Brussels, July 6 (IANS): Heads of European institutions, in particular the European Commission (EC), the European Council, the Eurogroup and the European Central Bank (ECB), held a teleconference on Monday morning to discuss the Greek situation in light of the country's "No" vote in Sunday's bailout referendum.

Presidents Jean-Claude Juncker of EC, Doland Tusk of the European Council, Jeroen Dijsselbloem of the Eurogroup and Mario Draghi of the ECB took part in the meeting, Efe news agency reported.

Juncker said he respected the decision of the Greek citizens, and explained the democratically elected leaders of the 18 countries of the Eurozone had been talking since Sunday night.

The matter will be further addressed on Tuesday before the European Parliament in Strasbourg, France, according to the EC president.

Meanwhile, Dijsselbloem said that the result of the Greek referendum has been noted.

"This result is very regrettable for the future of Greece. For recovery of the Greek economy, difficult measures and reforms are inevitable. We will now wait for the initiatives of the Greek authorities. The Eurogroup will discuss the state of play on Tuesday, July 7," he added.

The Euro Working Group, including the heads of Treasury and deputy ministers of economy and finance of eurozone countries, are scheduled to meet on Monday in Brussels.