Greek government calls referendum on creditors proposals

FXStreet (Córdoba) - After holding an emergency meeting with its cabinet last night, Greek Prime Minister Alexis Tsipras make an appearance in national television and announced that Greece would hold a public referendum on Sunday July 5th on whether Greece should accept austerity demands from international lenders.

The surprise move means that popular vote will determine the future of Greece in the Eurozone after rejecting an “ultimatum” from lenders on Friday.

"Our responsibility is for the future of our country. This responsibility obliges us to respond to the ultimatum through the sovereign will of the Greek people," Tsipras said in a televised address to the nation after midnight.