Germany 'Gives - Up' On Greece

Reuters: Germany says surprise Greek referendum plan shuts door on negotiations

Germany all but buried negotiations to keep Greece from default on Saturday, saying a surprise decision by Greek Prime Minister Alexis Tsipras to call a referendum had left nothing to discuss but how to cope with failure.

Worried the country could default and even leave the euro zone, some Greeks queued up at cash machines to withdraw funds, though there were no signs of panic in Athens. Many sounded defiant, saying Tsipras had offered them an important chance to determine their own fate.

European Finance Ministers met in Brussels for what had been intended as a final negotiation for a deal to rescue Greece from defaulting on a big debt payment on Tuesday, when an international bailout expires.

Update: Merkel ally doesn't see scope for Greek extension beyond Tuesday -- Reuters

WNU Editor: With the June 30 IMF payment date looming, the Germans are seeing this as just another delaying tactic from the Greek government. My impression is that Berlin has giving up, and where Germany goes Europe will follow. Expect a July 1 declaration of a Greek default from the IMF, and the referendum result for next week will be regarded as moot since the wheels are now set in motion for Greece to be expelled from the EU. It also looks like Greece's depositors are now expecting the worse .... Greeks Line Up at Banks to Withdraw Cash After Referendum Announcement (WSJ).