- "The EU treaties make no provision for euro exit and we refuse to accept it," says Finance Minister Yanis Varoufakis. "Our membership is not negotiable ... The Greek government will make use of all our legal rights."
- His comments come as Europe's leaders threaten to force Greece out of EMU if citizens vote "no" in Sunday's referendum. Varoufakis says the country has enough money to keep going until Sunday, but capital controls and the bank closures are making things difficult.
- While European leaders express confidence Greece is "ring-fenced," British and U.S. authorities don't necessarily share those feelings.
- European Commission President Jean-Claude Juncker injects himself into Greece's internal politics, warning voters not to "commit suicide" with a "no" vote. He denies the troika is demanding pension cuts as part of a deal, a claim called a "preposterous lie" by one Greek official.
- Source: Ambrose Evans-Pritchard
- GREK is at session lows, down 20%. NBG -24%, [[CCHGY]] -3.7%
- In other news, S&P downgrades Greece from CCC to CCC-, putting the odds of a Grexit at 50%.