Greece considers legal action to block eurozone exit

London, June 30 (IANS/EFE) Greece is analysing possibly taking legal action against the European institutions to block its exit from the eurozone, according to Greek Finance Minister Yanis Varoufakis. Greece is expected to fail to make Tuesday’s loan repayment to the International Monetary Fund (IMF).

“The Greek government will make use of all our legal rights,” Varoufakis told British newspaper Daily Telegraph on Tuesday, the day marking the end of Greece’s bailout extension.

Greece, according to the newspaper, has threatened to file a court order not only to block the expulsion from the shared currency, but also to avoid stifling the country’s banking system.

“We are taking advice and will certainly consider an injunction at the European Court of Justice. The EU treaties make no provision for euro exit and we refuse to accept it. Our membership is not negotiable,” the minister argued.

Tuesday marks the end of the deadline for Greece to pay the 1.6 billion euros ($1.7 billion) owed to the IMF, while the Greek government has called for a referendum on July 5 to decide whether to accept the conditions of the rescue.

Varoufakis said Greece has sufficient liquidity to carry it until the referendum, but acknowledged that the capital controls introduced by creditor institutions over the weekend are causing problems for companies.

In accordance with these measures, banks will remain closed until July 6 and a daily cap for cash withdrawal stands at 60 euros ($66.70).

The failed negotiations in Brussels have made a Greek exit from the euro more possible than ever.

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