Withdrawal from the European Union

European Commission President Jean-Claude Juncker and European Parliament President Martin Schulz expressed opposition to Greece leaving the eurozone.

Juncker, who spoke in front of the European Parliament in Strasbourg on Tuesday, said that he is against Grexit and such a development should be clearly avoided.

With 14.59% of votes reported, the 'No' camp in Greece's bailout referendum on Sunday led at 60.24%, according to official partial national results.   

The outcome of Sunday's referendum in Greece on the bailout proposals made by the country's international lenders is too close to call, opinion polls suggest.

German Finance Minister Wolfgang Schaeuble said on Monday during a private conversation with three people who wished not to be identified that Greece would stay in the euro for the time being even if Greek voters rejected austerity in a referendum on July 5.

Standard & Poor’s rating agency cut Greece’s credit grade by one notch further into junk status amid the country’s deteriorating financial situation. The agency says it now sees a 50-percent chance of Greece leaving the eurozone.

Greece's left-wing government plans to ask the country's citizens on Sunday whether to accept or reject the demands of its creditors for extended bailout funding needed to avert a default.

Italian Prime Minister Matteo Renzi said Monday that Greeks will be effectively voting on whether to stay in the euro in Sunday's referendum on bailout conditions set by the country's creditors.

Greece's government "made people [in the country] imagine wrong things after last Friday's discussions," EU Commission President Jean-Claude Juncker has said.

In a press conference aired live, he has insisted Greeks deserve to know the truth about the bailout proposals put forward by lenders last week.

Spanish Economy Minister Luis de Guindos said Monday he expects Greece will be able to reach an agreement with its bailout creditors before Tuesday night when its existing aid programme ends.