Eurozone finance ministers have refused a request by Greece to extend its bailout programme, officials say,
in the most dramatic day of the five-month financial crisis.
Prime Minister Alexis Trispras called last night for a referendum on a proposed bailout deal, increasing the risk that the country might fall out of the euro.
The prime minister's call for a vote, planned for July 5, drastically raised the stakes in a standoff between Greece and its creditors over the terms for more financial support to the country.
Greece's current bailout programme is due to expire on June 30, meaning that the Eurogroup - made of the eurozone's finance ministers - had to decide whether to grant the country more days for renegotiation.
But the Eurogroup have now closed the door on that option.
The Eurogroup leaders are now continuing the meeting without the Greek finance minister to establish the consequences of this decision.
Panic is sweeping across the country as confusion reigns over Greece's fate concerning the euro, with hundreds of people flocking to banks to withdraw cash.
It is not yet clear whether the country's banks would be able to avoid collapse when the deadline expires.
The European Central Bank will play a vital role in ensuring Greece's banks have sufficient cash to open again on Monday.
Some banks have already run out of money in Greece's second city Thessaloniki, according to news agency AFP.
Two top aides of Prime Minister Tsipras are meeting with ECB head Mario Draghi today in Brussels.
The Greek Parliament is set for a debate and vote at midnight tonight on the government's request for a referendum, while finance ministers from the 19 euro countries - Greece's main creditors - discuss the situation in Brussels.
The Eurogroup leaders are now continuing the meeting without the Greek finance minister to establish the consequences of this decision.
Panic is sweeping across the country as confusion reigns over Greece's fate concerning the euro, with hundreds of people flocking to banks to withdraw cash.
It is not yet clear whether the country's banks would be able to avoid collapse when the deadline expires.
The European Central Bank will play a vital role in ensuring Greece's banks have sufficient cash to open again on Monday.
Some banks have already run out of money in Greece's second city Thessaloniki, according to news agency AFP.
Two top aides of Prime Minister Tsipras are meeting with ECB head Mario Draghi today in Brussels.
The Greek Parliament is set for a debate and vote at midnight tonight on the government's request for a referendum, while finance ministers from the 19 euro countries - Greece's main creditors - discuss the situation in Brussels.
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