Greek drama: Will the people survive financial crisis?

ATHENS -- The Greek government missed a midnight deadline for a debt payment to the International Monetary Fund -- and asked for a third bailout. World markets are keeping an eye on the worsening financial crisis, for fear it may spread in Europe.

Greece could soon, quite literally, run out of money. The government has closed the banks and limited withdrawals to just under $70 a day.

Like many here, Contralis Charalambos has had his pension slashed. Without a debit card, he told CBS News he's now penniless.

Markets on edge as Greece faces debt default

"I have been hungry from yesterday," Charalambos said. "I have not eat from yesterday!"

Greece has been bailed out twice in the last five years. But in return for more than $250 billion in loans, foreign creditors demanded steep tax hikes and cuts to government salaries.

But after six years of austerity, Greece has had enough.

Greek Prime Minister Alexis Tsipras has called a referendum for this Sunday, a popular vote on whether to accept more tax increases and spending cuts. International creditors say without them, there'll be no more loans.

The people of Athens are proud their city was the world's first democracy. In this Athenian market, fishmonger Paris Klonis told CBS News the power of Greece's foreign creditors is simply undemocratic.

Greek PM: We will not pay debts

"We live like slaves and something has to change with our country," Klonis said.

But in Athens on Tuesday, tens of thousands of Greeks rallied in support of a yes vote. Alex Argyros, an investment banker, said if Greece defaults on its loans the consequences will be catastrophic.

"Poverty, social unrest, people on the streets and a lot of uncertainty," Argyros predicted.

He said if the referendum is voted down, "Most likely, if I have the ability, I'll make sure to leave the country."

The Greek government is gambling that its creditors won't allow Greece to default on its loans and will soften some of their demands.

But if Greece miscalculates, it could end up bankrupt and also be forced to leave the single European currency -- sparking financial losses around the world.