Multi-speed Europe

Europe's main stock markets fell on July 7 awaiting more high-level talks on the Greek crisis and following heavy losses the day before.

After rising at the open, indices turned red as Frankfurt's DAX 30 dropped 0.56 percent to 10,829.62 points compared with Monday's close.

The stability of the EU and the eurozone is a matter of paramount importance for Bulgaria, Prime Minister Boyko Borisov has said after Greeks rejected the creditors' terms of a cash-for-reforms deal.

The resounding 'No' in Sunday's referendum in Greece has set Athens up for further clash with European creditors and uncertain future in eurozone.

Bulgaria's economy is way behind the European average, meaning that if it were to join the eurozone, it would not be good for its economy, according to Deputy Prime Minister and Minister of Labor and Social Policy Ivaylo Kalfin.

The Board of Directors of the European Financial Stability Facility (EFSF) decided on Friday to opt for a Reservation of Rights on EFSF loans to Greece, after the non-payment of Greece to the International Monetary Fund (IMF).

According to the Financial Times, Greece’s battered banks are “preparing contingency plans for a possible ‘bail-in’ of bank accounts, in case the country doesn’t enter into a bailout scheme soon.

EU Economic and Monetary Affairs Comissioner Pierre Moscovici reiterated that Greece’s position is in the Eurozone and it’s in everyone’s political interest to keep the euro area united.

Montenegro's Central Bank on Tuesday said there will be no major long-term impact on Montenegro if Greece is forced to leave the eurozone.

The Central Bank said analysis indicated that Montenegro remains in the group of countries that will not be significantly affected by the crisis because its banking system is not closely linked to Greece and trade levels are low.

Greece will table a new proposal about its debt on Wednesday, German daily FAZ quotes Eurogroup Jeroen Dijsselbloem as saying.

According to FAZ, Dijsselbloem said the Eurozone finance ministers would discuss the proposal the very same day.

The Eurogroup rejected on Tuesday the request of the Greek government to extend the bailout programme of the country.

This became clear after the end of the extraordinary teleconference of the eurozone finance ministers.

The conference call was necessitated after the Greek government submitted its latest list of proposals earlier on Tuesday.

Greece is almost certain to miss a 1.6-billion-euro payment to the International Monetary Fund on Tuesday but it's touch-and-go whether it will have to leave the eurozone, a snap Reuters poll found.