Greece is probably going to default

Baku. 28 June. REPORT.AZ/ On Saturday, Greek Finance Minister Yanis Varoufakis left a meeting of euro zone finance ministers after failing to get an agreement to extend the current bailout deal until after a referendum next week, Report informs. 

Late Friday, Greek prime minister Alexis Tsipras made a surprise announcement of a referendum to be held in Greece next Sunday, July 5, to vote on the reforms proposed to Greece by its creditors as part of a possible bailout extension.

The most imminent money owed by Greece to creditors is €1.6 billion owed to the International Monetary Fund on Tuesday, a payment it looks like Greece will now miss. The question now, it appears, is what happens next and whether this missed payment sets the table for a “Grexit” which would see Greece leave the EU.

According to Reuters, Varoufakis told journalists as he left the meeting that, “It’s a sad day for Europe.”

Parliament is debating whether to ratify the vote, and some queues have been seen outside banks in Athens.

Eurozone finance ministers are meeting to discuss the crisis, and to decide whether to give Greece an extension of the bailout until after the vote.

The current bailout expires on Tuesday, the same day Greece's IMF debt is due.

It is unclear what would happen if Greece does not get a temporary extension. Without a deal on the bailout, there are fears Greece's economy could collapse.