Greek Prime Minister Alexis Tsipras says he does not believe in a bailout offered by Euro zone leaders, but is willing to implement it. Tsipras described the deal as harsh, but said it was the only way for Greece to remain in the Euro.
The International Monetary Fund has trimmed its forecast for global economic growth for this year to take into account the impact of recent weakness in the United States. But the global financial institution said growth prospects for next year remain undimmed, despite Greece's debt crisis and recent volatility in Chinese financial markets.
France and Germany told Greece to come up with serious proposals in order to restart financial aid talks, raising pressure on Prime Minister Alexis Tsipras to compromise a day after his country voted overwhelmingly against more austerity
Mainland Chinese shares surged nearly 8% on Monday despite the rest of Asian markets trading lower on Greece's rejection of austerity demands. The Shanghai Composite was up 2.6% to 3,783.69 after the government announced measures over the weekend to stabilize the tumbling stock markets.
Euro-zone nations will hold an emergency summit on Tuesday to discuss the Greek referendum No result after the German and French leaders called for a meeting, EU president Donald Tusk said. The special meeting comes as Brussels reels with the implications of what the head of the Euro-group of finance ministers from the 19-country block, Jeroen Dijsselbloem, called a very regrettable decision.
Argentine President Cristina Fernández used her Twitter account on Sunday to celebrate the result of a Greek bailout referendum saying it was “an outright victory of Democracy and Dignity. The Greek people have said NO.”
Greeks packed city squares for dueling rallies late into the night Friday, as polls showed a dead heat between the 'yes' and 'no' camps ahead of a bailout referendum Sunday that could be Greece's most important vote since it joined the European Union.
Greece on Tuesday became the first developed country to join a roster that includes some of the world’s poorest and worst governed nations, including Iraq, Sudan, Somalia and Zimbabwe. Those are a few of the countries that have missed payments to the IMF as Greece did Tuesday, when it failed to make a loan payment of about 1.5 billion Euros, or $1.7 billion, to the fund.
European leaders have warned Greeks that rejecting creditors' proposals in a snap referendum called for Sunday would mean leaving the Euro. German Vice Chancellor Sigmar Gabriel said the vote would be “yes or no to the Euro zone”.