In the event of a “yes” vote, “I will not” be finance minister on Monday evening, Varoufakis said in an interview with Bloomberg Television in Athens today.
Varoufakis is confident that the Greek people will vote against the bailout proposals, saying that he would he would “rather cut my arm off” than sign a new deal that doesn’t include debt restructuring for the current debt.
“What we’re saying to the Greek people is, ‘no more extend and pretend,’” Varoufakis said. “We want to reform this country…but we want to do it in the context of debt restructure.”
Greek Finance Minister to step down if Greeks vote yes
The Greek Finance Minsiter Yanis Varoufakis has vowed to quit if Greece votes to accept the EU’s bailout proposals in the referendum on Sunday.
Swedish central bank cuts interest rate
The Swedish central bank has cut interest rates to a record low, saying the situation in Greece had increased uncertainty.
The rate now stands at -0.35%. In a statement, the bank said the consequences of the situation in Greece for the Eurozone as a whole and for Sweden “are difficult to judge.”
The Riksbank on Thursday lowered the repo rate by 0.10 percentage points, saying its “expansionary monetary policy is having an effect and inflation is rising.”
The rate change takes effect July 8.
Spectra Systems up 24% after winning Chinese contract
Shares in Spectra Systems (SPSY:LON) rose 24.3% this morning after securing a nine year contract with Chinese supplier of secure government certificates.
Dr. Nabil Lawandy, CEO of Spectra Systems, sais: “We are extremely pleased about the penetration of our security products into Asia. Our customer is a supplier of government certificates with strong ties to other customers, which we hope will drive our revenues further. In addition, we are confident that this newrelationship will also benefit our TruBrand(TM) smartphone-based authentication technology in the Asian markets”.
Spectra Systems are leading supplier of authentication technology for banknotes, brand authentication and tax stamps.
Dixons Carphone FTSE 100 top riser after US announcement
Dixons Carphone (LON:DC) was the biggest riser on the FTSE 100 in early Thursday trading after it announced that it would be expanding into the US.
The UK company which was formed by a merger between Dixons and Carphone Warehouse, will enter into a joint venture with US company Sprint to build and operate an initial 20 stores.
“We bring specialist knowledge and skills to this partnership and will be looking to deliver innovation and outstanding customer service under the Sprint brand,” said Andrew Harrison, Dixons Carphone Deputy Group Chief Executive.
If successful, the second phase involves a planned 200 store openings funded by a $32 million investment from Dixons Carphone.
“We are excited to partner with Dixons Carphone and to leverage all their know-how as one of the world’s leading wireless retailers to benefit Sprint and its customers,” said Sprint CEO Marcelo Claure.
Shares in Dixons Carphone were up 3.57% at 475.4p
Ophir Energy upgraded to buy
Ophir Energy (LON:OPHR) was up 0.2% after being upgraded by analysts at UBS. The bank now rates oil & gas company Ophir Energy as a buy with a price target of 150p.
Analysts pointed towards LNG projects Ophir are developing expressing their view that the market is under-pricing shares given the long term potential of the assets.
“On a 12-24 month view Ophir has a good chance of achieving sell-downs of both projects (Equatorial Guinea and Tanzania), forcing the market to reassess value. With around $800 million of net cash it can afford to wait. We are confident exploration spend will deliver improved value for money,” says UBS.
Ophir has shed 50% in the last year and USB feels the current share price provides a buying opportunity.
Tsipras to push ahead with referendum
Following a series of conflicting reports, Tsipras confirmed in a live address that he intends for the referendum on austerity to take place.
Tsipras has publicly supported a ‘no’ vote which many EU officials have said was an effective vote to exit the Euro.
The Greek Prime Minister, unsurprisingly, brushed these comments off. In his address to the Greek public he said a ‘no’ vote was needed to better the terms with creditors.
European shares sunk after the comments although remained in positive territory on the day.
Angela Merkel earlier said that there was no chance of further negotiations until after the referendum was held shifting all focus to this Sunday and the polls released in the run up.
European shares have yo-yoed on contradictory comments throughout the session as initial hopes that a deal may be struck without a referendum were squashed.
Banks remain closed in Greece and Greeks have been limited to withdrawing EUR 60 per day.
Support for the vote is unclear, early indications put the ‘no’ vote in front, however the poll was released by a newspaper that supported Tsipras’s government.
Sony launches crowdfunding site
Sony is no stranger to crowdfunding – it has used the platform to launch several of its own campaigns, including the popular Shenmue 3 game. However, it seems the company is branching out further by launching its own platform.
First Flight, Sony’s Japan-based crowdfunding site, aims to promote new business ideas from within the company. It allows investors to put money into ideas developed by its own employees, keeping them at the forefront of innovative new ideas as well as promoting their company’s talent.
The company said in a statement: “First Flight is intended to deliver experiences that move people emotionally through innovation. It will enable each start-up and their customers to share their ideas and inspiration, and then jointly bring those ideas to fruition through direct and interactive communication.”
First Flight currently offers pre-orders for two Sony-affiliated projects; the MESH Smart DIY kit, and the FES e-ink watch. The watch has already raised money on crowdfunding platform Makuake, and backed by Sony subsidiary Fashion Entertainments. Aiming to enter the smart watch market, it E-Ink display means the design can be changed, and it has a 60 day battery life. A third project due to launch on First Flight soon is a sleek all-in-one remote called the HUIS Remote Controller, which is already 20 percent of the way to its 5 million yen crowdfunding goal.
The service is currently only available in Japan, and there is no news as to if or when it might expand.
Airbus shares rise after deal with China
Airbus (EPA:AIR) shares gained 2.6% after an agreement was signed with China to sell up to 75 Airbus planes to a Chinese company, in a deal worth $18 billion.
During a visit to Paris by Chinese Premier Li Keqiang, Airbus boss Fabrice Bergier signed a deal for 45 confirmed orders, as well as the possibility of 30 more with the China Aviation Supplies Holding Company.
An Airbus source told AFP that the A330 will be fitted with more seats in China and will travel shorter distances than in Europe, as a solution to the country’s congested skies and airports.
Airbus has had a positive year, reporting soaring full-year profits in February.
European shares bounce back
European shares bounced back this morning, despite news that Greece had defaulted on its payment to the IMF.
The euro zone’s blue-chip Euro STOXX 50 rose 0.7 percent after falling 1.3 percent in the previous session and slumping more than 4 percent on Monday. The pan-European FTSEurofirst 300 index was up 0.6 percent 7am GMT.
Whether of not Greece remains in the Euro depends on the decision in the national referendum, to beheld in Greece on Sunday.
Greece misses deadline for IMF payment
The IMF confirmed that Greece has missed the deadline for the 1.6 billion euro payment shortly after 10pm last night.
However, ministers say they will now discuss a last minute deal brought to the table by Greek PM Alexis Tsipras last night. The talks will begin on Wednesday, with the goal being another two year bail-out plan.
“We have informed our Executive Board that Greece is now in arrears and can only receive IMF financing once the arrears are cleared,” IMF spokesman Gerry Rice told the BBC.
The European Central Bank has frozen its liquidity lifeline to Greek banks and ratings agencies have further downgraded the country’s debt.