Greek parliament approves referendum on creditor reforms

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Greece Rejects Latest Offer In Debt Crisis As Deadline Looms

ATHENS, Greece (AP) -- The latest news about the Greek bailout talks (all times local):

2:53 a.m.

Greece's parliament has voted in favor of Prime Minister Alexis Tsipras' motion to hold a referendum on the country's creditor proposals for reforms in exchange for loans. Tsipras and his coalition government have urged people to vote against the deal, throwing into question the country's financial future.

The vote is to be held next Sunday, July 5. It has raised the question of whether Greece can remain in Europe's joint currency, the euro. Many Greeks alarmed by the announcement for the referendum early Saturday morning formed queues at ATM machines, putting a further strain on banking deposits.

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Greek parliament approves referendum on creditor reforms
A bank employee distributes tags with queue positions to pensioners as they wait outside the main gate of the national bank of Greece to withdraw a maximum of 120 euros ($134) in central Athens, Thursday, July 16, 2015. Greece’s troubled left-wing government is seeking urgent relief from European lenders on Thursday, after it pushed a harsh austerity package thought parliament, triggering a revolt in the ruling party and violent demonstrations in central Athens. (AP Photo/Emilio Morenatti)
Pensioners wait for the opening of the national bank of Greece to withdraw a maximum of 120 euros ($134) for the week in central Athens, Thursday, July 16, 2015. Greece’s troubled left-wing government is seeking urgent relief from European lenders on Thursday, after it pushed a harsh austerity package thought parliament, triggering a revolt in the ruling party and violent demonstrations in central Athens. (AP Photo/Emilio Morenatti)
Pensioners wait for the opening of the national bank of Greece to withdraw a maximum of 120 euros ($134) for the week in central Athens, on Friday, July 17, 2015. Greece on Thursday won vital pledges of support from bailout lenders needed to keep its economy from collapsing, but officials in Athens said the painful austerity measures demanded in return were likely to force an election within months.(AP Photo/Petros Giannakouris)
Pensioners wait for the opening of the national bank of Greece to withdraw a maximum of 120 euros ($134) for the week in central Athens on, Friday, July 17, 2015. Greece on Thursday won vital pledges of support from bailout lenders needed to keep its economy from collapsing, but officials in Athens said the painful austerity measures demanded in return were likely to force an election within months.(AP Photo/Petros Giannakouris)
Pensioners wait for the opening of the national bank of Greece to withdraw a maximum of 120 euros ($134) for the week in central Athens, Thursday, July 16, 2015. Greece’s troubled left-wing government is seeking urgent relief from European lenders on Thursday, after it pushed a harsh austerity package thought parliament, triggering a revolt in the ruling party and violent demonstrations in central Athens. (AP Photo/Emilio Morenatti)
People stand in queues as they wait to use the ATMs of two banks, after government's decision for limited daily cash withdrawals to 60 euros, in Athens, Saturday, July 4, 2015. Campaigns halted in Greece on Saturday on the eve of a closely watched bailout referendum — with voters in a dead heat over whether to defy creditors and push for better repayment terms or essentially seek new political leadership to find a compromise. (AP Photo/Thanassis Stavrakis)
People stand in a queue as they wait to use the ATMs of a bank, after government's decision for limited daily cash withdrawals to 60 euros, in Athens, Saturday, July 4, 2015. Campaigns halted in Greece on Saturday on the eve of a closely watched bailout referendum — with voters in a dead heat over whether to defy creditors and push for better repayment terms or essentially seek new political leadership to find a compromise. (AP Photo/Thanassis Stavrakis)
ATHENS, GREECE - JULY 03: Pensioners without ATM cards wait in queue outside a bank branch to withdraw money from their pension funds on July 03, 2015 in Athens, Greece. (Photo by Salih Baran/Anadolu Agency/Getty Images)
Pensioners stand in a queue outside a bank in Athens, Wednesday, July 1, 2015. About 1,000 bank branches around the country were ordered by the government to reopen Wednesday to help desperate pensioners without ATM cards cash up to 120 euros ($134) from their retirement checks. Eurozone finance ministers were set to weigh Greece's latest proposal for aid Wednesday. (AP Photo/Daniel Ochoa de Olza)
