Hollande, Merkel say door remains open for discussions with Greece

"The door remains open for discussions," declared Monday French President Francois Hollande and German Chancellor Angela Merkel in Paris, after a meeting held following Greek voters rejected creditors' bailout terms in a referendum Sunday.

"There is no longer enough time, and there is an urgency, for Greece, as well as for Europe," said Francois Hollande at the press conference in the Elysee.

For the French president, the door remains open for discussions, so "it is time for the government of Tsipras to make serious and credible proposals to show the willingness of staying in the eurozone."

Accepting the result of Greece's referendum, German Chancellor Angela Merkel said Europe is now waiting for the "precise" proposals of Greek Prime Minister Alexis Tsipras that will bring Greece prosperity.

Pointing out the "generosity" of the last proposal proposed to Greece, Merkel called on each country of the European Union to "fulfill its own responsibility" and to show solidarity.

The "No" result from Sunday's referendum in Greece already provoked worries in the financial markets around the world, especially in Europe, with all major stock markets sliding at the end of the trading day.

To date, Greece has 21.2 billion euros in outstanding obligations to the International Monetary Fund (IMF). Failing to make a repayment of about 1.5 billion euros to the IMF on June 30, Greece became the first advanced economy default on IMF debt. Endit