Greek prime minister threatens to quit over No vote

Greek prime minister Alexis Tsipras has called on voters to turn down creditors’ proposals in this Sunday’s debt crisis referendum.

According to BBC News,Tsipras has urged that a vote against the austerity demands would enable the embattled nation to secure a better deal. If Greek voters however accepted a deal he warned he would leave office.

Greece has until today when its bailout expires, to pay back a €1.6bn (£1.1bn) loan to crisis lender, the International Monetary Fund, otherwise it faces defaulting and the possibility of leaving the eurozone.

A week of crisis talks between the country’s creditors ended in a stalemate at the weekend. As a result Greek banks have shut up shop for the week.

Monday witnessed markets fall sharply on the back of the uncertainty. Speaking on state television Tsipras appealed to Greeks to throw out the creditors’ demands, saying this would give Greece “more powerful weapons” for the negotiations.

He added: “We ask you to reject it with all the might of your soul, with the greatest margin possible.

“If the Greek people want to proceed with austerity plans in perpetuity, which will leave us unable to lift our head…we will respect it, but we will not be the ones to carry it out.”