Eurogroup ministers expect 'new proposals' from Greece

Eurogroup ministers expect fresh reform proposals from the Greek government in talks on Tuesday, a statement said on Monday, a day after Greeks overwhelmingly rejected terms demanded by creditors.

"The Eurogroup will discuss the situation following the referendum in Greece that was held on 5 July 2015. Ministers expect new proposals from the Greek authorities," said the statement from the Eurogroup, which includes the 19 finance ministers from countries using the single currency.

The ministers will meet at 1100 GMT on Tuesday, hours before leaders from the eurozone nations meet in an extraordinary summit to decide the next way forward after the referendum.

Late Sunday, Eurogroup head and Dutch Finance Minister Jeroen Dijsselbloem called the victory of the 'No' vote "very regrettable" with Greece's place in the eurozone in jeopardy.

Eurozone ministers on Monday reacted strongly to the shock vote result, with hardliners insisting that any initiative to solve the crisis must come from the far-leftist government in Athens.

"The ball is now in Greece's court," wrote Finland's finance minister, Alexander Stubb on his personal blog.

"No matter what happens next, the consolidation of the country's economy will require extensive reforms," he added.

Spain meanwhile held a more conciliatory line with Economy Minister Luis de Guindos leaving the door open for talks on a third bailout despite the broken down negotiations with Greece.

Greece "has the right to ask for a third rescue package. The Spanish government is open to these negotiations," he said.