Germany says Greek move for referendum marks an end to talks

German Finance Minister Wolfgang Schaeuble says that by calling for a referendum on the creditors’ proposals to keep Greece solvent — and by advising Greeks to reject them — the country appears to have ended the negotiations on its bailout program. Schaeuble said as he arrived at a meeting with other eurozone finance ministers that “the negotiations apparently have been declared at an end” by Prime Minister Alexis Tsipras.

If I understood correctly … we now have no basis for further negotiations.

German Finance Minister Wolfgang Schaeuble

He said before a eurozone finance ministers’ meeting Saturday that “proposals are on the table. These proposals are favourable to Greece, favorable to the Greek people.” Finland’s finance minister, Alexander Stubb, said the referendum announcement had brought Greece closer to an exit from the euro, the so-called Plan B if the debt talks fail. He said the eurozone finance ministers meeting Saturday should now discuss a Greek exit from the single currency.

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