On Saturday, after Greece refused to accept the Eurozone's latest proposal, European finance ministers rejected the troubled nation's request for a one-month bailout extension."Regrettably, despite efforts at all levels and full support of the Eurogroup, this proposal has been rejected by the Greek authorities who broke off ... negotiations," a statement from the finance ministers said
Greece faces a hard deadline on Tuesday for making a payment to the International Monetary Fund, one of its main bailout lenders. If it doesn't make that payment, Greece will become the first developed country to default on the IMF.
The brinkmanship took a sharp turn on Friday, when the Greek government threw out the bailout proposal from its international creditors.
The latest developments put the country's future in the euro on the line.
After weeks of talks, Prime Minister Alexis Tsipras said he could not accept the terms being offered by Europe and the IMF. He said he would recommend that Greeks vote against them in a referendum on July 5.
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