Martin Schulz

Greece would have to introduce another currency if the 'No' vote prevails in Sunday's bailout referendum, European Parliament President  Martin Schulz has said.

European Parliament President Martin Schulz, a German socialist, was quite clear in comments to German radio over the weekend: if a “no” vote wins out in Sunday’s referendum then Greece would have to adopt another currency in any cash-for-reforms deal.

Preparation of last rival rallies is underway ahead of the referendum Greece is due to hold Sunday on bailout conditions proposed by international lenders.

Both the referendum itself and the "campaigns" led by Greek and EU officials have left Greeks divided, but many politicians, business leaders and academicians have started calling in the past few days for a "yes".

European Parliament President Martin Schulz ruled out the possibility of striking an agreement with the SYRIZA government before Sunday’s referendum, according to Die Welt.

“Important events for which you are not prepared are going on in Athens, with results which probably won’t match articles you wrote,” EU Commission president Jean-Claude Juncker told a reporters covering the Eurogroup meeting in Brussels, while European Parliament president Martin Schulz added that “what is happening today is historic”.

Greek Finance Minister Yanis Varoufakis confirmed that the country will not make its debt repayment to the IMF, which falls due later on Tuesday.

Varoufakis said this in a response to a question whether the country will make the EUR 1.6 B payment due to the IMF as he was walking into the building of the finance ministry on Tuesday, daily Kathimerini reports.

The president of the European Union's parliament says he is willing to go to Greece and campaign ahead of the referendum there to convince the Greeks to vote for a bailout proposal that creditors have made. The Greek government has advised people to reject it.

German FinMin Wolfgang Schaeuble said Berlin is making contingency plans if talks between the Greek government and creditors collapse, a development that would usher in the prospect of default.

He made the comments to a finance committee in Germany’s lower house.

European Parliament President Martin Schulz told a national television audience in Germany on Sunday evening that he called Chancellor Angela Merkel earlier, with both agreeing to do whatever they can to keep Greece in the Eurozone.

Foreign Minister Nikos Kotzias is due to meet in Athens at noon on Monday with the UN Secretary General?s Special Adviser on Cyprus Espen Barth Eide.

The meeting comes three days after Kotzias met his Cypriot counterpart Ioannis Kasoulides, also in Athens.