Greek Prime Minister Alexis Tsipras was given hours to come up with a plan to keep his country in the euro, as citizens endure a second week of capital controls.
German Chancellor Angela Merkel said "time is running out," as she and French President Francois Hollande, leaders of the two biggest countries in the euro bloc, responded for the first time to Sunday's referendum. The European Central Bank (ECB) piled on the pressure by making it tougher for Greek banks to access emergency loans. Finance ministers from the 19-member region gather on Tuesday for an emergency meeting.
After promising voters a "no" against austerity would strengthen his negotiating hand, the onus is on Tsipras to prove he can get a deal with creditors insistent on tax hikes and spending cuts as the price for a new bailout of Europe's most indebted nation.
Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.
Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Thought leadership on regulatory changes, economic trends, corporate success stories, and tactical solutions for treasurers, CFOs, risk managers, controllers, and other finance professionals
- Informative weekly newsletter featuring news, analysis, real-world case studies, and other critical content
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the employee benefits and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.