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