On 26 June the Greek authorities decided to reject the proposals by the institutions (the European Commission, the European Central Bank and the International Monetary Fund) for Greece’s reforms plan. The plan, which has been negotiated since February, is a precondition to unlocking the remaining financial assistance for Greece under the current arrangement.

The Greek government decided to call for a referendum on these proposals. It is expected to take place on Sunday, 5 July 2015, after the expiration date of the current arrangement.

The current financial assistance arrangement with Greece expires on 30 June 2015. All other arrangements related to Greece’s current programme, including transfer by euro area member states of securities markets programme (SMP) and agreement on net financial assets (ANFA) profits expire on the same date.

In a statement issued after the first part of the meeting, 18 Eurogroup members regret that the proposal by the institutions has been rejected by the Greek authorities unilaterally.

The ministers of 18 euro area member states continued the discussion on the further steps following the breakdown of negotiations between the institutions and the Greek authorities.

In the statement issued following the discussion, ministers concluded that the euro area intends to make full use of all the instruments available to preserve the integrity and stability of the eurozone. These instruments will complement any actions that the European Central Bank may decide to take.

Ministers stand ready to take decisive steps to further strengthen European Monetary Union.

The Eurogroup will monitor closely the economic and financial situation in Greece. The Eurogroup is ready to reconvene whenever necessary.

Ministers agreed that the euro area member states will assist and support Greece and the Greek people as required, following the expiration of Greece’s current financial arrangement with the European Financial Stability Facility.