“There will be no temporary Grexit. There’s a Grexit or no Grexit, or if to say in French, there’s a Greece in the Eurozone, or there’s no Greece in the Eurozone, but in this case Europe will take a step back and will not move forward again,” Hollande said ahead of the Euro Summit in Brussels.
The news comes a day after German media reported that the country's Finance Ministry was considering two possible scenarios to resolve the Athens debt crisis: either Greece improves its reforms proposals or the talks begin on the country’s five-year exit from the eurozone.
The July 5 referendum, in which the Greeks voted against the last bailout deal, sparked a new wave of speculation about Athens’ possible exit from the eurozone.
On Thursday, Athens presented a revised plan that includes some of the creditors' requirements, including tax cuts and pension reforms.