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Merkel-Tsipras: Greece to Present Proposals at Euro Summit- Sigmar Warns of Grexit

German Chancellor Angela Merkel and Greek Prime Minister Alexis Tsipras spoke on the phone on Monday afternoon to discuss what comes next after Greeks unequivocally turned down a bailout deal on Sunday.
The two premiers agreed that Greece will present its newest proposals during Tuesday’s emergency Euro Summit.
German Vice Chancellor Sigmar Gabriel followed up on the conversation in a televised press conference by stating that Greece faces insolvency and needs to present improved proposals on Tuesday if the country wishes to remain in the Eurozone.
On Sunday, in response to the referendum results, Gabriel had blamed Tsipras for significantly compromising any potential there was for Greece and its international creditors deal.
Today Germany’s economy minister reiterated the problematic implications of the referendum result and called it a “rejection of currency union rules.”
Sigmar also echoed European Parliament President Martin Schulz’s comments that Greece will require humanitarian aid.

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