A Eurogroup statement said Greece had broken off negotiations over a new bailout deal “unilaterally”.
Late on Friday, Greek PM Alexis Tsipras called a surprise referendum for 5 July over the terms of any new deal.
Greece has to pay €1.6bn (£1.1bn) to the IMF on Tuesday. Without new funds, there are fears Greece may leave the euro and its economy may collapse.
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Eurogroup head Jeroen Dijsselbloem said finance ministers would reconvene to discuss the consequences of the latest developments, and “prepare for what’s needed to ensure the stability of Eurozone remains at its high level”.
It would be up to the European Central Bank (ECB) to decide whether to continue providing emergency liquidity funding to the Greek banking system, he added.
The ECB said it was “closely monitoring developments” and would hold a meeting in due course to discuss the situation.