Greek Prime Minister Alexis Tsipras call a referendum to break the deadlock about the bailout.

Tsipras scheduled for July 5 referendum on the claims of foreign creditors to provide financial assistance.

He announced that the matter during the national consultation will be - do you take or reject the terms of the troika - the European Commission, the ECB and the IMF?

He rejected their "ultimatum" and set a risky vote of the people, the agreement with them, which can determine the future of Greece in Europe, Reuters quoted by BTA.

In the words of 40-year-old prime minister, the Greek Parliament will meet today at an extraordinary meeting to approve a referendum.

This happens after a week of intense negotiations in Brussels, where Tsipras rejected proposals to creditors as "blackmail".

"Our responsibility is to the future of our country. This responsibility requires us to respond to the ultimatum by the sovereign will of the Greek people," Tsipras said in a televised address to the nation in the early hours of today.

This call is the most dramatic twist in the long-running negotiations between Greece and its creditors because of experiencing severe financial difficulties the country is on the brink of bankruptcy and its future in the euro area is questionable.

Tsipras said that the proposals of creditors are in clear contradiction with the European social rules and with fundamental rights and that they will suffocate suffocating Greek economy.

Eurozone propose to unfreeze financial aid for Greece billions of euros if Athens agrees to introduce pension and tax reforms, which left the Greek government does not want to hear. It was elected in January, after promising to end the austerity.

Without financial assistance, Greece is expected to fall into default because payments amounting to 1.6 billion euros to be made on Tuesday to the International Monetary Fund.

So the country will be even closer to being forced to leave the euro, causing chaos in the economy and the financial markets.

Tsipras said that because of the referendum will ask you a few days to extend existing bailout program, which expires on June 30th.