THE WAIT BEGINS: Germany says there will be no more Greek bailout talks before the July 5 referendum

REUTERS/Hannibal Hanschke

German Chancellor Angela Merkel to Greek Prime Minister Alexis Tsipras: "No more talking."

According to German chancellor Angela Merkel, there will be no new talks between Greece and its creditors between now and its July 5 referendum, Bloomberg reports.

Last Friday, Greek prime minister Alexis Tsipras called a surprise referendum to vote on the proposed bailout terms presented by Greece's creditors for a bailout extension.

Greece's current bailout program ends today, and indications are that Greece will not be paying the 1.6 billion euros it owes to the IMF. Greece's current bailout program runs out at midnight.

Over the weekend, Greece instituted capital controls and closed its banks and stock market through the weekend to stem the flight of cash from the country.

Earlier on Tuesday, Greece proposed a 2-year bailout extension to the European Stability Mechanism. This proposal sought to have Greece's financial needs met and funding ensured so Greece could meet both its internal and external debt obligations.

This latest proposal did not detail reform measures. Later on Tuesday, the Eurogroup is scheduled to have a conference call meeting to discuss the proposal.

We'll see how this turns out, but it looks like unless this 2-year extension is approved - which seems like a longshot, given how sparse Greece's latest proposal was - we may not have too many more developments until the weekend.

You can check out Business Insider's complete coverage of the Greece saga here »