The Greek parliament has ratified a government plan to hold a referendum next Sunday on the bailout offer from its international creditors.
In the early hours of this morning Greek MPs backed the plan, just hours after EU finance ministers refused to extend funding beyond Tuesday.
That's the day when Athens must make a €1.6 billion payment to the IMF or risk a default - and possible exit from the euro.
During the emergency debate Greek Prime Minister Alexis Tsipras described the bailout proposals "insulting".
And his speech received a standing ovation as he told Greek MPs that the "day of truth" was coming for the country's international creditors:
Despite the collapse of talks the President of the Eurogroup, Jeroen Dijsselbloem is insisting negotiations with Greece will continue. And Finance Minister Michael Noonan says the decision to put the deal to a public vote is the Greek Government's prerogative:
In Greece, ordinary people are preparing for the worst. Long queues have formed at cash machines as people try to withdraw their savings, ahead of a possible default.
But Greek restaurant manager Thomas Golas says the situation no longer has a shock factor:
