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Greek PM rules out exit from Eurozone

Greek PM rules out exit from Eurozone
Photo Credit: Arabianeye - Reuters

Greek Prime Minister Alexis Tsipras said Tuesday the idea of Greece moving away from the Eurozone is unlikely, noting that he did not think creditors would like to see his country not part of the Eurozone area.

Speaking in a press conference, Tsipras added that a referendum is mainly aimed to continue talks with creditors.

Meanwhile, the European Central Bank said a ‘yes’ vote would mean the Eurozone will find a way to reach a solution to continue talks with Greece.

The debt-stricken country introduced capital controls and said it will keep its banks shut for much of the week—all leading up to a referendum on Sunday that some are casting as a decision on whether to stay in the euro zone.

S&P downgraded the country's long-term credit rating from CCC to CCC- with a negative outlook. The ratings agency said it saw a 50% probability that Greece would exit the euro zone.