A pensioner looks at customers who use an ATM as she sits outside a bank in Athens, Wednesday, July 1, 2015. About 1,000 bank branches around the country were ordered by the government to reopen Wednesday to help desperate pensioners without ATM cards cash up to 120 euros ($134) from their retirement checks. Eurozone finance ministers were set to weigh Greece's latest proposal for aid Wednesday. (AP Photo/Thanassis Stavrakis)
An employee of a bank gives directions to pensioners in Athens, Wednesday, July 1, 2015. About 1,000 bank branches around the country were ordered by the government to reopen Wednesday to help desperate pensioners without ATM cards cash up to 120 euros ($134) from their retirement checks. Eurozone finance ministers were set to weigh Greece's latest proposal for aid Wednesday. (AP Photo/Thanassis Stavrakis)
Pensioners stand in a queue outside a bank in Athens, Wednesday, July 1, 2015. About 1,000 bank branches around the country were ordered by the government to reopen Wednesday to help desperate pensioners without ATM cards cash up to 120 euros ($134) from their retirement checks. Eurozone finance ministers were set to weigh Greece's latest proposal for aid Wednesday. (AP Photo/Thanassis Stavrakis)
Pensioners try to get a number to enter inside a bank in Athens, Wednesday, July 1, 2015. About 1,000 bank branches around the country were ordered by the government to reopen Wednesday to help desperate pensioners without ATM cards cash up to 120 euros ($134) from their retirement checks. Eurozone finance ministers were set to weigh Greece's latest proposal for aid Wednesday. (AP Photo/Daniel Ochoa de Olza)
People line up at ATMs outside a National bank branch in the northern Greek port city of Thessaloniki, Monday, June 29, 2015. Anxious Greeks lined up at ATMs as they gradually began dispensing cash again on the first day of capital controls imposed in a dramatic twist in Greece’s five-year financial saga. Banks will remain shut until next Monday, and a daily limit of 60 euros ($67) has been placed on cash withdrawals from ATMs . (AP Photo/Giannis Papanikos)
Pensioners wait outside a closed branch of the Greek National bank in Thessaloniki on June 29, 2015 as Greece ordered its banks to shut for one week and imposed capital controls today, sending markets tumbling after its citizens emptied ATMs on the eve of a potentially disastrous default. In a ray of hope, creditors left the door open to Greece for a last-ditch debt deal, in order to try and avert a dangerous default that could spark a Greek eurozone exit and raise serious questions about the future of the European Union. AFP PHOTO / SAKIS MITROLIDIS (Photo credit should read SAKIS MITROLIDIS/AFP/Getty Images)
ATHENS, GREECE - JUNE 29: People wait in line to withdraw 60 euros from an ATM after Greece closed its banks on June 29, 2015 in Athens, Greece. Greece closed its banks and imposed capital controls on Sunday to monitor the growing strains on its crippled financial system, bringing the prospect of being forced out of the euro into plain sight. (Photo by Milos Bicanski/Getty Images)
A man withdraws the withdrawal limit of 60 euros at an ATM machine in Thessaloniki on June 29, 2015 as Greece ordered its banks to shut for one week and imposed capital controls today, sending markets tumbling after its citizens emptied ATMs on the eve of a potentially disastrous default. In a ray of hope, creditors left the door open to Greece for a last-ditch debt deal, in order to try and avert a dangerous default that could spark a Greek eurozone exit and raise serious questions about the future of the European Union. AFP PHOTO / SAKIS MITROLIDIS (Photo credit should read SAKIS MITROLIDIS/AFP/Getty Images)
Elderly people, who usually get their pensions at the end of the month, wait outside a closed bank in the northern Greek port city of Thessaloniki, Monday, June 29, 2015. Greece's five-year financial crisis took its most dramatic turn yet, with the cabinet deciding that Greek banks would remain shut for six business days and restrictions would be imposed on cash withdrawals. (AP Photo/Giannis Papanikos)
Pensioners queue outside a closed branch of the Greek National bank in Thessaloniki on June 29, 2015 as Greece ordered its banks to shut for one week and imposed capital controls today, sending markets tumbling after its citizens emptied ATMs on the eve of a potentially disastrous default. In a ray of hope, creditors left the door open to Greece for a last-ditch debt deal, in order to try and avert a dangerous default that could spark a Greek eurozone exit and raise serious questions about the future of the European Union. AFP PHOTO / SAKIS MITROLIDIS (Photo credit should read SAKIS MITROLIDIS/AFP/Getty Images)
