Eurozone expects Greek proposals

�No� vote wins in bailour referendum

Eurozone finance ministers yesterday say they expect to hear fresh proposals from Greece after a referendum rejected the terms of an international bailout  on Sunday, report agencies.
Greek Prime Minister Alexis Tsipras and German Chancellor Angela Merkel spoke by telephone Monday and agreed that Athens would present proposals to a eurozone summit the next day, a Greek government source said.
"They agreed that the prime minister will present the proposals of the Greek government at the summit" on Tuesday, the source said.
In another development, International Monetary Fund chief Christine Lagarde said on Monday that the global crisis lender would assist Greece if asked, a day after Greek voters rejected a prior bailout plan.
"The IMF has taken note of yesterday's referendum held in Greece. We are monitoring the situation closely and stand ready to assist Greece if requested to do so," Lagarde said in a brief statement.
The leftist government is scrambling to piece together a bailout deal before struggling Greek banks run out of cash, after the nation on Sunday rejected creditor demands for further austerity cuts in a referendum. Tsipras on Monday also spoke to European Central Bank chief Mario Draghi and Russian President Vladimir Putin, while Greek President Prokopis Pavlopoulos rang French President Francois Hollande.
In the final tally early Monday, 61.31 percent of Greeks had rejected creditor demands for further austerity in return for more bailout funds, sending European stock markets tumbling.
The ECB is seen as the only institution capable of calming market panic and preventing the Greek economy from collapsing. Meanwhile, Eurogroup chief Jeroen Dijsselbloem said Monday the results of Greece's resounding 'No' to further austerity measures has brought Europe "no closer to a solution" to Athens' financial situation. "The referendum's result... does not bring us closer to a solution," Dijsselbloem, who is also the Dutch finance minister, told journalists in The Hague, ahead of a meeting with Prime Minister Mark Rutte.
"If anything, the fact that suggestions were turned down, makes it even more difficult," Dijsselbloem said, adding that he would meet other Eurogroup finance ministers in Brussels on Tuesday ahead of a eurozone summit.
Greece overwhelmingly rejected further austerity measures in Sunday's referendum amid growing concern about Athens' place in the 19-member eurozone. Its finance minister Yannis Varoufakis announced his shock resignation just hours after the vote, which was seen as a victory for Greece's hard left government.
Asked about Varoufakis, with whom Dijsselbloem frequently clashed during tough bailout talks, the Dutch minister said: "I have no problem with any person. It's about the tone and the content".
"That's what we need to focus on," Dijsselbloem said.
"We are going explore if there are any openings (towards a solution) in the time ahead," he added.
"But there are no easy solutions. Difficult measures" were necessary to help lift the Greek economy out of the crisis, Dijsselbloem said.

Eurozone expects Greek proposals

�No� vote wins in bailour referendum

Eurozone finance ministers yesterday say they expect to hear fresh proposals from Greece after a referendum rejected the terms of an international bailout on Sunday, report agencies. Greek Prime Minister Alexis Tsipras and German Chancellor Angela Merkel spoke by telephone Monday and agreed that Athens would present proposals to a eurozone summit the next day, a Greek government source said. They agreed that the prime minister will present the proposals of the Greek government at the summit on Tuesday, the source said. In another development, International Monetary Fund chief Christine Lagarde said on Monday that the global crisis lender would assist Greece if asked, a day after Greek voters rejected a prior bailout plan. The IMF has taken note of yesterdays referendum held in Greece. We are monitoring the situation closely and stand ready to assist Greece if requested to do so, Lagarde said in a brief statement. The leftist government is scrambling to piece together a bailout deal before struggling Greek banks run out of cash, after the nation on Sunday rejected creditor demands for further austerity cuts in a referendum. Tsipras on Monday also spoke to European Central Bank chief Mario Draghi and Russian President Vladimir Putin, while Greek President Prokopis Pavlopoulos rang French President Francois Hollande. In the final tally early Monday, 61.31 percent of Greeks had rejected creditor demands for further austerity in return for more bailout funds, sending European stock markets tumbling. The ECB is seen as the only institution capable of calming market panic and preventing the Greek economy from collapsing. Meanwhile, Eurogroup chief Jeroen Dijsselbloem said Monday the results of Greeces resounding No to further austerity measures has brought Europe no closer to a solution to Athens financial situation. The referendums result... does not bring us closer to a solution, Dijsselbloem, who is also the Dutch finance minister, told journalists in The Hague, ahead of a meeting with Prime Minister Mark Rutte. If anything, the fact that suggestions were turned down, makes it even more difficult, Dijsselbloem said, adding that he would meet other Eurogroup finance ministers in Brussels on Tuesday ahead of a eurozone summit. Greece overwhelmingly rejected further austerity measures in Sundays referendum amid growing concern about Athens place in the 19-member eurozone. Its finance minister Yannis Varoufakis announced his shock resignation just hours after the vote, which was seen as a victory for Greeces hard left government. Asked about Varoufakis, with whom Dijsselbloem frequently clashed during tough bailout talks, the Dutch minister said: I have no problem with any person. Its about the tone and the content. Thats what we need to focus on, Dijsselbloem said. We are going explore if there are any openings (towards a solution) in the time ahead, he added. But there are no easy solutions. Difficult measures were necessary to help lift the Greek economy out of the crisis, Dijsselbloem said.