Merkel takes hard stance after Greek vote

Growing frustration in Germany and increasing calls for push Greece out of Euro has prompted German Chancellor Angela Merkel to take hard stance towards Greece, after voters overwhelmingly rejected the proposed bail out on Sunday.

German finance minister Wolfgag Schäuble and Chancellor Merkel both as of now sees no basis to kick start Greek negotiation.

Chancellor Merkel has called European summit to discuss further actions on Greece and before tomorrow's meeting Merkel is scheduled to meet French counterpart Francois Hollande in Paris today. They are likely to prepare a joint stance since they are the largest creditors to Greece.

According to Germany, Greek government need to come up with a proposal, which could form basis of negotiation further, however as of now debt reliefs remain out of the scope.

Martin Jäger, the finance ministry spokesman, was tough too. According to him, German parliament need to pass a vote to begin further negotiation with Greece.

Despite their hard stance, European leaders are likely to pursue another negotiation with Greece.

Euro is currently trading at 1.103 against dollar.