July 6, 2015 / 8:35 AM / 4 years ago

GREECE LATEST-Germany's Gabriel says Greece must make new offer

July 6 (Reuters) - Following is the latest news on Greece’s debt crisis following its overwhelming rejection of a bailout offer from creditors (all times GMT):

1326 - Greece plans to keep banks closed beyond Monday by at least a few more days, four banking sources say.

1300 - Greece must present a new offer that goes beyond its previous proposals if it wants to remain in the euro, German Economy Minister Sigmar Gabriel says, adding that Athens soon faces state insolvency.

1257 - Mohamed El-Erian, chief economic adviser at Allianz, says he expects a “shock to risk appetite” given the likelihood of a Greek exit from the euro zone.

1247 - Consultancy Eurasia Group says in a note that ‘Grexit’ is still not its base case, but ‘this is an extremely close call’. It estimates the chances at 45 percent: “If Grexit does occur in these circumstances, Germany will be blamed, something it has always wanted to avoid.”

1244 - The leader of Spain’s anti-austerity party Podemos says the ‘No’ vote has boosted Athens’ negotiating position and he expects a deal with creditors in coming days.

1230 - Greek Prime Minister Alexis Tsipras spoke by phone with Germany’s Angela Merkel and agreed to present an aid proposal on Tuesday, a Greek government official says.

1228 - Greece’s outgoing finance minister Yanis Varoufakis says he and bailout negotiator Euclid Tsakalotos, strongly tipped to replace him, will meet reporters together on Tuesday.

1148 - Tsipras and Russian President Vladimir Putin spoke by phone on Monday, the Kremlin said. There is no mention of possible Russian financial support.

1145 - The head of Portugal’s main opposition Socialist party, Antonio Costa, says Greece must remain in the euro zone and austerity has to stop as means of dealing with the crisis.

1139 - Pharmaceutical companies, owned more than 1.1 billion euros by Greek hospitals and the state-run health insurer, say they will continue supplying medicines to Greece for now.

1115 - The European Central Bank’s Governing Council will discuss on Monday the provision of emergency funding to Greece’s banks, two sources say.

1115 - European Commission Vice-President Valdis Dombrovskis says the ‘No’ vote has widened the gap between Greece and other euro zone states.

1112 - Italian Prime Minister Matteo Renzi says euro zone meetings scheduled for Tuesday must resolve Greece’s debt crisis once and for all.

1055 - Latest developments have not made it easier for the European Central Bank to change its stance on emergency funding it has granted to Greek banks, ECB Governing Council member Ewald Nowotny says.

1048 - French President Francois Hollande’s office denies remarks from a Greek source that he has spoken by phone on Monday with Tsipras.

1013 - Spain’s Economy Minister Luis de Guindos says Greece should remain part of the euro zone and Madrid is open to negotiating a third bailout.

0948 - Germany’s government spokesman says the door for negotiations with Greece is open, but conditions for such talks are not yet met.

0928 - Euro zone finance ministers say they expect to hear new proposals from Greece for credit when they meet on Tuesday.

0926 - The head of Germany’s BDB banking association says the immediate consequences of any Greek default should be manageable for banks in other euro zone states.

0916 - Russia hopes Greece will quickly reach a compromise deal with creditors, and questions regarding financial help for Greece should be addressed to Athens, a Kremlin spokesman says.

0906 - Jeroen Dijsselbloem, head of the Eurogroup of finance ministers, says the ministers will meet on Tuesday at 1100.

0903 - The European Central Bank’s Christian Noyer says the ECB cannot restructure the Greek debt it holds as that would amount to financing a government, which it is banned from doing.

0836 - European Commission’s vice president for the euro, Valdis Dombrovskis, will give a news conference at 1000 on the impact of the Greek referendum.

0812 - U.S.-listed shares of National Bank of Greece are down 15 percent in pre-market trading.

0811 - Italy’s top official for European Union affairs calls for Greece and its creditors to resume negotiations with an increased willingness to compromise.

0728 - Greece’s chief negotiator in bailout talks, Euclid Tsakalotos, is the top candidate to be finance minister after the resignation of Yanis Varoufakis, a government official says.

Compiled by John Stonestreet and Mark Trevelyan

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