Greek debt crisis enters crucial 48 hours - iefimerida.gr

Greek debt crisis enters crucial 48 hours

NEWSROOM IEFIMERIDA.GR

Greeks overwhelmingly rejected conditions of a bailout offer from creditors on Sunday, in a historic referendum.

More than 61% of Greek voters have rejected the bailout offer by the country's EU-IMF creditors defining opinion polls that had predicted a tight contest.

The 'No' vote has stunned European leaders. On Monday, German Chancellor Angela Merkel is to meet in Paris with French President François Hollande to discuss their next move. They called for a eurozone leaders’ summit on Tuesday.

European Commission President Jean-Claude Juncker will hold a conference call with European Council President Donald Tusk, ECB's Mario Draghi and Eurogroup's Jeroen Dijsselbloem on Greece, Monday morning.

Greek government officials immediately said they would try to restart talks with European partners. The Greek government, which was elected on a clear anti-austerity platform in January, had argued that a 'No' vote would strengthen its hand to secure a better deal from international creditors after five months of arduous negotiations.

Greek Prime Minister Alexis Tsipras will have a meeting with opposition lawmakers on fresh debt negotiations and the prospect of a deal with creditors on Tuesday morning.

The ECB, which holds a conference call on Monday morning, is likely to maintain emergency funding for Greek banks at their current restricted level and avoid the drastic measure of yanking support, people familiar with the matter told Reuters.

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