Eurozone Leaders to Hold Emergency Summit after Greek Referendum

Eurozone leaders are expected to convene at an emergency summit on Tuesday to discuss the situation in Greece after Greek citizens rejected the proposals of international creditors at the Sunday referendum.

Greek Prime Minister Alexis Tsipras is expected to present new proposals, including a considerable debt relief, the BBC reports.

According to reports, Greece is expected to make a proposal for its debt to be cut up to 30 %.

Creditors have called on Greece to make "serious proposals" as the country faces the risk to default on its USD 331 B debt.

Prior to the special Euro Summmit, eurozone finance ministers will also meet to similarly discuss the situation after the referendum.

There is hope for a breakthrough in the negotiations with the appointment of the new Greek Finance Minister Euclid Tsakalotos, who succeeded the resigned Yanis Varoufakis on Monday.

Meanwhile, the European Central Bank announced it would maintain existing levels of emergency cash support for Greek banks, which are running out of funds and will remain closed on Tuesday and Wednesday.