Greece Negotiations Off Until Referendum Outcome

Euro-area finance ministers ruled out further negotiations between Greece and its creditors until a Sunday referendum on austerity, Dutch Finance Minister Jeroen Dijsselbloem said.

“Given the political situation, the rejection of the previous proposals, the referendum which will take place on Sunday, and the recommendation by the Greek government to vote ‘no,’ we see no grounds for further talks at this point,” Dijsselbloem, who led Wednesday’s conference call among his euro-area counterparts, said in a statement.

The second conference call in two days of the so-called Eurogroup took place shortly after Prime Minister Alexis Tsipras appeared on television urging Greeks to reject austerity measures by voting ‘no’ to creditor proposals in a July 5 plebiscite. On Tuesday, the euro area refused to extend Greece’s bailout program that expired at midnight.