The Greek government yesterday presented a last-minute proposal for a two-year agreement with the European Stability Mechanism (ESM) so as to fully cover its financing needs, combined with debt restructuring. "From the first we made clear that the decision to call a referendum was not the end but the continuation of a negotiation seeking better terms for the Greek people," an announcement from the office of the Prime Minister Alexis Tsipras said, adding that the Greek government will strive for a viable agreement within the euro up to the very end. The PM’s appeal however was rejected by eurozone finance ministers, hours before the existing bailout package expired at midnight.

A Eurogroup teleconference has been scheduled for today to discuss the state of play with Greece. Originally set to take place at 12:30 (Athens time), it has now been postponed until 18:30, at the request of several ministers, tweeted by Eurogroup head Jeroen Dijsselbloem’s spokesman.

Greece missed a €1.5 billion payment to the International Monetary Fund due last night, meaning the country goes into arrears and will only be able to receive further financing when these are cleared.