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A Greek official told CNN that the country’s banks, which have already been closed for two weeks, won’t open until Thursday.

Greek lawmakers have approved a government motion seeking authorization for reform proposals as a basis for negotiations for a third bailout in talks with global creditors this weekend.

Lawmakers in the Greek parliament overwhelmingly backed a package of economic reforms and further austerity measures, in the hope that it would convince European creditors to back a third bailout of the country.

However, the message that followed yesterday’s meeting of European officials was simple and uncompromising: July 12 will decide Greece’s fate.

During a late-night debate in Athens, Mr Tsipras acknowledged that the measures were a long way from the anti-austerity platform his party was elected on.

Still, support for gold and silver today reflects last night’s Fed minutes, which failed to provide a clearer picture on when the normalisation of U.S. monetary policy might begin.

“Whenever you see any kind of bank line, there is in the back of investors” mind the thought: “What if it spreads?” This may apply to us as individuals, but not to countries. First, the Greeks can never repay all their debts, not even in the rosiest...

The measures include tax rises, pension reforms, privatisation and spending cuts, Greek media say.

It is urgent to have these proposals so we can find a way out of this situation, ‘ said the German chancellor, Angela Merkel, after talks with her counterpart, the French president, François Hollande.

Greek Prime Minister Alexis Tsipras was expected to deliver new proposals, but European officials, including Malta Prime Minister Joseph Muscat, have confirmed that Greece failed to present any new proposals.

The ECB is now keeping Greek banks – and by extension the Greek economy – afloat via its Emergency Liquidity Assistance, or ELA, facility.

The finance ministers would then hold a conference call to discuss whether the request was viable.

“We say very clearly that the door for talks remains open and the meeting of euro zone leaders tomorrow should be understood in this sense”.

“In this context, the Governing Council decided today to adjust the haircuts on collateral accepted by the Bank of Greece for ELA“.

Eurozone finance ministers say they expect to hear new proposals from Greece after the country voted to reject the terms of an worldwide bailout.