Greece and the eurozone face a week of political and financial uncertainty after the Greek prime minister's shock announcement of a referendum on the country's creditors' proposals to resolve its debt.
Greece's place in the single currency union now hangs in the balance as a result of a tumultuous weekend. Last-ditch talks between Greece and its lenders broke down, after Greek Prime Minister Alexis Tsipras surprised lenders late on Friday by announcing a referendum on the country's bailout and the reforms demanded by its lenders on July 5.
Although details of the measures they will actually be voting for or against are not yet public, Greeks are expected to vote on whether to accept the bailout measures offered by international creditors, which come with the strings of prolonged austerity measures attached, or to reject them and potentially leave the eurozone.
The president of the European Commission, Jean-Claude Juncker, hit back at Greece on Monday, telling a press conference in Brussels that the creditors' bailout proposals were "fair."
Juncker said that he felt "betrayed" by Greece and added that while he did not expect Greece to exit the single currency area, no country in the eurozone was worth more than any other. He emphasized that Greek citizens needed to have a clear picture of what was at stake in a referendum.
Earlier on Monday, EU Commissioner Pierre Moscovici refused to be pessimistic about the outcome of five months of wranglings over reforms between Greece and lenders. During an interview on French radio, he maintained a deal could still be found, despite the latest twist in the Greek saga.
Juncker said in his press conference that he had no new proposals for Greece, however.
This story originally appeared on CNBC.com