ECB's Nowotny says agreement cannot be reached within 48 hours

It is impossible for an agreement between Greece and its financial backers to be reached within the next 48 hours, the head of Austria's central bank said on Monday, expressing concern future negotiations after Greek voters have rejected the creditors bailout offer in Sunday's referendum.

“The referendum's outcome does not help the continuation of Emergency Liquidity Assistance (ELA). The European Central Banks follows specific rules which can not be violated. On the other hand noone can imagine the Greek staying closed for any longer ” said Ewald Nowotny, who sits on the ECB's decision-making Governing Council, which is due to hold a conference call on Monday.