Site last updated: Sunday, April 26, 2026

Log In

Reset Password
MENU
Butler County's great daily newspaper

Greece still not near a deal with creditors

Country may abandon euro

ATHENS, Greece — Greece and its membership in Europe’s joint currency faced an uncertain future today, with the country under pressure to reach a bailout deal with creditors as soon as possible after Greeks resoundingly rejected the notion of more austerity in exchange for aid.

With Greek banks running out of cash and facing the danger of collapse within days without new aid, the government in Athens is racing against the clock. In an effort to facilitate negotiations on a new aid program, Finance Minister Yanis Varoufakis, who had clashed with European officials in the bailout talks, announced his resignation today.

But Greece and its creditors, who will meet again Tuesday to discuss how to keep the country in the euro, remain far apart on key issues.

The negotiations are complicated for the European creditors by Prime Minister Alexis Tsipras’ triumph in Sunday’s referendum. More than 61 percent of Greeks backed his call to vote “no” to budget cuts the creditors had proposed in return for rescue loans the country needs — even though those proposals were no longer on the table.

The vote was painted by opposition parties and many European officials as one on whether Greece should remain in Europe’s joint currency. In the aftermath, many officials softened their tone and said talks would resume, though Greece’s chance of staying in the euro was looking increasingly shaky.

The country’s banks remain shut for a sixth working day the government tries to limit a drain of deposits despite limits on cash withdrawals at ATMs.

All eyes now turn to whether the European Central Bank will increase the amount of credit the banks can draw on to make up for the cash drain. Analysts expect the ECB to not provide more emergency assistance today, meaning Greece might have to tighten its limits on cash withdrawals and transfers from the current 60 euros ($67) per day.

If the ECB does not increase its help to the banks, it will be impossible for Tsipras to keep his pledge to quickly restore Greece’s banking system.

The Greek government has vowed to quickly restart negotiations with creditors in other eurozone countries and with the institutions that oversaw the country’s bailout.

Varoufakis appeared to be the first casualty of the vote’s fallout.

With his brash style and fondness for frequent media appearances, Varoufakis had visibly annoyed many of the eurozone’s finance ministers.

Varoufakis said he was told shortly after the referendum result that some other eurozone finance ministers and the country’s other creditors would appreciate his not attending the ministers’ meetings.

More in International News

Subscribe to our Daily Newsletter

* indicates required
TODAY'S PHOTOS