Foreign anti-EU activists protest in front of the Greek parliament in Athens, during a demonstration calling for 'NO' at referendum and for Greece's exit from the eurozone on June 28, 2015. Greek Prime Minister Alexis Tsipras stunned Europe late Friday with a surprise call for a July 5 referendum on the latest cash-for-reforms package and advised voters against backing a deal that he said spelled further 'humiliation'..AFP PHOTO / LOUISA GOULIAMAKI (Photo credit should read LOUISA GOULIAMAKI/AFP/Getty Images)
Members of left wing parties hold placards reading in Greek ''There is no future in the European Union'' during a protest in Athens, Sunday, June 28, 2015. Greek Prime Minister Alexis Tsipras says the Bank of Greece has recommended that banks remain closed and restrictions be imposed on transactions, after the European Central Bank didn't increase the amount of emergency liquidity the lenders can access from the central bank. (AP Photo/Daniel Ochoa de Olza)
ATHENS, GREECE - JUNE 28: People wait in a queue in front of a bank's ATM to withdraw their cash in Athens, Greece on June 28, 2015. Greeks are anxious about whether the European Central Bank will increase the emergency liquidity assistance, banks can draw on from the country's central bank or not. (Photo by Ayhan Mehmet/Anadolu Agency/Getty Images)
ATHENS, GREECE - JUNE 21: Protesters attend an anti-austerity pro-government rally in front of the parliament building on June 21, 2015 in Athens, Greece. Greece's leftwing government believes it can reach a deal with its creditors on Monday. (Photo by Milos Bicanski/Getty Images)
ATHENS, GREECE - JUNE 21: Greek Presidential Guard conducts his ceremonial march as protesters attend an anti-austerity pro-government rally in front of the parliament building on June 21, 2015 in Athens, Greece. Greece's leftwing government believes it can reach a deal with its creditors on Monday. (Photo by Milos Bicanski/Getty Images)
ATHENS, GREECE - JUNE 21: Protesters attend an anti-austerity pro-government rally in front of the parliament building in Athens, Greece, June 21, 2015. Greece's leftwing government believes it can reach a deal with its creditors on Monday. (Photo by Milos Bicanski/Getty Images)
A girl sits on her father's shoulders as she unfurls the Greek flag during a protest march in solidarity with Greece in the center of Brussels on Sunday, June 21, 2015. Heads of state in the eurogroup will meet in Brussels on Monday for a special summit to discuss the financial crisis with Greece. (AP Photo/Virginia Mayo)
Protesters hold national flags during an anti-austerity rally in front of the parliament in Athens, Greece, on Wednesday, June 17, 2015. Greece and its creditors publicly blamed one another for an impasse in bailout talks, on the eve of a eurozone finance ministers' meeting billed as key to their outcome. (AP Photo/Yorgos Karahalis)
Russian President Vladimir Putin, left, and Greek Prime Minister Alexis Tsipras arrive for their talks at the St. Petersburg International Investment Forum in St.Petersburg, Russia, Friday, June 19, 2015. (AP Photo/Alexander Zemlianichenko)
An army contingent stands below a fluttering Greek flag after a hoisting ceremony at the Acropolis hill in Athens, Greece Thursday, June 18, 2015. Greece and its creditors publicly blamed one another for an impasse in bailout talks, on the eve of a eurozone finance ministers' meeting billed as key to their outcome. (AP Photo/Yorgos Karahalis)
Greek Prime Minister Alexis Tsipras smiles while taking part in a wreath laying ceremony, at the monument for the founder of modern Greek state Ioannis Kapodistrias, in St. Petersburg, Russia, Friday, June 19, 2015. Russia is willing to consider giving financial aid to Greece, President Vladimir Putin's spokesman said Friday ahead of talks between the leaders of the two countries. (Valentin Yegorshin/Pool Photo via AP)
An army contingent carry a Greek flag in front of the temple of the Parthenon before a hoisting ceremony at the Acropolis hill in Athens, Greece Thursday, June 18, 2015. Greece and its creditors publicly blamed one another for an impasse in bailout talks, on the eve of a eurozone finance ministers' meeting billed as key to their outcome. (AP Photo/Yorgos Karahalis)
