Euro zone ministers have were adamant that no further discussions would be held until after Sunday's vote. However, a funding lifeline to Greece was extended.
German Chancellor Angela Merkel told her Christian Democrat (CDU) party that she ruled out further negotiations with Greece ahead of Sunday's referendum in which the Greek people to decide on the terms of the latest bailout.
European Union commissioner chief Jean-Claude Juncker thinks a 'No' vote in Sunday's Greek bailout referendum would be akin to the nation "commit[ing] suicide."
Meanwhile, there was some positive news for Greece from the European Central Bank on Wednesday, as the banks's Governing Council decided not to pare back a funding lifeline currently allowing Greeks to withdraw money at the ATM and to receive pensions. Any tightening of the Emergency Liquidity Assistance ceiling would have forced Greece to lower its 60 euro-per-day limit on cash withdrawals.
VOTE SCENARIOS
Yes / Ναι
*If Greece votes 'Yes' it will be a signal to the rest of the eurozone that the Greek people wanted to stay part of it.
*Talks with the eurozone and the IMF can begin again but most probably without Alexis Tsipras, the prime minister.
*A "Yes" vote would likely prompt his resignation months after the leftist Syriza party came to power with an anti-austerity mandate.
* A general election would follow.
*But even if a pro-EU centrist alliance were to prevail in a general election, the new government will have to apply for a new bailout with its EU/IMF creditors.
No / Όχι
*If Greece votes 'No' the country is immediately faced with the collapse of its banks, which will have to remain closed indefinitely thus creating a downward spiral.
*If the ECB is to cut off all support for Greek banks withdraws emergency support, Greece would return to its pre-euro currency, the drachma, suffer instant devaluation and inflation and there would be a banking crisis.
*Greece will not be able to pay back euros 3.5 billion to the ECB on July 20. That default will lead to exit from the euro.
COULD GREECE REMAIN IN THE EURO AFTER A 'NO' VOTE?
Greek Prime Minister Alexis Tsipras has rejected repeated warnings from European partners that the referendum would effectively be a vote on whether Greece stays in the euro or returns to the drachma.
"A 'No' vote is a decisive step toward a better agreement that we aim to sign right after Sunday's result," Tsipras said.
According to Reuters even if negotiations do restart after the referendum, Germany and others made clear that any talks on a new program would have to start from scratch with different conditions.
Greek Finance Minister Yanis Varoufakis told state television that if Greeks vote to reject creditors' proposals in Sunday's referendum a deal would then swiftly follow, even as early as Monday, and the capital controls would go.