Euro-zone nations will hold an emergency summit on Tuesday to discuss the Greek referendum No result after the German and French leaders called for a meeting, EU president Donald Tusk said. The special meeting comes as Brussels reels with the implications of what the head of the Euro-group of finance ministers from the 19-country block, Jeroen Dijsselbloem, called a very regrettable decision.
Shares on European stock markets have fallen amid reports that senior EU officials have discussed a possible Greek default for the first time. The Athens stock exchange closed on Friday nearly 6% lower. Germany's Dax and France's Cac 40 ended more than 1% lower. Shares also fell in the US, with the Dow Jones index dropping 0.8%.
Finance ministers from the Euro-zone have asked Cyprus to reduce the burden on small investors from a proposed levy on savings, linked to a bailout. Plans for a one-off tax of 6.75% on savings up to 100,000 Euros have outraged Cypriots.
Dutch Finance Minister Jeroen Dijsselbloem has been elected as the new head of the Euro-group, replacing the outgoing Jean-Claude Juncker. The 46 year-old, who has been head of the Dutch Finance Ministry for two months, was expected to take over.