Germany’s Gabriel sees ‘gigantic’ fallout if Greece goes bankrupt

German Vice Chancellor Sigmar Gabriel said on Tuesday the consequences of a Greek bankruptcy would be “gigantic” for Europe, but hoped a deal could be reached to avoid such a scenario.

Gabriel, who is also German Economy Minister, said he hoped Greece would embrace the efforts of Chancellor Angela Merkel and the chiefs of Athens’s international creditors to reach a deal in debt negotiations.

Merkel and the leaders of France and Greece’s international creditor institutions agreed late on Monday to work with “real intensity” in the coming days as they try to clinch a deal in the debt negotiations with Athens.