Tsipras not backing down – Greferendum continues but door

After reports that Greece is backing down on its demands and confusion about the details, the Greek PM addresses the nation. The referendum is on. Greek PM Alexis Tsipras addresses the nation and stresses this is not a vote on EU membership.

Here are the highlights

• Creditors have put better offers on the table once the referendum was announced. Is he referring to the Juncker proposal?
• We are still at the negotiating table
• Popular mandate will give us more strength
• A NO vote is a return to European values
• NO means strong pressure for an agreement of social justice.
• “You’re being blackmailed & urged to vote Yes to all of institutions’ measures without any solution to exiting the crisis.”
• He complains that it Europe did not give space and time to hold a referendum.
• The current situation, regarding capital controls, is transitory.
• Deposits and pensions will not be lost. This is questionable in case the ECB ends the ELA.
• “We’ve been strenuously negotiating past months to protect your pensions, protect your right to a decent pension.”
• Tsipras says his commitment to Europe is seen his candidacy for the president of the European Commission
• I take responsibility for a full solution after the referendum

Merkel responds that she could talk to Tsipras at any time.

EUR/USD is recovering from the lows on the speech. As we’ve already learnt in the past, EUR/USD reaction to the Greek crisis are not straightforward.

Greek crisis – all the updates in one place

Get the 5 most predictable currency pairs