Greece’s Tsipras calls referendum on 5 July over bailout demands

27 Jun 2015 | Author: | No comments yet »

Greece’s Tsipras calls referendum on 5 July over bailout demands.

Athens/ London: Greek Prime Minister Alexis Tsipras called a referendum on whether he should accept the latest demands of the country’s creditors, the most dramatic move yet in a debt crisis that started five years ago.

Greece’s fraught bailout talks with its creditors took a dramatic turn early today, with the radical left government announcing a referendum in just over a week on the latest proposed deal and urging voters to reject it. “Right now, we bear an historic responsibility concerning … the future of our country. In a nationally televised address after midnight in Athens, Tsipras announced the 5 July vote and excoriated a take it-or- leave it offer as a violation of European Union rules and “common decency.” Deputy deputy foreign minister Euclid Tsakalotos said the government has no plans to impose capital controls and banks will stay open on Monday. “After five months of tough negotiations, our partners unfortunately resorted to a proposal-ultimatum to the Greek people,” Tsipras said. “I call on the Greek people to rule on the blackmailing ultimatum asking us to accept a strict and humiliating austerity without end and without prospect.” Since coming to power, Tsipras has refused to bend to the creditors’ terms accusing them of prolonging a punishing austerity. Faced by a rejection of its demands and those of other creditors, the European Central Bank could feel obliged to cut off the emergency funds that the country’s banks rely on for survival.

The referendum announcement also raises severe questions over whether the debt-crippled country will be able to remain solvent and in the 19-state eurozone. Others cheered the chance for Greece to regain control of its finances after more than five years of economic decline and fiscal cliffhangers directed by foreign bankers and politicians. “They’re trying to kill us, they’re trying to kill us, they’re trying to kill us,” said Ianos Kalivas, eating at a kebab shop near Parliament Square. “It’s like we live in a constant state of fear.” How Greeks will vote is unclear. On the other hand, a ‘yes’ vote would spell defeat for Tsipras and may force him into early elections. “The probability of Greece leaving the euro, sadly, has only increased with this decision,” said Nicholas Economides, Professor at the Stern School of Business at New York University, in a phone interview.

More than 56 percent favored retaining the euro, compared with 35.4 percent who preferred default and an exit over a bad debt deal, according to a Mega TV poll released June 16. That was before Greek leaders denounced euro area negotiators as blackmailers out to humiliate their country and urged people to vote “no” in the referendum. A Greek official close to the bailout negotiations said the country was unlikely to pay the IMF on Tuesday, adding that IMF rules allow a certain period during which a country is considered to be in arrears.

The surprise development throws into turmoil planned talks Saturday among euro-area finance ministers on their latest proposal, which would unlock €15.5 billion ($17.3 billion) and extend Greece’s programme through November, in return for a commitment to pension cuts and higher taxes that Tsipras opposes. The government could soon run out of cash, face huge difficulties in paying pensions and civil servant salaries, and that could force it to leave the eurozone and adopt a weak national currency. Nikolas Karagianakis, a pensioner who paused while kick-starting a scooter early Saturday morning to watch a live video feed on his phone, said he hoped his countrymen would consider the consequences of the referendum. “It’s a horrible idea,” Karagianakis said. “Staying in the euro is going to be tough, but going back to the drachma will be worse.

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UPDATE 1-Western Refining to buy rest of Northern Tier

20 Jan 2016 | Author: | No comments yet »

JPMorgan Chase & Co. Upgrades Northern Tier Energy LP (NTI) to “Neutral”.

Under the deal, Northern Tier unit holders would receive $15 a unit in cash and 0.2986 Western Refining share for each common unit held, or roughly $26.21 a unit based on Monday’s close. EL PASO, Texas and TEMPE, Ariz., Dec. 21, 2015 (GLOBE NEWSWIRE) — Western Refining, Inc. (NYSE:WNR) and Northern Tier Energy LP (NYSE:NTI) today jointly announced that they have entered into a merger agreement whereby Western will acquire all of NTI’s outstanding common units not already owned by Western. Northern Tier Chief Executive Dave Lamp in prepared remarks Monday said that the MLP model “has not been rewarded by the equity market, as evidenced by the historical disconnect between NTI’s high yield and low unit price.” “With a simplified corporate structure and diverse geographic base, the new Western will be well positioned to unlock additional value for shareholders,” Mr. As an alternative to the cash and stock consideration, each NTI unitholder may elect to receive, per NTI unit, either $26.06 in cash or 0.7036 of a share of WNR.

Assuming completion of the proposed transaction, NTI will become a wholly-owned subsidiary of WNR and NTI common units will cease to be publicly traded. Jeff Stevens, President and CEO of WNR said, “The merger of Western and NTI will result in the combined entity owning three of the most profitable independent refineries on a gross margin per barrel basis, with direct pipeline access to advantaged crude oil combined with an integrated retail and wholesale distribution network. The terms of the merger agreement were approved by the WNR Board of Directors and the Conflicts Committee of the Board of Directors of NTI’s general partner, which negotiated the terms on behalf of NTI. Four investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock.

The call and slide presentation can be accessed on the Investor Relations section of Western’s website,, and on the Investor Relations section of Northern Tier’s website at The Company has refining, retail and logistics operations that serve the Petroleum Administration for Defense District II (PADD II) region of the United States. Goldman Sachs & Co. acted as financial advisor to Western, and Vinson & Elkins, Davis Polk & Wardwell and Richards Layton & Finger acted as legal counsel to Western. This press release includes “forward-looking statements” by Western (which are protected as forward-looking statements under the Private Securities Litigation Reform Act of 1995) and by NTI.

The Company’s retail segment operated 165 convenience stores under the SuperAmerica brand and also supported 89 franchised convenience stores, which are also operated under the SuperAmerica brand. These statements are subject to the risk that the merger is not consummated at all, including due to the inability of Western or NTI to obtain all approvals necessary or the failure of other closing conditions, as well as to the general risks inherent in Western’s and NTI’s businesses and the merged company’s ability to compete in a highly competitive industry.

If you are reading this article on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. In addition, Western’s and Northern Tier’s business and operations involve numerous risks and uncertainties, many of which are beyond Western’s and NTI’s control, which could materially affect their respective financial condition, results of operations and cash flows and those of the merged company.

The forward-looking statements are only as of the date made, and neither Western nor NTI undertake any obligation to (and each expressly disclaims any obligation to) update any forward-looking statements to reflect events or circumstances after the date such statements were made, or to reflect the occurrence of unanticipated events. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval in any jurisdiction where such an offer or solicitation is unlawful. Any such offer will be made only by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, pursuant to a registration statement filed with the SEC. The retail segment includes retail service stations, convenience stores, and unmanned fleet fueling locations in Arizona, Colorado, New Mexico, and Texas. Beyersdorfer (602) 286-1530 Michelle Clemente (602) 286-1533 Northern Tier Investor and Analyst Contact: Paul Anderson (651) 458-6494 Alpha IR Group (651) 769-6700 Media Contact: Gary Hanson (602) 286-1777

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