Greece slipped deeper into a financial abyss after defaulting on a loan from the International Monetary Fund. Now the question is whether Greece will remain in the eurozone. But there may be a ray of hope.
Panic stricken Greeks mobbed banks that opened Wednesday, especially for pensioners who don't have bank cards, to allow them some access to their money.
"The situation is miserable. It's going from bad to worse. We don't know what is awaiting us tomorrow," a pensioner named Dora said.
Nikolaos Agonatos, a 62-year-old pensioner, said, "I don't have a lot of money, but I have to buy medicine because I need it."
Another Greek resident, 82-year-old Gioanis Vidasis, called the situation a "catastrophe."
"I made money; I sent my children to the best schools, and today they are starving," he said. "They speak five languages each."
After Greece made a last-ditch effort to extend its bailout, eurozone finance ministers decided late Tuesday night that there was no way they could reach a deal before the deadline, making Greece the first developed country to default on a loan from the IMF.
Meanwhile, all around the European Union, nations are holding their breath, hoping this does not become what the bank of Greece warned could be an uncontrollable crisis.
"It's very painful for the Greek people and it can have a significant effect on growth rates in Europe. And if Europe's not growing the way it needs to grow, that has an impact on us," President Barack Obama warned.
But there now may be a ray of hope.
The Financial Times has obtained a leaked letter from Greece's government to eurozone officials that appeared to show Athens is ready to concede to creditor demands over new bailout terms.
Eurozone finance ministers were preparing to hold a conference call.
A referendum had been scheduled for Sunday over whether Greece will stay in the European Union. But in another surprise move, the government hinted that it might be open to calling off the popular vote.
European officials and Greek opposition parties have been adamant that a "no" vote on Sunday will mean Greece will leave the euro and possibly even the EU.
But for ordinary Greeks, whether their country leaves or stays, the worst has already happened.
"Things remain the same," one taxi driver observed. "It's just chaos. I think things will get better. I personally will vote 'no' in the referendum because either way I'm ruined. It can't get any worse for me."
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