Embattled Greek Prime Minister Alexis Tsipras will stand down after losing backing from his MPs over Greece's punishing new bail-out agreement and call for fresh elections next month.
Tsipras failed in his bid to defuse leftist opposition in parliament and consolidate support behind a tough, but unpopular, bailout program, media reports said.
The prime minister is expected to submit his resignation later in the day to clear the way for 20 September elections, Reuters and Bloomberg Business reported quoting an unidentified government official.
Tsipras, however, remains the popular politician in Greece, according to polls
Meanwhile, the ECB has now put out an official confirmation that Greece repaid a maturing bond today.
''The ECB confirms that all Greek government bonds maturing today and owed to the ECB and Eurosystem national central bank have been repaid by Greece.''
One man who will be backing Tsipras is Podemos leader Pablo Iglesias. He tweeted this a couple of days ago along the lines of, "no-one likes us, we don't care"
Tsipras will now inform Greek President and opposition parties of snap election
Today is officially day one of Greece's third "Memorandum of Understanding". Under the terms of the deal, the Greek parliament is expected to pass a series of reforms needed to continue meeting their obligations and securing the drip feed of emergency cash. The possibility of an election throws the process into turmoil.
Creditors are set to carry out their first official "review" of the programme in October - an assessment which is vital to secure the debt relief that both Athens and the IMF have long called for. But without a government in place for at least the next month, the passage of any new reform bills and legislative deals is in severe doubt.
Former finance minister Yanis Varoufakis, still a Syriza MP, has spent the last month lambasting the terms of the new Greek deal, providing a 60 page blistering annotation of the diktat on his personal website.
But, he's previously proclaimed his loyalty to Tsipras and current finance minister Tsakalotos, who he considers "good friends" and said he enjoys the life of a backbench MP.
Reports, meanwhile, said the radical Leftist wing of the Syriza party, who make up a third of the country's MPs, will announce a formal breakaway from Syriza later tonight. It is expected that former energy minister Paniogotis Lafazanis will lead the faction. He has consistently called on the government to reject the onerous bail-out terms of European creditors and called on his members to vote against the package in the Greek parliament earlier this month.
With Tsipras's meeting over, multiple media sources are now reporting that 20 September will be the date for the election.