Greek Finance Minister Yanis Varoufakis , left, speaks with Managing Director of the International Monetary Fund Christine Lagarde during a round table meeting of eurogroup finance ministers at the European Council building in Luxembourg on Thursday, June 18, 2015. German Chancellor Angela Merkel is pressing Greece to deliver on commitments to carry out reforms, stressing that she wants the country to remain in the common currency. (AP Photo/Virginia Mayo)
Protesters holding national flags take part in an anti-austerity rally in front of the parliament in Athens, Greece, on Wednesday, June 17, 2015. Greece and its creditors publicly blamed one another for an impasse in bailout talks, on the eve of a eurozone finance ministers' meeting billed as key to their outcome. (AP Photo/Yorgos Karahalis)
A pro-euro protester waves a Greek and a European Union flag during a rally in front of the parliament in Athens, Greece, on Thursday, June 18, 2015. More than 5,000 people attended the rally in support of Greece remaining in the euro. About three-quarters of Greeks support keeping the EU's common currency, according to recent polls. Greece and creditors failed to reach an agreement Thursday in troubled bailout talks, with a June 30 deadline looming. (AP Photo/Yorgos Karahalis)
Managing Director of the International Monetary Fund Christine Lagarde, left, waits for the start of a media conference after a meeting of eurogroup finance ministers at the European Council building in Luxembourg on Thursday, June 18, 2015. Greece faced intense pressure Thursday from its international creditors to break a deadlock in bailout discussions that’s raised the specter of the country’s imminent bankruptcy and even its exit from the euro. (AP Photo/Virginia Mayo)
Pro-euro protesters shout slogans as they wave a European Union flag from the parliament during a rally in Athens, Greece, on Thursday, June 18, 2015. More than 5,000 people attended the rally in support of Greece remaining in the euro. About three-quarters of Greeks support keeping the EU's common currency, according to recent polls. Greece and creditors failed to reach an agreement Thursday in troubled bailout talks, with a June 30 deadline looming. (AP Photo/Yorgos Karahalis)
Pro-euro protesters wave Greek and European Union flags during a rally in front of the parliament in Athens, Greece, on Thursday, June 18, 2015. More than 5,000 people attended the rally in support of Greece remaining in the euro. About three-quarters of Greeks support keeping the EU's common currency, according to recent polls. Greece and creditors failed to reach an agreement Thursday in troubled bailout talks, with a June 30 deadline looming. (AP Photo/Yorgos Karahalis)
A pro-euro protester holds a placard which reads: "Yes to Europe", during a rally in front of the parliament in Athens, Greece, on Thursday, June 18, 2015. More than 5,000 people attended the rally in support of Greece remaining in the euro. About three-quarters of Greeks support keeping the EU's common currency, according to recent polls. Greece and creditors failed to reach an agreement Thursday in troubled bailout talks, with a June 30 deadline looming. (AP Photo/Yorgos Karahalis)
Dutch Finance Minister and chair of the eurogroup Jeroen Dijsselbloem speaks during a media conference after a meeting of eurogroup finance ministers at the European Council building in Luxembourg on Thursday, June 18, 2015. Greece faced intense pressure Thursday from its international creditors to break a deadlock in bailout discussions that’s raised the specter of the country’s imminent bankruptcy and even its exit from the euro. (AP Photo/Virginia Mayo)
ATHENS, GREECE - JUNE 3: A Greek flag billows in the wind on the Acropolis Hill on June 3, 2015, in Athens, Greece. Greek Prime Minister Alexis Tsipras is expected to be presented with the international creditors' plan of tough economic reforms for Greece in order to unlock 7.2 billion Euros of rescue loans later today. It is unclear whether Greece will accept the offer, as Tsipras has previously called for his own proposals to be considered by the creditors (Photo by Milos Bicanski/Getty Images)
ATHENS, GREECE - JUNE 15: View of the index in the Hellenic Exchange office on June 15, 2015 in Athens, Greece. The European Commission has said that Greece and its international creditors need to come to an agreement within the next 2 weeks to avoid a possible default, after weekend talks collapsed. (Photo by Milos Bicanski/Getty Images)
ATHENS, GREECE - JUNE 15:.Woman pass by Hellenic Exchange office in Athens on June 15, 2015 in Athens, Greece. The European Commission has said that Greece and its international creditors need to come to an agreement within the next 2 weeks to avoid a possible default, after weekend talks collapsed. (Photo by Milos Bicanski/Getty Images))
