European Council President Donald Tusk has scheduled a eurozone summit to take place on Tuesday following a referendum in Greece, where the overwhelming majority voted against the international bailout proposals and austerity.
"I have called a EuroSummit Tuesday evening at 18h (1600 GMT) to discuss situation after referendum in Greece," Tusk said on his Twitter account on Sunday.
The Eurogroup of eurozone finance ministers will gather on Tuesday before the summit in Brussels, said Michel Reijins, a spokesperson for head of Eurogroup Jeroen Dijsselbloem.
"Additional Eurogroup on Tuesday 7 July to prepare euro summit on Greece, starting time to be confirmed," he said on his Twitter account.
Germany and France requested the summit to take place following a "no" victory in Greece.
Greek citizens have overwhelmingly voted ‘’no’’ on Sunday to reject bailout propositions from its international lenders, showing defiance that may split Europe.
With over 90 percent of votes counted, official figures show that 61 percent of Greeks have dismissed the International Monetary Fund’s (IMF) bailout propositions and harsh austerity measures in a nation-wide referendum.
For millions of Greeks, the outcome is a furious response to the creditors who imposed harsh austerity measures that has led to Greece receiving two massive bailouts worth over 240 billion euros and the current situation pointing to another economic contraction. Unemployment has doubled since 2009 and sits at 25.6 percent, with pensions and benefits nearly halved over the course of the last four years.
Prime Minister Alexis Tsipras has condemned the price Greece has paid for creditor loans, referring to them as a form of ‘‘blackmail’’ and a national ‘‘humiliation.’’
Tsipras has reassured the eurozone ministers that the referendum vote was not a decision on whether Greece stays in the euro, adding that the result reflects the mandate of Greek citizens and it would lead them to pursue a viable solution rather than an altercation with Europe.
"I'm fully aware the mandate you gave me is not one of a rupture with Europe but a mandate to strengthen our negotiating position to seek a viable solution," Tsipras said.
The result delivers a massive blow to the European Union’s common currency zone and grand Euro project that was established 15 years ago, with possibilities of the a member of the eurozone dropping out for the first time.