Although hopes for a positive outcome in Greece were buoyed by news that Greek politicians had come to an agreement on austerity measures yesterday, that enthusiasm has quickly vanished.

Eurozone finance ministers rejected the deal in its current form, saying that it still didn't go far enough to cutting down Greece's unsustainable public debts.

German Finance Minister Wolfgang Schaeuble estimated that Greece's public debt could remain as high as 136% of GDP in 2020 according to Bloomberg, despite strict stipulations that Greece bring its public debts down to 120% by that year.

Markets are sour, the euro is diving, and suddenly the picture no longer looks rosy in Greece.

We'll keep you up to speed throughout the day right here with all the latest news coming out of Greece. Refresh for updates.

UPDATE (8:25 AM ET): Violence has broken out again, with hooded youths throwing stones and police firing grenades in Syntagma square. This comes as workers begin a 48-hour strike sponsored by the country's two large umbrella unions.

UPDATE (8:33 AM): Greek cabinet members will meet at 1 PM EST on whether to endorse those measures. Despite fissures in the ruling coalition, they are likely to go through with this.

UPDATE (8:41 AM): This photo from Associated Press shows petrol bombs exploding outside the Finance Ministry today.

UPDATE (8:53 AM): LAOS party leader George Karatzaferis said he can't agree to the new austerity agreement. According to AMNA news, ministers from that party have submitted their resignations to the prime minister's office.

UPDATE (9:02 AM): Reuters reports that Greece's police union wants to arrest EU and IMF officials for their austerity demands. It obtained a copy of a letter from the Federation of Greek Police outlining this anger:

"Since you are continuing this destructive policy, we warn you that you cannot make us fight against our brothers. We refuse to stand against our parents, our brothers, our children or any citizen who protests and demands a change of policy...We warn you that as legal representatives of Greek policemen, we will issue arrest warrants for a series of legal violations ... such as blackmail, covertly abolishing or eroding democracy and national sovereignty."

The threat is more symbolic than realistic, the report says, since a judge would have to first authorize any warrants.

UPDATE (10:30 AM): This AP photo has garnered some attention, as it demonstrates Greek anger towards new austerity demands from the German-led troika.

UPDATE (10:40 AM): According to the Guardian, there are rumors now that another Greek minister has quit—this time Deputy farm minister Asterios Rodoulis. Some video of the protests and today's events is available on the Guardian's website.

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See Also:

• SURPRISE, SURPRISE: It Appears Greece Still Doesn't Have A Draft Of A Deal
• LIVE: Violence Breaks Out In Greece, Police Union Threatens To Issue Warrants For EU/IMF Officials
• FINALLY: A Draft Of The Greek Agreement With The Troika Is Out