The Eurogroup is discussing the referendum that resulted in Greece’s rejection of the bailout terms on July 5 during a meeting to be held on Tuesday. The announcement –

The Eurogroup will discuss the situation following the referendum in Greece that was held on 5 July 2015. Ministers expect new proposals from the Greek authorities.

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The referendum was held after the Greek government unilaterally withdrew from ongoing negotiations with the institutions (the European Commission, the European Central Bank and the International Monetary Fund) on Greece’s comprehensive reform plan, foreseen under the agreement of February 2015.

Soon after the results, Eurogroup Chief Jeroen Dijsselbloem reacted to the results that were 61% in favor of rejection with the following statement:

I take note of the outcome of the Greek referendum. This result is very regrettable for the future of Greece. For recovery of the Greek economy, difficult measures and reforms are inevitable. We will now wait for the initiatives of the Greek authorities. The Eurogroup will discuss the state of play on Tuesday 7 July.