Eurozone finance ministers urge Greece to make new proposals

Eurozone finance ministers are urging Greece to make new proposals after the country rejected the terms of the international bailout referendum with a majority "No" vote.

According to BBC, German Chancellor Angela Merkel and French President Francois Hollande have also pressed Greece to make "serious" proposals.

Greek Prime Minister Alexis Tsipras is expected to address a summit of eurozone leaders today.

Meanwhile, Greeks banks will remain closed on Tuesday and Wednesday.

The European Central Bank (ECB) said it would maintain emergency cash support for Greek banks, which are running out of funds and on the verge of collapse.