Greece has firmly rejected the latest bailout proposals from its creditors, but hopes that this would lead to a swift resolution to the country’s current financial crisis aren’t looking good.
German Chancellor Angela Merkel’s spokesperson says Germany won’t negotiate with Greece until Prime Minister Alexis Tsipras and his ruling Syriza party come up with their own proposals.
Merkel is meeting with French President Francois Hollande Monday and there had been hopes that the pair would thrash out the bare bones of a deal that they could then take to Greece to at least reopen discussions.
But, according to the FT, Merkel’s spokesperson Steffen Seibert said: “With regard to yesterday’s decision by Greek citizens the pre-conditions for entering into negotiations over a new aid programme do not currently exist.”
He said the door is still open but Germany is waiting to see “what proposals the Greek government places on the table.”
Whether this means the Eurogroup — all of Greece’s creditors — won’t get round the table with Greece until they see a counter proposal isn’t clear.
The Eurogroup is holding an emergency meeting Tuesday to discuss what to do after Greece’s resounding “No” vote.
In response to Sunday’s result Reuters reports that Eurogroup chief Jeroen Dijsselbloem told a press conference Monday: “It doesn’t bring us closer to a solution right away. In fact, when proposals are rejected that only makes things more difficult.”