One man's agony encloses the Greek tragedy

Athens

The real cost of the Greek referendum campaign is etched on the pensioner's face, as he sits sobbing on the pavement outside a bank.

 Helped up by a police officer and staff member, the elderly man is clearly in a state of distress.

 He, like thousands of Greece's older residents, is restricted to taking out 120 euros from his state pension this week. 

 Meanwhile, the country's 'Yes' and 'No' campaigners prepare to take to the streets this evening, before the referendum to decide whether to accept the terms of the latest bailout agreement on Sunday - which could decide the future of the country in the eurozone.

 Greeks are being asked if the government should accept a bailout plan that would restart financial aid in exchange for further austerity measures and economic reform.

 Rallies for both campaigns was held in Athens' city centre, as it emerged the 'Yes' vote was just over a per cent ahead of the 'No' for the first time.

 Greek Prime Minister Alexis Tsipras, in a televised address to the nation, has called on voters to reject creditors' proposals for more austerity in return for rescue loans - urging Greeks to vote 'no to ultimatums, divisions and fear'.

 Yesterday, finance minister Yanis Varoufakis slamming the policy of austerity enacted on Greece over the last five years as a 'travesty'.

 Varoufakis - who has said he will step down if the country votes 'Yes' - has insisted that a 'No' vote would relaunch the country's negotiations with its international creditors.

 He is hoping to end five years of rolling bailouts for Greece and the 'pretending' that its debts can be repaid.

 But he told the BBC on Thursday 'an agreement will be reached' either way.

 Varoufakis added: 'We have a very bad system of governance in Europe. This is not the way to run a monetary union. This is a travesty. It's a comedy of errors for five years now, Europe has been extending and pretending.

 'The programme that they imposed upon this country and which they want to continue imposing... is going to come down in economic history as the greatest cock-up ever.'

 But his comments came as the Greek debt crisis hit a new low, after it was claimed plans to open the banks' doors again on Tuesday could be impossible due to having cash reserves of just 500million euros (£355million).

 The reserves are being eaten away by withdrawals from cashpoint machines. Many are empty and citizens are now only allowed to take 50 euros a day, down from 60.

 Constantine Michalos, head of the Hellenic Chambers of Commerce, told The Daily Telegraph: ‘The cash reserves of the banks are down to 500million euros. Anybody who thinks they are going to open again on Tuesday is daydreaming. The cash would not last an hour.

 ‘We are in an extremely dangerous situation. The Greek business community is unable to import anything, and without raw materials they can’t produce anything.’

 Business leaders have been locked in talks with the Bank of Greece for the immediate release of emergency liquidity funds to cover food imports and pharmaceutical goods.

 Anger with the government has been growing. Shop assistant Suzanna Alizoti, 32, said: ‘Tsipras has made the situation much worse, it’s his fault the banks are closed.’

 This week Greece became the first developed nation to miss an IMF repayment. EU leaders have ruled out further talks before the referendum, which is now effectively a vote on Greece’s future in the euro. 

 The Greek government ordered the banks to reopen to allow those without any other means of obtaining cash to enter and remove a maximum of €120 from their retirement funds.

 Describing the referendum, retired pharmacy worker Popi Stavrakaki, 68 said: 'It's very bad. I'm afraid it will be worse soon. I have no idea why this is happening.'

 Speaking yesterday, Tsipras said: 'There are those who insist on linking the result of the referendum with the country's future in the euro. They even say I have a so-called secret plan to take the country out of the EU if the vote is 'no'.

 The impasse left billions of bailout money frozen or cancelled and saw Greece forced to close banks and its stock market for at least a week.

 As long as it is in arrears on the IMF payment, Greece cannot get any more money from the organization.

 The referendum has thrown additional confusion into the already fraught negotiations.