What’s next, as Greece stumbles toward euro exit

A man looks at the newspapers at a newsstand in central Athens, Monday, July 6, 2015. Greeks began voting early Sunday in a closely-watched, closely-contested referendum, which the government pits as a choi… He’s reportedly a little more even-handed than his predecessor.

Around 60 percent of Greek voters said No Sunday (5 July) to the reforms asked by the country’s global creditors, according to results after half of the vote were counted.

Here’s how the papers in Germany and Greece see the country’s “No” vote against more austerity measures.

With banks still closed in Greece, the ECB was holding a conference call to consider whether to provide Greece’s crisis-hit financial system with further emergency support.

– Yanis Varoufakis says he is resigning as Greek finance minister to pave the way for talks with eurozone creditors.

“The door is open for discussion”, President Francois Hollande told reporters, standing next to German Chancellor Angela Merkel, calling on Greek Prime Minister Alexis Tsipras to make “serious” proposals quickly.

Varoufakis has often clashed with the creditors in the past few months. Keeping Greece in the currency block “is still their objective and mine”, he said.

The country’s banks remain shut for a sixth working day as the government tries to limit a drain of deposits despite limits on cash withdrawals at ATMs.

Just after Merkel and Hollande met, the European Central Bank maintained its lifeline to Greek lenders at the prior level, the equivalent of a drip feed.

Greek pensioners are given priority tickets as they wait to receive part of their pensions at a National Bank branch in Athens yesterday.

European leaders were slated to meet on Monday and might still end up offering a better deal than they did before the referendum. She said the shared currency got an additional lift from the surprise resignation of Greece’s finance minister Yanis Varoufakis.

European Union leaders await proposals from Greece Prime Minister Alexis Tsipras after the public voted against conditions placed by creditors.

The idea was one “that the prime minister judged to be potentially helpful to him in reaching an agreement“.

“I won’t hide from you that I am very nervous and very anxious”, Tsakalotos said after being sworn in Monday.

Tsipras said his people made a fearless choice.

A replacement was to be announced later Monday.

Mr Tsipras faces intense pressure from creditors overseas and banks at home who all demand what Greece lacks, money.

But everything hinges on European reaction.

European officials appear to be split on Greece’s demand for easier debt repayment.

Germany, however, remains reluctant to discuss debt forgiveness.

“I believe such a result can be used as a strong negotiating tool so that Europeans can understand that we are not a colony”, said Nefeli Dimou, a 23-year-old student in Athens.

A Greek government source said Mr Tsipras and Ms Merkel had spoken by telephone and agreed that Athens’ proposals would be presented at a hastily-called eurozone summit on Tuesday.

Greek banks could run out of cash by the coming weekend, Loch-Temzelides said.

“But to be clear, the Commission can not negotiate a new programme without a mandate from the Eurogroup”, Dombrovskis added.