LONDON, July 6 (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.
"If there is no signal from these meetings that Greece and the euro zone are ready to get around the table again we can expect the financial situation in Greece to deteriorate rapidly," Osborne said in a statement to parliament.
"We need to be realistic, the prospect of a happy resolution of this crisis are sadly diminishing." (Reporting by William James; editing by Kylie MacLellan)