Euro currency union

Greece's future in balance as creditors reject aid extension

After five months of fruitless negotiations, relations between Greece and its creditors crumbled further Saturday after Prime Minister Alexis Tsipras stunned them by calling for a referendum on the proposed reforms needed to get bailout loans.

The radical left-wing leader accused the creditors of using blackmail and ultimatums against his proud but struggling people. European officials called his move for a vote a foolish and rash gambit that effectively ended negotiations to keep Greece financially afloat.