ATHENS, GREECE - JUNE 15: View of the index in the Hellenic Exchange office on June 15, 2015 in Athens, Greece. The European Commission has said that Greece and its international creditors need to come to an agreement within the next 2 weeks to avoid a possible default, after weekend talks collapsed. (Photo by Milos Bicanski/Getty Images)
Greece's Deputy Foreign Minister for international economic relations, Euclid Tsakalotos, arrives at the Prime minister's office for an emergency meeting, in Athens, Monday, June 15, 2015. Tsipras held an meeting with the team of Greek bailout negotiators, and said the talks had stalled on demands by the creditors — the other eurozone states and the IMF — for a new round of pension cuts, which his government rejected.(AP Photo/Petros Giannakouris)
A woman walks past Bank of Greece headquarters in central Athens on June 15, 2015. Athens will patiently wait until its creditors become realistic, Greece's premier said, a day after last-ditch talks between the two sides collapsed and raised fears that Athens would default and exit the eurozone. AFP PHOTO/ LOUISA GOULIAMAKI (Photo credit should read LOUISA GOULIAMAKI/AFP/Getty Images)
A man reads a newspaper outside a kiosk selling souvenir bags in the Monastiraki tourist district of Athens on Monday, June 15, 2015. The European Commission said Sunday that weekend talks to find common ground between international creditors and Greece were unsuccessful and left a wide rift that needs to be closed within two weeks to avoid a possible Greek default.(AP Photo/Petros Giannakouris)
ATHENS, GREECE - JUNE 15: Locals visit the Green market on June 15 2015 in Athens, Greece. The European Commission has said that Greece and its international creditors need to come to an agreement within the next 2 weeks to avoid a possible default, after weekend talks collapsed. (Photo by Milos Bicanski/Getty Images)
ATHENS, GREECE - JUNE 15: Pensioners play backgammon in front of closed shop on June 15, 2015 in Athens, Greece. The European Commission has said that Greece and its international creditors need to come to an agreement within the next 2 weeks to avoid a possible default, after weekend talks collapsed. (Photo by Milos Bicanski/Getty Images)
ATHENS, GREECE - JUNE 15: Women buy on cheep clothing at a flea market on June 15 2015 in Athens, Greece. The European Commission has said that Greece and its international creditors need to come to an agreement within the next 2 weeks to avoid a possible default, after weekend talks collapsed. (Photo by Milos Bicanski/Getty Images)
A Greek flag is seen in a mini market in central Athens on Monday, June 15, 2015. The European Commission said Sunday that weekend talks to find common ground between international creditors and Greece were unsuccessful and left a wide rift that needs to be closed within two weeks to avoid a possible Greek default.(AP Photo/Petros Giannakouris)
A man walks past graffiti featuring the word 'Time' but using the Euro sign in place of the letter 'e'on a wall in Athens on June 15, 2015. Greek Prime Minister Alexis Tsipras insisted in an oped piece in a Greek newspaper on June 15, 2015 that Athens would 'wait patiently' until the International Monetary Fund and the European Union became 'more realistic', a day after last-ditch talks between the two sides collapsed, bringing the threat of a Greek exit from the euro closer than ever. AFP PHOTO/ LOUISA GOULIAMAKI (Photo credit should read LOUISA GOULIAMAKI/AFP/Getty Images)
An elderly men stands outside the Athens central market on June 15, 2015. Athens will patiently wait until its creditors become realistic, Greece's premier said, a day after last-ditch talks between the two sides collapsed and raised fears that Athens would default and exit the eurozone. AFP PHOTO/ Louisa Gouliamaki (Photo credit should read LOUISA GOULIAMAKI/AFP/Getty Images)
ATHENS, GREECE - JUNE 15: Local people pass by graffiti that says 'Greece vs Everybody' on June 15, 2015 in Athens, Greece. The European Commission has said that Greece and its international creditors need to come to an agreement within the next 2 weeks to avoid a possible default, after weekend talks collapsed. (Photo by Milos Bicanski/Getty Images)
People read newspaper's headlines in central Athens on June 15, 2015. Athens will patiently wait until its creditors become realistic, Greece's premier said, a day after last-ditch talks between the two sides collapsed and raised fears that Athens would default and exit the eurozone. AFP PHOTO/ Louisa Gouliamaki (Photo credit should read LOUISA GOULIAMAKI/AFP/Getty Images)
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01:49 a.m.

