minister Alexis Tsipras’s office at Maximos Mansion in Athens yesterday
A woman holds a Greek flag with a smaller Cypriot flag attached to it during a May Day rally in front of the parliament in Athens
A woman is carried by paramedics (AP)

GREECE'S Finance Minister, Yanis Varoufakis, has suggested legal action could be an option to block the country's possible expulsion from the Euro.

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 “The Greek government will make use of all our legal rights,” He told the Daily Telegraph.

“We are taking advice and will certainly consider an injunction at the European Court of Justice. The EU treaties make no provision for euro exit and we refuse to accept it. Our membership is not negotiable,“ he added.

French President Francois Hollande has said the country's forthcoming referendum on the issue will decide whether it remains in the single currency.

“What is at stake is whether or not Greeks want to stay in the eurozone or want to take the risk of leaving," he said.

Taoiseach rejects Greek PM’s request to support country’s bailout extension  

German Chancellor Angela Merkel insisted that the Eurozone cannot bend to the will of one member country.

She said that if the basic principles are not upheld, then the currency as a whole would collapse.

It is widely expected Athens will miss a repayment on a €1.6bn loan to the IMF tomorrow - which could lead to the biggest sovereign bankruptcy in history.

However Minister Varoufakis suggestion of legal action could further complicate matters; an injunction against EU bodies at the Court of Justice is unprecedented.

ATMs throughout the country have limited cash withdrawals to just €60 a day.

Holidaymakers travelling to the country are advised to bring enough cash with them to cover their expenses.

Meanwhile prime minister Alexis Tsipras urged Greeks  to reject the terms of an international aid deal in a July 5 referendum, dismissing warnings that a 'No' vote would drive Athens out of Europe's currency union.

"I don't think that their plan is to push Greece out of the euro but to end hopes that there can be different policies in Europe," Prime Minister Alexis Tsipras told Greek state television.

He said the stronger the vote to reject the reform-for-aid deal, the stronger the Greek hand in any negotiations that may follow.

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