Greece and its membership in Europe's joint currency faced an uncertain future Monday, with time pressing for the country to reach a bailout deal with creditors after Greeks resoundingly rejected the notion of more austerity in exchange for aid.
With Greek banks running out of cash and facing the danger of collapse within days without new aid, the government in Athens is racing against the clock.
In an effort to facilitate negotiations on a new aid program Finance Minister Yanis Varoufakis, who had clashed with European officials in the bailout talks, announced his resignation Monday.
But Greece and its creditors, who will meet again Tuesday to discuss how to keep the country in the euro, remain far apart on key issues, particularly the notion of debt relief.
The negotiations are complicated for the European creditors by Prime Minister Alexis Tsipras' triumph in Sunday's referendum. More than 61% of Greeks backed his call to vote "no" to budget cuts the creditors had proposed in return for rescue loans the country needs — even though those proposals were no longer on the table.
The vote was painted by opposition parties and many European officials as one on whether Greece should remain in Europe's joint currency. In the aftermath, many officials softened their tone and said talks would resume, though Greece's chance of staying in the euro was looking increasingly shaky.
The country's banks remain shut for a sixth working day, as the government tries to limit a drain of deposits despite limits on cash withdrawals at ATMs.
All eyes now turn to whether the European Central Bank will increase the amount of credit the banks can draw on to make up for the cash drain. Analysts expect the ECB to not provide more emergency assistance on Monday, meaning Greece might have to tighten its limits on cash withdrawals and transfers from the current 60 euros ($84) per day.
If the ECB does not increase its help to the banks, it will be impossible for Tsipras to keep his pledge to quickly restore Greece's banking system.
