Greek Prime Minister Alexis Tsipras was given hours to come up with a plan to keep his country in the euro, as citizens endure a second week of capital controls.

German Chancellor Angela Merkel said "time is running out," as she and French President Francois Hollande, leaders of the two biggest countries in the euro bloc, responded for the first time to Sunday's referendum. The European Central Bank (ECB) piled on the pressure by making it tougher for Greek banks to access emergency loans. Finance ministers from the 19-member region gather on Tuesday for an emergency meeting.

"The window for a deal keeps narrowing. The euro leaders' summit on Tuesday is likely to prove decisive for Greece's euro membership."After promising voters a "no" against austerity would strengthen his negotiating hand, the onus is on Tsipras to prove he can get a deal with creditors insistent on tax hikes and spending cuts as the price for a new bailout of Europe's most indebted nation.

Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.

  • Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM websites including and

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.