Brussels

The Greek interior minister called on all political parties to back his government's decision to hold a referendum on bailout terms offered by the country's foreign creditors for a cash-for-reforms deal that would stave off a looming default.

A representative for Eurogroup head Jeroen Dijsselbloem has stated that a proposal by Greece’s creditors will remain on the table.

The Eurogroup meeting will begin normally at 2 p.m. Brussels time and will evaluate the situation after Greek PM Alexis Tsipras’ surprise announcement for a referendum.

Eurozone ministers meet in Brussels on Saturday for a crunch meeting after a shock call for a referendum by Greek Prime Minister Alexis Tsipras threw a push to avert a default by Athens into confusion.

Anxiety over Greeces future swelled on Saturday, with people queuing outside banks to withdraw cash, after Prime Minister Alexis Tsipras' call to have the people vote on a proposed bailout deal increases the risks that the country might fall out of the euro.

A teleconference between the BoG and the ECB is ongoing, after just after noon (10.00 GMT). According to sources, once the teleconference is complete, a new conference between central bankers and BoG Gov. Yannis Stournaras will take place. During the conference, crucial decisions will be made.

Eurozone finance ministers will still meet as planned on Saturday for an emergency meeting on Greece despite Greek Prime Minister Alexis Tsipras' decision to call a referendum, an EU official said.

The meeting is due to start at 1200 GMT (1400 CET) in Brussels.

[Reuters]

Greek Prime Minister Alexis Tsipras called a referendum on austerity demands from foreign creditors on June 27, rejecting an "ultimatum" from lenders and putting a deal that could determine Greece's future in Europe to a risky popular vote. 

Greek opposition parties are demanding the resignation of the government of PM Alexis Tsipras following his move to call a referendum on the latest bailout deal next Sunday.

By Lefteris Papadimas & Renee Maltezou

Greek Prime Minister Alexis Tsipras called a referendum on austerity demands from foreign creditors on Saturday, rejecting an "ultimatum" from lenders and putting a deal that could determine Greece's future in Europe to a risky popular vote.

Just as everybody was fearing a Grexit, Frexit, Brexit, the Austrians launched a petition to quit the EU. Activists who launched the petition argue that Austria would be better off economically without the EU and is on a drive to gather 100,000 signatures by July 1 required for the national parliament to consider the initiative.