Latest updates on Greece

After Sunday's decisive election, in which Greek people rejected the bail out in over whelming majority, focus now turns to Greek governments and Euro zone leaders to understand, what lies ahead?

• Including Ms. Merkel has taken hard stance towards Greece suggesting there exists no basis for further negotiation.
  
  
• Greek finance minister Yanis Varoufakis has resigned finance ministry to improve the probability of sealing a deal. He was extremely unpopular with the Euro zone finance ministers. Euclid Tsakalotos, who has been coordinating negotiations has been elected as new finance minister.
  
  
• German Chancellor Angela Merkel headed to Paris for private talks with French President Francois Hollande. They are scheduled to meet at 6:00 pm local time and a joint statement is expected at 7:15 GMT.
  
  
• Chancellor Merkel has called for special Euro zone summit on Tuesday, where Greek President Mr. Alexis Tsipras is expected to present new proposal, which could be the basis of new negotiation.
  
  
• IMF chief Christine lagarde, has welcomed the Greek vote and according to her IMF stands ready to help Greece is asked.
  
  
• European Central Bank (ECB) has payment of € 3.5 billion, due on July 20^th from Greece.

Euro has bounced back from session low over IMF pledge. Focus now shifts to ECB payment and summit on Tuesday. Euro is currently trading at 1.107 against dollar.