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We can't take the risk of Greece leaving: French PM

The Prime Minister of Greece Alexis Tsipras is expected to announce a new set of proposals at an emergency meeting of the Eurozone that, it is hoped, will tackle the escalating Greek debt crisis.

world Updated: Jul 07, 2015 14:07 IST
Prime-Minister-Alexis-Tsipras-in-picture-spoke-by-phone-with-European-Commission-President-Jean-Claude-Juncker-Wednesday-and-both-said-that-constructive-talks-should-continue-AFP-File-Photo( )

France cannot take the risk of Greece leaving the eurozone as it would have severe global repercussions, Prime Minister Manuel Valls said on Tuesday, before adding that the basis for a new deal with Athens was there.

"France is convinced that we can't take the risk of Greece leaving the eurozone," a move that would affect economies across the globe, Manuel Valls told French radio. "The basis for a deal exists... There is no taboo subject when it comes to (Greek) debt, on the restructuring."

Valls spoke hours before eurozone leaders were to hold an emergency summit to discuss the fallout of a weekend referendum in Greece, in which voters decisively rejected austerity reforms demanded by Athens' creditors in return for bailout funds.

Late on Monday, the leaders of Germany and France, the eurozone's biggest economies, presented a united front, calling on Greek Prime Minister Alexis Tsipras to make "precise" proposals in order to revive bailout talks.

The Greek Prime Minister Alexis Tsipras is expected to announce a new set of proposals at the emergency meeting that, it is hoped, will tackle the escalating Greek debt crisis.

According to the BBC, the plan is said to include a demand for Greece's debt to be cut by up to 30% after voters rejected the international bail out referendum conditions.

Eurozone finance ministers have urged Greece to make new proposals after the country rejected the bailout referendum with a majority No vote.

German Chancellor Angela Merkel and French President Francois Hollande have also pressed Greece to make serious proposals.

Meanwhile, the European Central Bank (ECB) said it would maintain emergency cash support for Greek banks, which are running out of funds and on the verge of collapse.

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Greece becomes first developed nation to default on IMF debt