German bankers do not want to hear about haircutting the debt until the question of the referendum on the Greek is clear and European Financial Stability Facility (EFSF) delays the sale of bonds for three billion euros.

According to French and German sources, Nicolas Sarkozy and Angela Merkel would state to George Papandreou that the country would not receive a single euro until the referendum takes place.

The idea belongs to John Charalambakis, Chief Economist at BlackSummit Financial Group and a Professor of Economics at the University of Kentucky, who spoke at the conference Greek Banking System: Finding the way out of the eye of the cyclone.

The Greek government has not fallen, but it is hanging on a thread. Papandreou has left to Cannes, where he is expected to be sharply reprimanded by Merkel and Sarkozy.