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German Banks See Limited Risk of Contagion from Greek 'No'

The German banking federation said Monday it sees little danger of contagion for the wider euro area from the Greek crisis after Greece voted against the austerity measures demanded by its creditors.

"Regardless of the outcome of the referendum, we do not expect an increased risk of contagion for other euro countries," the head of the BdB federation, Michael Kemmer, said in a statement. 

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Beijing Names Preferred Chief for China-Led Bank

Beijing on Monday named a former vice minister of finance as its preferred candidate to head the China-led Asian Infrastructure Investment Bank (AIIB), a potential rival to the Washington-based World Bank.

"The Chinese government has officially nominated Jin Liqun to be China's candidate for the presidency of the AIIB," the finance ministry said in a statement.

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European Stocks Drop at Open after Greek 'No' Vote

European stock markets slid at the start of trading on Monday after eurozone member Greece rejected creditors' austerity demands in a weekend referendum.

Frankfurt's DAX 30 shed 2.11 percent to 10,825.06 points and the CAC 40 in Paris fell 2.06 percent to 4,709.01 points. Outside the eurozone, the FTSE 100 index lost 1.07 percent to stand at 6,515.67 compared with Friday's close.

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Hollande, Merkel Say 'Door Open to Discussions' on Greece as Finance Minister Quits

French President Francois Hollande and German Chancellor Angela Merkel said Monday the door was open for a return to debt negotiations with Greece, but called on Athens to make "serious" proposals.

"The door is open to discussions and it is now up to the government of Alexis Tsipras to make serious, credible proposals so that this willingness to stay in the eurozone can translate into a lasting program," Hollande said.  

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Berlin Says 'No' Vote Has 'Torn Down Bridges' between Greece, Europe

Greek Prime Minister Alexis Tspiras has "torn down the bridges" between Greece and Europe and new negotiations are "difficult to imagine" after the apparent 'No' vote in the Greek referendum, German deputy chancellor Sigmar Gabriel said on Sunday.

Tsipras and his government are taking Greece down a path of "bitter renunciation and hopelessness," Gabriel told the Tagesspiegel newspaper in the first high-level reaction from the German government.

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Moscow Sees Greece 'Closer to Euro Exit' after Bailout Referendum

Greece has moved a step closer towards a eurozone exit, Russia's deputy economy minister said Sunday, as early results from a crucial bailout referendum suggested Greeks had overwhelmingly rejected creditors' demands for more austerity.

"You can't fail to understand" that this means "a step towards an exit from the eurozone", Alexei Likhachev was quoted as saying by the state TASS news agency.

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Top European Official Says Greece Will Need New Currency if It Votes 'No'

Greece will have to introduce another currency if it votes 'No' in Sunday's referendum on its potential bailout terms, European Parliament president Martin Schulz said on German radio.

He told Deutschlandfunk that, in the event of a 'No' result, Greece would "have to introduce some other currency because the euro is not available as a means of payment."

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Hamas Reopens offices of Gaza's Only Mobile Phone Firm

Hamas authorities on Sunday reopened the offices of the Gaza Strip's only mobile telephone company, five days after closing them on accusations of tax-dodging.

A statement from attorney general Ismail Jaber's office said that he had "ordered the reopening" of telecom provider Jawwal in Gaza City, but it did not give reasons.

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61% of Greeks Vote 'No' in Referendum, Result Sends Euro into Tailspin

Greece's government on Sunday looked to have won a 'No' it had been seeking in a referendum on bailout terms, but the euro immediately plummeted on fears the result could splinter the eurozone.

An official tally of over half the ballots cast showed a resounding 61 percent of Greek voters had backed the government's 'No' in the plebiscite. 

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Barcelona Struggles with Rising Tide of Tourists

Tourists are vital to Barcelona's economy, but the 27 million people who visit each year have become a headache for the new mayor as she battles to save the iconic Spanish Mediterranean port from becoming a bland theme park.

"Tourists go home" is frequently found painted on the walls of buildings in the center of Spain's second-largest city, which is struggling to cope with a surge in tourism that started when it hosted the Olympics in 1992.

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