Greek Prime Minister Alexis Tsipras has once more urged Greeks to vote against creditor proposals for reforms in exchange for loans in a referendum he has called for next week.

Parliament is now to vote on his motion for a referendum to be held. It is expected to pass, as his coalition government holds a majority of 162 seats in the 300-member parliament.

Speaking in parliament, Tsipras said the reforms proposed by Greece's creditor institutions - the International Monetary Fund, European Central Bank and European Commission, were an ultimatum and an insult.

"We exhausted every limit of concessions so there could be an agreement," Tsipras said. "Perhaps some saw that as a weakness."

He said the Greek people would vote against a deal on June 5.

"This no will also be a big yes, a big yes to the decision of the Greek government to reject an ultimatum that insults the Greek people."

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0:46 a.m.

Greece's main opposition New Democracy party has returned to parliament and the session has resumed to discuss the prime minister's call for a referendum on reform proposals suggested by the country's international creditors.

The Greek parliament is to vote on whether to accept Prime Minister Alexis Tsipras' call for a referendum on June 5. The proposal is expected to pass as the coalition government of Tsipras' radical left Syriza party and a small nationalist party holds 162 seats.

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0:10 a.m.

Greece's main opposition New Democracy party has walked out of parliament during a tumultuous debate on the prime minister's call for a referendum on creditors' reform proposals, over a dispute with the parliament speaker.

The country's 300 lawmakers are to vote on whether to accept Prime Minister Alexis Tsipras' call for a referendum on June 5. The proposal needs 151 votes and it is expected to pass as the coalition government of Tsipras' radical left Syriza party and a small nationalist party holds 162 seats.

New Democracy head Antonis Samaras walked out during the heated debate after a bitter dispute with parliament speaker Zoi Konstantopoulou, whom he accused of violating parliamentary procedures. Konstantopoulou is a Syriza lawmaker, and has frequently been criticized for not remaining impartial in debates as her role requires.

Tsipras called for the ND lawmakers to return so the debate could be concluded and the vote held. It was unclear, however, whether they would return.

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9:45 p.m.

Ireland's Finance Minister Michael Noonan says he is confident that the euro currency will stand strong despite the setback with Greece.

He says the eurozone nations' "assessment was that we are in a much better situation than we were following the collapse of Lehman Brothers, when Europe was ill-prepared."

He adds that "there's no level of anxiety" among the euro partners.

But Noonan was concerned about developments in Greece, where people are queuing at banks and fuel stations.

"It's not I think a question of waiting to see what might happen on Monday in terms of crisis - the crisis has commenced," he told reporters as he left a eurozone meeting.

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9:40 p.m.

In the end, Luxembourg Finance Minister Pierre Gramegna said Greece gave the other eurozone ministers no choice but to vote against extending the bailout program for Greece, a move which sent Athens toward an uncertain financial future.

Gramegna said that "the Greek decision to so suddenly announce a referendum without warning its partners has not only surprised everyone but also shocked confidence." He spoke after two eurozone finance ministers' meetings, one with Greece and one without it.

He said displeasure increased when late Friday, "the Greek delegation left the table in the middle of negotiations when the prime minister decided on a referendum."

"Thirdly, and perhaps the most dramatic element, was the Greek announcement to advise its people to vote against the European package that was not even finalized."

Greece's bailout program ends Tuesday. It had sought an extension to be able to have a referendum on July 5 on whether to accept the creditors' bailout proposals, and recommended Greeks to vote against them.

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9:15 p.m.

The eurozone's top official says the door remains open for more talks with Greece, even though the country's government insisted that the international creditors had issued an ultimatum that forced it away from the negotiating table.

Jeroen Dijsselbloem, the president of the eurogroup meetings of finance ministers, said "it was not the institutions that walked away from the last talks last night. It was not us that said the talks have come to an end in a negative way, it was the Greek government."

He spoke after 18 of the 19 finance ministers from the eurozone met, excluding Greece.

Dijsselbloem said there are options left in the coming days, before Greece's bailout program expires after June 30 Greece holds a referendum on the bailout proposal on July 5.

"The process has not ended. It will never end, probably, and we will continue to work with Greece," Dijsselbloem said.

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7:50 p.m.

Finance Minister Michel Sapin says France is ready to immediately become a go-between between Greece and its international creditors to avoid a further collapse of the bailout negotiations and find a belated agreement.

