Greece Bailout Referendum

A Grexit, with a managed default and devaluation to kickstart recovery, is the only deal that should be on the table.

At least three companies in Greece including its biggest electronic appliances chain have paid staff in cash, after the country imposed limits on withdrawals from banks last week in a bid to ward off a possible collapse of its banking system.

The Greek crisis is unlikely to have any impact on the Indian economy since it has only negligible exposure to the troubled Mediterranean island, fund managers said here on Monday.

Commerce and Industry Minister Nirmala Sitharaman on Monday said the government is "very closely" monitoring the developments in Greece as that could have implications on the international currency market.

Leaders from Greece and other eurozone countries are looking to see if there is a way to resolve the struggling country's ongoing debt crisis, following a resounding rejection by Greeks of the latest bailout conditions.

International Monetary Fund chief Christine Lagarde on Monday said the global crisis lender would assist Greece if asked, a day after Greek voters rejected a prior bailout plan.

Greece's banks will stay closed at least until Friday, four banking sources said on Monday, as the country tries to reopen bailout negotiations with official creditors and save its financial system from collapse.

The eurozone's poorer former communist nations, having themselves endured painful market reforms and austerity programmes, are taking a hard line on Greece after its people voted to reject bailout terms.

The German government signalled a tough line towards Greece on Monday, saying it saw no basis for new bailout negotiations and insisting it was up to Athens to move swiftly if it wanted to preserve its place in the euro zone.

Russian President Vladimir Putin today told Greek Prime Minister Alexis Tsipras he supported Greeks in overcoming the "difficulties" they faced after their resounding 'No' to creditors' bailout terms, the Kremlin said.

Germany maintained a hard line today after Greece rejected creditors' austerity demands in a referendum, with Berlin saying there was currently "no basis" for talks on a new bailout package or debt relief.

Greece's financial system is on the brink of meltdown: banks are reported to have only around €500m left in cash - equal to just €45 (£32) per head of the 11 million-strong population.

Germany maintained a hard line on Monday after Greece rejected creditors' austerity demands in a referendum, with Berlin saying there was currently "no basis" for talks on a new bailout package or debt relief.

In a shock announcement just hours after Sunday's referendum results on bailout terms were announced, Mr Varoufakis said he was quitting to help Prime Minister Alexis Tsipras in ensuing negotiations with creditors.

Greece's finance minister resigned Monday in what appeared to be a concession by Prime Minister Alexis Tsipras to international creditors after his resounding victory in a historic bailout referendum.

A Grexit, with a managed default and devaluation to kickstart recovery, is the only deal that should be on the table.

At least three companies in Greece including its biggest electronic appliances chain have paid staff in cash, after the country imposed limits on withdrawals from banks last week in a bid to ward off a possible collapse of its banking system.

The Greek crisis is unlikely to have any impact on the Indian economy since it has only negligible exposure to the troubled Mediterranean island, fund managers said here on Monday.

Commerce and Industry Minister Nirmala Sitharaman on Monday said the government is "very closely" monitoring the developments in Greece as that could have implications on the international currency market.

Leaders from Greece and other eurozone countries are looking to see if there is a way to resolve the struggling country's ongoing debt crisis, following a resounding rejection by Greeks of the latest bailout conditions.

International Monetary Fund chief Christine Lagarde on Monday said the global crisis lender would assist Greece if asked, a day after Greek voters rejected a prior bailout plan.

Greece's banks will stay closed at least until Friday, four banking sources said on Monday, as the country tries to reopen bailout negotiations with official creditors and save its financial system from collapse.

The eurozone's poorer former communist nations, having themselves endured painful market reforms and austerity programmes, are taking a hard line on Greece after its people voted to reject bailout terms.

The German government signalled a tough line towards Greece on Monday, saying it saw no basis for new bailout negotiations and insisting it was up to Athens to move swiftly if it wanted to preserve its place in the euro zone.

Russian President Vladimir Putin today told Greek Prime Minister Alexis Tsipras he supported Greeks in overcoming the "difficulties" they faced after their resounding 'No' to creditors' bailout terms, the Kremlin said.

Germany maintained a hard line today after Greece rejected creditors' austerity demands in a referendum, with Berlin saying there was currently "no basis" for talks on a new bailout package or debt relief.

Greece's financial system is on the brink of meltdown: banks are reported to have only around €500m left in cash - equal to just €45 (£32) per head of the 11 million-strong population.

Germany maintained a hard line on Monday after Greece rejected creditors' austerity demands in a referendum, with Berlin saying there was currently "no basis" for talks on a new bailout package or debt relief.

In a shock announcement just hours after Sunday's referendum results on bailout terms were announced, Mr Varoufakis said he was quitting to help Prime Minister Alexis Tsipras in ensuing negotiations with creditors.

Greece's finance minister resigned Monday in what appeared to be a concession by Prime Minister Alexis Tsipras to international creditors after his resounding victory in a historic bailout referendum.