Eurozone crisis

Yanis Varoufakis, who was forced to resign as a condition for concluding a financial rescue deal, says the latest austerity program will "go down in history" as a disaster.

News reports say the new proposal accepts the tough austerity measures demanded by Greece's European partners but also includes a debt write-off, which Germany has opposed.

Yanis Varoufakis railed against the terms imposed on Greece by its creditors and his negotiating partners. In his resignation letter, he said he "shall wear the creditors' loathing with pride."

Prime Minister Alexis Tsipras was elected on the promise of renegotiating the regimen of austerity imposed on Greece by its creditors. And Europe warned him it expected Greece to repay its debts.

Prime Minister Alexis Tsipras insisted a rejection of creditors' proposals for a bailout did not mean Greece would leave the eurozone. Greece officially missed a loan payment to the IMF.

The Greek government, as expected, didn't make the payment that was due Tuesday. It's asking its international creditors to provide more cash, while easing up on austerity demands.

A crowd-funding effort to get the $1.8 billion Greece needs to make a loan payment to the International Monetary Fund has so far raised $124,569. Donors get gifts ranging from salads to gift baskets.

They say a rejection of bailout terms would mean leaving the eurozone. The Greek government has urged its citizens to vote "no." The country is one day away from failing to make an IMF loan payment.

Greek officials announced that they would close banks until July 6 in efforts to stanch a run on the euro.

Germany says that there will be no more negotiations after the Greek premier called for a nationwide referendum on a bailout plan. Meanwhile, fearful Greeks are withdrawing their euros.