The finance ministers of the eurozone on Saturday refused to grant Greece a one-month extension to its bailout program, bringing Greece closer to being unable to make debt payments due as soon as Tuesday. Greece rejected a proposal from international creditors on reforms needed to keep bailout funds coming.

"France is available today, tomorrow, the day after, as from the start, to be a go-between to find an agreement that is solid," Sapin said. "I say it with conviction: France is today ready to make sure that at any time the dialogue can resume."

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6:10 p.m.

Greece's finance minister says there is still a chance his country could reach a bailout deal with creditors, despite the latest breakdown in talks.

Eurozone finance ministers on Saturday rejected Greece's request for an extension to its bailout program so that it could put the creditors' bailout proposals to a popular vote July 5. Greece's bailout program expires on Tuesday and it is unclear whether it can support its banks after that date without a deal with creditors.

Yanis Varoufakis says the eurozone finance ministers would continue their meeting without Greece on Saturday night to evaluate the consequences of the recent decisions.

He told reporters, however, that there is still the "possibility of negotiating through the day and through the night and through the day ahead of us in the coming days to improve the agreement."

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5:40 p.m.

The eurozone's top official, Jeroen Dijsselbloem, says the bailout program for Greece will expire on Tuesday. The country had requested an extension so that it can hold a referendum July 5 on the reform program demanded by creditors.

Without a bailout program, it is uncertain whether Greece will be able to continue to receive emergency support for its banks.

Dijsselbloem said Saturday at the end of a eurozone finance ministers' meeting that "however regretful, the program will expire on Tuesday night. That is the latest stage we could have reached an agreement, and it will expire on Tuesday night."

After Greek Finance Minister Yanis Varoufakis left, the 18 remaining ministers are to continue talks in an informal session to see what action to take to assure the continued stability of their shared currency.

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5:25 p.m.

The finance ministers of the eurozone have rejected a Greek request to extend the deadline of its bailout program until after a planned July 5 referendum.

Two eurozone officials, who spoke only on condition of anonymity because the decision was not yet officially announced, said the finance ministers would continue meeting in an informal session without Greek Finance Minister Yanis Varoufakis.

One official said there could not be an extension of the program now because there was no basis for cooperation. Many among the 19 eurozone ministers said that they were surprised and disappointed by the announcement of Prime Minister Alexis Tsipras to seek a referendum.

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2:50 p.m.

German Finance Minister Wolfgang Schaeuble says that by calling for a referendum on the creditors' proposals to keep Greece solvent - and by advising Greeks to reject them - the country appears to have ended the negotiations on its bailout program.

Schaeuble said as he arrived at a meeting with other eurozone finance ministers that "the negotiations apparently have been declared at an end" by Prime Minister Alexis Tsipras. Schaeuble said that "if I understood correctly ... we now have no basis for further negotiations."

He was looking forward to hear what his Greek counterpart Yanis Varoufakis would have to say about the latest developments. "We'll see what he says. With Greece, apparently you must never rule out surprises," Schaeuble said. "But to be honest, none of the colleagues I spoke to beforehand sees any possibility for what we can do now."

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2:35 p.m.

Finland's finance minister, Alexander Stubb, warns that Greece's referendum announcement has forced eurozone nations to assess other options if the bailout talks fail.

The referendum decision would require Greece's creditors, which include eurozone states, to extend the country's bailout program by a few days.

He says that "there is pretty much a consensus inside the eurogroup that we cannot extend the program as it stands," he said. "Consequently I would argue that Plan B becomes Plan A," he said, without elaborating.

(This item has been corrected to show that Stubb did not specify that the eurozone should discuss Greece's exit from the euro.)

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2:20 p.m.

The EU's economics and monetary affairs chief, Pierre Moscovici, says the differences between Greece and its creditors can be bridged, and he emphasizes the importance of Greece remaining in the 19-nation euro bloc.

He said before a eurozone finance ministers' meeting Saturday that "proposals are on the table. These proposals are favorable to Greece, favorable to the Greek people."

The Greek government has called for a referendum to be held in a week on the creditors' proposals for reforms in exchange for loans. It has urged the people to vote against the deal, leaving open what would happen to the country in such a case.

Moscovici added: "I see that there are differences, but the differences are quite limited, and they are identified."

"The place of Greece is in the eurozone and we are working on that."

