Tuesday 07 July 2015 7:34 am

European Commission President Jean-Claude Juncker: Greek referendum was “irrelevant circus”

European Commission President Jean-Claude Juncker has dismissed the country's referendum result as an "irrelevant circus" because it was based on an illegitimate question.

"We are told we must respect the Greek people's vote," he told MEPs. "The people of Greece have spoken and I would like to understand what they have said."

Juncker – who last week complained that he felt "betrayed" by Tsipras – added: "I am told it is not a "no" to Europe; it is not a "no" to the euro; it is certainly not a "no" to the document because it is not on the table any more."

Greek Prime Minister Alexis Tsipras was today preparing for the fight of his life after European leaders gave him a last chance to present bailout proposals.

Tsipras was due to present proposals to a meeting of Eurozone leaders. As he entered the meeting today, Jeroen Dijsselbloem, head of the Eurogroup of finance ministers, which will also meet today, said the group was awaiting "credible" proposals.

"We await the new proposals and see if they are credible," he said.

Earlier today, German newspaper Sueddeutsche Zeitung reported that Tsipras' new plan leaves a contentious VAT rebate for Greek islands in place, as well as leaving VAT for restaurants at 13 per cent.

Other finance ministers entering the meeting were cautious about the chances of achieving a deal – although Spain's Luis de Guindos pointed out that "I don't think Grexit is a solution anyone wants".

So far, reactions from European markets have been moderate, with the FTSE 100 falling 0.17 per cent, the Dax falling 0.8 per cent and the Cac 40 falling 1.2 per cent in lunchtime trading. The euro was down 0.8 per cent at $1.0966.