Bailout Plan: French, German Leaders Ask Greece To Offer Viable Proposals

While the leaders of France and Germany have welcomed Greek government for negotiations with creditors, they also urged the country to come up with credible proposals at a eurozone summit to arrive at cash-for-reform deal.

The President of France said, "The door is open for discussion.” He told the media that the two countries understand the Greek political parties desire to remain in the eurozone. Meanwhile, the President also reminded that it's up to the government in Greece to offer viable proposals, which could be easily implemented and has a long-term perspective. He also emphasised that time is ticking out fast.

The French President, Francois Hollande spoke to the reporters, standing next to German chancellor Angela Merkel after talks at the Elysee Palace. Ms. Merkel said the conditions weren’t favourable for discussion regarding a program involving the European Union's bailout fund, so urged Greece make serious proposals this week itself.

She reminded once again that the door for talks remains open and the eurozone leaders meeting on Wednesday should be understood as that.

Meanwhile, she also highlighted the requirements for starting negotiations about a concrete ESM (European Stability Mechanism) program are not ready yet. The comments from the two leaders came after at least 60 percent Greeks voted in a referendum rejecting the terms of a eurozone bailout.

The Netherlands' Prime Minister Mark Rutte said, to remain in the Eurozone, Greece would have to accept deep reforms.

"If things stay the way they are, then we're at an impasse," he said. "There is no other choice, they must be ready to accept deep reforms."

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