Eurozone finance ministers meet in Brussels this afternoon in search of a common response to the Greek crisis after voters rejected bailout conditions in a referendum.

Greece was urged by Germany and France yesterday to come to the table with proposals for a cash-for-reform deal.

However, analysts are wary that Greece could come up with substantially different proposals to the ones rejected by its creditors last week.

Emboldened by an overwhelming referendum result that rejected a previous deal, Greek Prime Minister Alexis Tspiras is likely to put debt relief back on the table.

So far, Greece’s creditors have ruled out any form of debt forgiveness but have expressed willingness to be flexible on repayment terms.

Unless Greece and its creditors bridge the differences, the Eurozone could very well be looking at a Grexit.

The meeting of finance ministers is scheduled for 1pm and will precede a meeting of heads of government that will take place at 6pm.

Meanwhile, Greek banks will remain closed today and tomorrow. Capital controls have remained tight, creating a more immediate problem for the Greek economy.

Eurozone leaders may have to discuss emergency funds to keep Greek banks afloat in the short term and humanitarian aid to assist the Greek people facing the hardship of a country on the brink of collapse.

SIMON BUSUTTIL'S STATEMENT

Opposition Leader Simon Busuttil called on the Prime Minister Joseph Muscat to redouble his efforts to safeguard Malta’s national interests.

“We are in an unprecedented situation in which, for the first time, a country is on the brink of the eurozone exit. Such an exit will have significant repercussions, not just on Greece, but for the entire zone, including Malta.

“I call upon the Prime Minister to redouble his efforts to protect our national interest. There is a lot at stake for us, both in terms of our dept exposure with Greece, as well as our interest as a Eurozone country,” Dr Busuttil said.