Greek crisis could deteriorate rapidly, says Osborne

Greek Prime Minister Alexis Tsipras (2nd L) arrives for a meeting of political party leaders at the Presidential Palace in Athens, Greece July 6, 2015. REUTERS/Alkis Konstantinidis

LONDON (Reuters) - British finance minister George Osborne on Monday warned the financial situation in Greece could deteriorate rapidly following Greece's vote to reject the terms of its bailout, urging Athens and euro zone leaders to reach a new agreement.

Leftist Greek Prime Minister Alexis Tsipras promised German Chancellor Angela Merkel that Greece would bring a proposal for a cash-for-reforms deal to an emergency summit of euro zone leaders on Tuesday.