The Complete Greek Crisis Playbook

Greece Defaults, Votes For Grexit: Full Updates

The immediacy of the crisis lies in Tuesday's deadline to repay €1.5bn to the IMF. As of now, creditors have not yet released additional bailout funds to the terminal patient. This puts the situation in full crisis mode because there is an extremely high chance that Greece will default on Tuesday's payment.

We will provide readers with the latest breaking news and developments on this pivotal situation as they come. The fate and legacy of Athens now teeters on the next two day's progress or lack thereof.

On the plausible market reactions when trading resumes late Sunday, we have written a primer on how traders should protect themselves. It is almost a certainty that extreme risk aversion will be the dominant theme for the entire week.

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But As Of Now...

1. Greeks vote a resounding "no" in historical national referendum.
2. Geeece becomes first European and developed nation to default on IMF.
3. Default now just 10 hours away.
4. Banks & stock market closed for entire week.
5. No additional help from ECB.
6. No bailout extension, no new program either.
7. Bilateral talks ceased, no sign of resumption.
8. Referendum on deal that no longer exists.
9. No financing for Tuesday's €1.5bn IMF repayment.
10. Queues outside Greek ATMs getting longer.
11. Eurogroup preparing contingency measures to stabilize markets, contain contagion.
12. Various financial brokers limiting trading on market open, restricting access due to high volatility anticipated.
13. Greek stock market may remain closed Monday, according to Greek securities regulator.
14. Several Greek banks already restricting access.
15. Talks about possible capital controls.

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And The Latest...

1. Greek Finance Miniater Yanis Varoufakis resigns, even after "no" vote.
2. Official outcome of public referendum is to reject the EU's bailout proposals.
3. 100% of votes counted - 61.31% "no", 38.69% "yes" - Ministry Of Interior.
4. Greek PM Calls Emergency Meeting For Bank Liquidity: MNI
5. Polls have closed at 7pm. Votes are being counted.
6. Voting has begun at 7am Greek time.
7. More than 50,000 pro-Syriza supporters turned up on Saturday to join Tsipras' rally.
8. European leaders say no point in talking before Sunday's referendum, ends Eurogroup conference call.
9. Greek government prepared to accept creditor's proposal with changes, Bloomberg reports.
10. IMF confirms Greece failed to pay, now in "arrears".
11. Greece asks for 2-year bailout and debt restructure from the European Stability Mechanism (ESM).
12. Greek officials confirms country will default to IMF later today.
13. Greek government wants to seek court injunction to prevent ouster from Eurozone, i.e. Grexit.
14. Some banks will allow withdrawals on Thursday but will be limited to €60 per person and €240 for pensioners.
15. Greece imposes capital control decree, banks to remain close for entire week until after Sunday's referendum (5 July).
16. Greek markets will remain closed for the entire week until bank holiday ends.
17. Panic on the streets as people storm bank branches, longest queues seen at all ATMs, hoarding gas, food, and water the the pump and supermarkets across the nation. All this depite PM Tsipras urging calm.

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What To Expect Next
We maintain our baseline that a "no" decision inherently conveys to European leaders that Greece wishes to part ways from the monetary union.
Ever since the announcement of the referendum last Saturday, we were embedded in their train of thought, that the vote was not about the bailout but on euro membership - something the Greek government has denied time and again.
Regardless of he rhetoric, we will know if we are correct in the next few days which is poised to be event packed. Expect multiple meetings and conference calls across various levels, after the initial drool phase has eclipsed.

Even in the most optimistic of views, Any unlikely new bailout deal will take at least a full wee to formulate. Time is running short for Greece and her citizens, before the chimera start raining fire and brimstone over the Greek Acropolis.

We have complied all relevant news, updates, commentary, and analysis in the previous section - Greece Defaults, Votes For Grexit: Full Updates I. You are encouraged to explore the content-stuffed page for the full experience since 26 June.

Greece's New Finance Minister

After resigning despite his having his wishes materializing like clockwork, Yanis Varoufakis has resigned as Greece's Finance Minister as we reported earlier on Monday.

Varoufakis is described by some as being slightly aggressive and impulsive in nature. There
was once where he caused a row during a Eurogroup summit in April.

Many believe that any negotiations can now be smoother without Varoufakis at the table. Financial markets actually rallied when news of the academic-turned-minister voluntarily resigned.

All eyes are on the next person to undertake this crucial role.

The person to fill that shoe comes by the name of Euclid Tsakalotos. He will be officially sworn in as Greece's new Finance Minister on Monday.

One thing we are curious over, is if Varoufakis had all this planned way before the referendum results were known.
We suspect so, given the relative zen of matters. Regardless, the Greek people can only hope Tsakalotos heralds a new phase of expedited deal brokering, because time is dearly running out.

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