http://bloom.bg/1eeibx4... Bloomberg - Merkel, Hollande Turn From Greece as Referendum Die Is Cast http://bloom.bg/1eeibx4..
German Chancellor Angela Merkel and French President Francois Hollande signaled they’ve reached the limits of their ability to safeguard Greece, offering the government no further concessions to step back from the brink.
The leaders of Europe’s two biggest economies gave little reason for hope to Greeks who awoke Monday to find their banks shut and capital controls imposed as the government took steps to avert the collapse of its financial system. Global stocks and Greek bonds tumbled as Prime Minister Alexis Tsipras’s decision to hold a July 5 referendum on the terms attached to rescue aid increased the risk that Greece will exit the euro.
Merkel and Hollande, the leaders of Europe’s two biggest economies who have repeatedly said they want to hold the euro together, gave the Greek premier no leeway after he broke off negotiations over future bailout aid. Hollande suggested the referendum would determine whether Greece could stay in the 19-nation euro area, while Merkel said Europe’s credibility was at stake with its response.
German Chancellor Angela Merkel and French President Francois Hollande signaled they’ve reached the limits of their ability to safeguard Greece, offering the government no further concessions to step back from the brink.
The leaders of Europe’s two biggest economies gave little reason for hope to Greeks who awoke Monday to find their banks shut and capital controls imposed as the government took steps to avert the collapse of its financial system. Global stocks and Greek bonds tumbled as Prime Minister Alexis Tsipras’s decision to hold a July 5 referendum on the terms attached to rescue aid increased the risk that Greece will exit the euro.
Merkel and Hollande, the leaders of Europe’s two biggest economies who have repeatedly said they want to hold the euro together, gave the Greek premier no leeway after he broke off negotiations over future bailout aid. Hollande suggested the referendum would determine whether Greece could stay in the 19-nation euro area, while Merkel said Europe’s credibility was at stake with its response.
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