Will Greece leave the Eurozone? Crunch time as Greeks heads to the polls in bailout referendum

 
Lynsey Barber
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Polls suggest the referendum is too close to call (Source: Getty)

Greece will today head to the polls to vote in a referendum which could send the country tumbling into financial disaster and plunge the Eurozone into turmoil.

Greeks will vote on whether or not to accept the terms of a new bailout deal which demands austerity measures including VAT rises and pension cuts.

The surprise referendum called by Greek Prime Minister Alexis Tsipras who is urging Greece to vote against the deal, will see millions head to the polls days after the country's existing bailout expired.

Read more: Greek banks prepare to trim clients' savings

Campaigners for and against have held a series of rallies ahead of the vote while the relationship between Greece's politicians and European leaders has grown increasingly tense after months of protracted, and ultimately unsuccessful, negotiations to prevent Greece defaulting on its debts.

The country's official bailout with the International Monetary Fund (IMF), European Commission (EC) and European Central Bank (ECB) expired on Tuesday and debt repayments to creditors were not made.

Tsipras casts his vote in today's referendum (Source: Getty)

Greek finance minister Yanis Varoufakis, who has promised to stand down if Greece votes Yes, yesterday accused its creditors of "terrorism". He also said that banks in Greece, which have been closed for a week and limits on ATM withdrawals imposed, will reopen on Tuesday whatever the outcome.

Read more: Even pro-Europeans admit the Greek crisis has been disastrous for the EU

Meanwhile, German finance minister Wolfgang has suggested that if Greece were exit the Eurozone as a result of today's vote, it would only be temporary.

Another senior figure in Europe, EC president Martin Schulz has warned Greece of the risk of its public services collapsing, including health, power and transport.

The result of the referendum, which polls have suggested is too close to call, is expected to be declared later on Sunday evening.

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