Europe

Ever since Margaret Thatcher U-turned in the dying days of her premiership, there has been a kind of agreement between Left and Right on what the European Union is. Most Conservatives followed the late-vintage Thatcher. They stopped regarding the EU as a free market that British business must be a part of, and started to see it as an unaccountable socialist menace that could impose left-wing labour and environmental policies on a right-wing government. As many critics have said, the Tory version of British nationalism that followed had many hypocrisies. It did not want foreigners infringing national sovereignty when they were bureaucrats in Brussels but did not seem to mind

Greece has voted No in the referendum and resoundingly so. With more than 90 percent of the votes counted, No is leading 61% to 39%. The result is a massive humiliation for Eurozone leaders who have spent the last few days telling the Greeks to vote Yes and warning them that this was really a referendum on whether the country should stay in the single currency or not. Tonight, Syriza have been making clear that the Greek government intends to remain within the Euro. However, the German government is making clear that it is not interested in further negotiations with Athens or a new bailout deal. Sigmar Gabriel, the deputy

This time tomorrow, we’ll have had the first projections from the Greek referendum. We will have an idea as to whether the country has said Oxi or Nai. At the moment, the polls make the referendum too close to call. Whatever the result, there’ll be no quick deal between Greece and its creditors. But if the Greeks vote Oxi, then the country could be forced out of the Euro by the ECB cutting off assistance to its banks. If that were to happen, then the Eurozone would have to move to integrate very quickly to prevent Portugal, Italy, Spain and even France being pushed towards the Euro exit the next

Could Greek voters back austerity measures to keep their country in the eurozone this weekend? Today’s papers cover a poll by GPO which put ‘Yes’ on 47.1 per cent and No on 43.2 per cent. This result would see resignations at the top of Syriza, but effectively no Grexit. If Alexis Tsipras’ gamble of saying he’ll resign if the country does indeed vote ‘Yes’ to the cuts demanded by Greece’s creditors pays off, and voters plump for Syriza’s preferred option of ‘No’, then David Cameron will find himself with what James describes in this week’s Spectator as a ‘glorious opportunity to craft a looser form of EU membership’ because the

After much speculation that the Greek referendum was about to be cancelled, Alexis Tsipras has just appeared on Greek television to confirm that it is going ahead and to urge people to vote No. He said that those saying a No vote would mean Greece leaving the Euro were telling lies. He argued instead, that a No would strengthen his negotiating hand and allow him to achieve a ‘social deal’ which would be easier on the poor and pensioners. Everything now turns on the result of the referendum. If it is a Yes vote, the Syriza-led government will almost certainly resign and one can see how the country’s creditors could

The question that will be on the ballot paper in Greece on Sunday is rather wordy, so European leaders have been trying to simplify it for Greek voters today. Their message has been vote Yes to the bailout deal to stay in the Euro and No for a return to the Drachma. Their logic is that however much Greeks may dislike imposed austerity, they don’t actually want to leave the Euro. It has become clear today that the Eurozone’s strategy now is not to try and put together a last minute agreement but to instead rely on a Yes vote on Sunday. This would lead to the fall of the

Tonight, it is still not clear how the Greek situation will be resolved. The European Central Bank–which is desperate to avoid being dragged into the politics of this situation–has chosen a middle way on its emergency assistance to Greek banks. It has neither ended it—which would have crashed the whole Greek banking system—nor extended it, which would have enabled the banks to stay open and eased the pressure on the Syriza-led government. Greek banks will definitely be closed tomorrow and probably until the referendum on Sunday. The next big question is what happens on Tuesday when the bailout programme ends and a payment comes due to the IMF which Athens

The Greek Prime Minister Alexis Tsipras has just announced that there will be a referendum on the proposed bailout deal next Sunday, July 5th. He will ask for the current bailout to be continued until then to allow the Greek people to have their say. The signs from Athens are that Tsipras will campaign for a No vote unless the creditors offer Greece a radically better deal at tomorrow’s meeting. This move from Tsipras will infuriate Greece’s creditors.  It will also, almost certainly lead to the introduction of capital controls for Greek banks until the referendum. If the creditors don’t blink tomorrow and improve the terms they are offering Athens,

It is unfashionable to quote polls these days but one recent finding went unremarked even though it is remarkable. It showed that only 15 per cent of members of the Conservative Party want to pull out of the EU. From the noise surrounding the debates on the Referendum Bill you might believe that this is a surprise. In reality the vast majority of Conservatives at all levels of the Party want Britain to stay in a reformed EU. We believe it is now time for the silent Conservative majority to get behind David Cameron and start to make the case for the UK’s continued membership of the EU and the