Greece and the euro zone face a week of political and financial uncertainty after the Greek Prime Minister's shock announcement of a referendum on the country's creditors' proposals to resolve its debt.
Greece's place in the single currency union now hangs in the balance as a result of a tumultuous weekend. Last-ditch talks between Greece and its lenders broke down, after Greek Prime Minister Alexis Tsipras surprised lenders late on Friday by announcing a referendum on the country's bailout and the reforms demanded by its lenders on July 5.
Although details of the measures they will actually be voting for or against are not yet public, Greeks are expected to vote on whether to accept the bailout measures offered by international creditors, which come with the strings of prolonged austerity measures attached, or to reject them and potentially leave the euro zone.
Around 1 p.m. BST, Reuters reported that Tsipras had held a call with the president of the European Commission, Jean-Claude Juncker.
Juncker had hit back at Greece on Monday, telling a press conference in Brussels that the creditors' bailout proposals were "fair."
He said that he felt "betrayed" by Greece and added that while he did not expect Greece to exit the single currency area, no country in the euro zone was worth more than any other. He emphasized that Greek citizens needed to have a clear picture of what was at stake in a referendum.