Greek prime minister Antonis Samaras has announced a snap presidential election after it was revealed the country will not receive its last bailout payment.
The FT reports Samaras has pushed forward the election by two months after eurozone ministers decided Greece had not carried out the reforms required for the final €26bn payment of the €245bn bailout package.
The four-year rescue package was put up by the International Monetary Fund, the European Central Bank and the European Commission.
The presidential election, which will determine a replacement for Karolos Papoulias, will now be held on 17 December.
Voted on by MPs, prime minister Samaras needs to secure support from 180 parliamentarians, however he can count on just 155 party members.
He hopes to count on 25 or more votes from a collection of smaller parties and independent MPs. If he is unsuccessful, he will have to call a snap general election.
He would lose to the radical, left-leaning Syriza Party, if current popularity polls play out.