European Commission takes hard line on Greece

The European Commission has presented a bleak picture of the likely political and financial follow-up to Greece's No referendum, refusing to say that the county will remain in the eurozone and indicating that the limited debt relief offer that was on the table prior to the referendum is now gone.

Speaking less than 24 hours after Greeks rejected the creditors' bailout terms, euro commissioner Valdis Dombrovskis made it clear that the referendum result was largely irrelevant as the same ...