Rival referendum camps gather as IMF warns Greece needs €50bn to break even

Rival camps in Greece are to hold major rallies as the countdown to the bailout referendum intensifies. Prime Minister Alexis Tsipras is expected to attend a ‘No’ vote event as he urges the country to reject the terms offered - some say demanded - by European leader. Greece needs €50bn over the next three years to stabilize its finances even under existing creditor plans, the IMF has said. In a new report, the International Monetary Fund acknowledged a huge deterioration in the country’s prospects in recent months. Details from the report emerged as police clashed with far-left protesters in Athens on Thursday night.

Very significant changes in policies and in the outlook since early this year have resulted in a substantial increase in financing needs.

IMF draft report

Its banks have shut for a week, all of which has further stifled economic activity. Tsipras has urged Greeks to vote “No” in Sunday’s referendum on the creditors’ bailout proposals, saying a rejection will lead to a “better agreement”. A poll conducted Tuesday and Wednesday and published in the newspaper To Ethnos on Friday showed the two sides in a dead heat. Of the 1,000 respondents to the nationwide survey by the ALCO polling firm, 41.5 percent will vote “yes” and 40.2 percent “no,” well within the margin of error of 3.1 percentage points.

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