(MENAFN- The Journal Of Turkish Weekly) The Eurogroup has rejected a Greek government request to extend its bailout program for a month beyond its expiry date of June 30.
Athens had made the request for time to hold a July 5 referendum on bailout proposals.
Eurozone officials said finance ministers would continue meeting in an informal session in Brussels without Greek Finance Minister Yanis Varoufakis.
EU officials told the press that there could not be an extension of the program now because there was no basis for cooperation.
Eurogroup head Jeroen Dijsselbloem told reporters as he arrived for a Brussels meeting that he was "surprised and disappointed" by the announcement of the referendum.
"That is a sad decision for Greece, for it has closed the door on future talks," he added.
However, German Vice-Chancellor Sigmar Gabriel told the country's Deutschlandfunk radio: "We would be well-advised not simply to push this proposal from Mr Tsipras aside and say that it's a trick.
"If the questions are clear - if it is really clear that they are voting on a program that has been negotiated, it could make sense."
The Greek parliament will vote on whether to hold the referendum in an evening session Saturday.
When the bailout program ends Tuesday, Greece will formally be in default of its obligations to the International Monetary Fund.
This will make the country's banks ineligible for further emergency aid from the European Central Bank.
It is not clear whether Greek banks will be able to remain open on that basis.
A default will also mean that its relationship with the IMF will change, as the organization must treat Greece as a 'country in arrears'.
However, a 'yes' vote on the acceptance of bailout terms on July 5 by the Greek people could restart negotiations between Athens and its creditors.
The Greek government said it would recommend Greeks vote 'no' in the referendum. What would happen in that case - whether Greece would have to leave the euro or try to renegotiate more time with creditors - is unclear.
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