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2:15 p.m.

The head of the International Monetary Fund says that Greece's rescue creditors "will continue to work" for a deal to save the country - even though Athens called for a referendum and advised Greeks to reject the proposals of international creditors.

Christine Lagarde says that the creditors "always showed flexibility to adjust to the new political and economic situation in Greece," thus rejecting claims from Greek Prime Minister Alexis Tsipras that his country was facing an ultimatum.

But Lagarde insists Greece needs to do more. "It requires a balanced approach, on the one hand there has to be structural reforms, deep ones, to change the Greek economy, to make it more productive, more efficient so that it generates growth and jobs."

Once that's done, "it requires financial support" from the international partners.

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2:10 p.m.

The eurozone's top official, Jeroen Dijsselbloem, says that Greece has closed the door on further talks to end the standoff with its creditors because it called for a referendum on the proposals of the creditors, with an advice to reject it.

He said before entering a eurozone finance ministers' meeting Saturday: "I am very disappointed. After our last meeting, the door on our side was still open, but that door has closed on the Greek side."

Greece has a debt repayment on Tuesday it cannot afford and its bailout program expires the same day. To be able to hold a referendum on July 5, as it has called for the Greek government would need an extension to the bailout program from its creditors. It would also need continued support for its banks from the European Central Bank.

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1:25 p.m.

The Netherlands cautions against granting any more time to Greece, which faces a debt deadline on Tuesday, when it has a 1.6 billion euro ($1.8 billion) repayment to make and its bailout program expires.

Dutch state secretary Eric Wiebes said before the start of a eurozone finance ministers' meeting: "I see no reason for delay. The positions are very clear. We have known the deadline for four months."

Greek Prime Minister Alexis Tsipras has called for a referendum on the creditor's bailout proposal on July 5, well after the country's debt deadline. He even advised Greeks to not accept the proposal, leaving it unclear what the country's prospects would be in such a case.

Wiebes stressed that those involved in the talks must "consider a deadline as a deadline."

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1:15 p.m.

The head of a major German economic think-tank says the only way Greece could stay in the eurozone if Greeks reject reform conditions in a popular vote next week would be for creditors to agree to debt relief and Greek banks to be rescued without outside help - largely by customers forfeiting part of their deposits.

Clemens Fuest of the Center for European Economic Research says that "that is not practically workable."

As Greeks withdraw money from cash machines, the banks are under increasing financial strain. So far, the European Central Bank is supporting the Greek banks by allowing them to draw on emergency credit.

Fuest says that, unless Greece puts limits on money withdrawals and transfers, the ECB will face the choice on Monday of accepting the collapse of Greek banks or further expanding the emergency credit.

Fuest says that "only with capital controls from Monday can Greece be given time until July 5 to hold a referendum on the rescue program."

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11:50 a.m.

Germany's vice chancellor says that a Greek referendum on the bailout talks could in principle make sense, but notes that it should be clear to voters what they will be deciding on.

Sigmar Gabriel told 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's really clear that they are voting on a program that has been negotiated, it could make sense."

The agenda of the Greek Parliament showed the referendum would be on a proposal of reforms that creditors offered to Greece on Thursday. Should Greeks reject the proposal, it is unclear what Greece's options would then be.

Gabriel added: "There must be a clear program. And what he (Tsipras) would like - for Europe to send 20 or 30 billion in aid programs to Greece, but without any conditions - Europe cannot accept."

He said that "Europe is offering a great deal" and that "many of the tough measures that were being debated at the beginning are off the table."

He pointed to EU efforts to invest in growth, softening the previous focus on austerity.

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11:30 a.m.

The Greek Parliament will open a debate at noon local time on whether or not to approve the government's planned referendum on the creditors' latest proposal for a bailout.

The Parliament has posted Saturday's agenda on its website, saying it will vote on the referendum at about 7 p.m.

It says the July 5 referendum announced by Prime Minister Alexis Tsipras late Friday will be on whether voters approve or reject the bailout proposal submitted by Greece's creditors Thursday.

The proposal, according to Parliament's agenda, is made up of two documents: one called "Reforms for the completion of the Current Program and Beyond" and another called "Preliminary debt sustainability analysis."

Aside for the issue of making these documents accessible to all voters, the Parliament must also deal with a likely contingency of creditors withdrawing those proposals at the Eurogroup meeting later Saturday.

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