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The Latest: French minister sees 'moment of truth' for Greece as stock markets fall

Elderly people, who usually get their pensions at the end of the month, wait outside a closed bank in Athens, Monday, June 29, 2015. Greece's five-year financial crisis took its most dramatic turn yet, with the cabinet deciding that Greek banks would remain shut for six business days and restrictions would be imposed on cash withdrawals. (AP Photo/Petros Giannakouris)

Elderly people, who usually get their pensions at the end of the month, wait outside a closed bank in Athens, Monday, June 29, 2015. Greece's five-year financial crisis took its most dramatic turn yet, with the cabinet deciding that Greek banks would remain shut for six business days and restrictions would be imposed on cash withdrawals. (AP Photo/Petros Giannakouris)  (The Associated Press)

The latest news on Greece's financial woes as the deadline approaches on its bailout program (all times local):

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11 a.m.

France's finance minister says this week marks a moment of truth for both Greece and Europe but that talks can resume anytime as a Tuesday deadline looms for a bailout program.

Michel Sapin told France-Inter radio that "Greece is trapped by reality, by hard reality" as the Paris Bourse dropped more than 4 percent at opening Monday.

Greece imposed capital controls and closed banks following Prime Minister Alexis Tsipras' abrupt decision to call a referendum on creditor proposals for Greek reforms in return for vital bailout funds.

Pierre Moscovici, the European commissioner for economic affairs, said negotiations were cut off when an agreement seemed within reach, and he said now the situation largely rests on a 'yes' vote in Greece. He said European Commision President Jean-Claude Juncker would speak at midday.