We show that the equations of motion of an ideal fluid with a free sur
face due to inertial forces only can be effectively solved in the appr
oximation of small surface angles. For almost arbitrary initial condit
ions the system evolves to the formation of singularities in a finite
time. Three kinds of singularities are shown to be possible: the root
ones for which the process of the singularity formation represents som
e analog of the wave breaking; singularities in the form of wedges on
the interface; the floating ones associated with motion in the complex
plane of the singular points of the analytical continuation of the su
rface shape.