After nearly six years of bailouts and brinkmanship, Greece and its creditors are staring down the barrel of a gun Friday as they face a weekend deadline to seal a reforms-for-rescue deal—or ensure a missed payment by Greece.
In what analysts and markets see as the final deadline, Greece has to reach a deal with creditors Saturday or it will fail to make a crucial debt payment due to the International Monetary Fund on Tuesday.
On Friday evening, Greek Prime Minister Alexis Tsipras called for a vote on the bailout proposals that he described as unbearable and humiliating.
The Eurogroup partners have presented an ultimatum to Greece that is against the values of Europe, he said, according to Reuters. The aim of some of Greece's partners is the humiliation of the people of Greece, he added.
In the same announcement, Greek officials said the country's banks will open on Monday and noted that there are no plans for capital controls.
Dow Jones reported that the referendum is slated for July 5, which would require a few more days of leeway from the euro zone.
Hours after the call for a referendum, reports about long lines for cash machines started appearing on social media.
Earlier Friday, one official told Dow Jones that the embattled country may not make the Tuesday cutoff—even with a weekend agreement.
After four meetings this week, Greece and its international creditors—the European Commission, the IMF and the European Central Bank—are still no nearer a deal that would unlock desperately-needed funds for Athens.