French President Francois Hollande and German Chancellor Angela Merkel have arranged to meet in Paris on Monday evening, in order to discuss the possibility of a parallel currency in Greece.

After a discussion on Sunday evening, the two leaders decided that a Summit should take place in Brussels on Sunday and that the outcome of the referendum in Greece must be respected.

The President of the European Council Donald Tusk confirmed via his Twitter account that a European Summit will take place at 7pm (Athens time) in Brussels, in order to discuss the situation after the referendum in Greece. A Eurogroup meeting will precede the Summit at noon, following a statement by the European Commission.

In the statement, the European Commission president Jean-Claude Juncker confirms that he will have a teleconference with the Eurozone officials and will address the European Parliament on Tuesday. He also states that the European Commission respects the referendum result in Greece.