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European leaders were scrambling for a response Monday after a resounding "No" from Greek voters in a momentous referendum on austerity which could send the country crashing out of the eurozone. German Chancellor Angela Merkel was to meet with French leader Francois Hollande in Paris after Greece overwhelmingly rejected international creditors' tough bailout terms Sunday. The pair spoke by telephone late Sunday, declaring the decision must "be respected" and calling for an emergency eurozone summit which European Union president Donald Tusk said would be held on Tuesday.
Asian stocks mostly fell Monday after Greek voters rejected more austerity demands from creditors, fuelling fears the country will crash out of the eurozone, but the euro recovered from initial losses as dealers wait for European leaders' next move.
The benchmark Shanghai Composite Index rose 79.45 points to 3,766.37, though it erased most of an initial 7.82 percent rally at the open. On Sunday, the government said the central bank would provide liquidity through the state-backed China Securities Finance Co., which manages margin trading, to "protect the stability of the securities market", according to market watchdog the China Securities Regulatory Commission (CSRC). The CSRC also said on Sunday that there would be no initial public offerings (IPOs) "in the near future", according to a separate statement.