EU economy commissioner Pierre Moscovici says it will be presented a new proposal for an agreement with Greece on Monday to avoid a Greek bankruptcy.
Moscovici added that there "is still room for negotiations."
Before the negotiations between Greece and creditors in the European Union and IMF stranded Friday the latest offer was a five-month extension of the huge loaning program.
Greece's Prime Minister Alexis Tsipras then refused the conditions on reforms in the labor, pension and tax regime as an attempt to "demean an entire people."
Greeks woke up on Monday to closed banks, political chaos and economic uncertainty. And the week has barely started.
- I can not believe it, says 50 years old Evgenia Gekou on his way to work on Monday morning.
Banks in the country will be closed for six days. The Stock exchange in Athens is closed until July 7. Meanwhile ATMs are closed in one day, and after that no one can take out more than 60 euros a day.
- I have 5 euros in my pocket, I thought I'd try my luck here. What else can I say? It is a mess, says 58 years old Yannis Kalaizakis at an empty ATM in central Athens.
A bank source said Sunday that 60 percent of the country's ATMs had run out of money. In the supermarkets shelves are going empty, while there are long lines at gas stations where people are trying to refuel their cars.
It is the Greek government's surprising decision to halt negotiations with creditors in the EU and the IMF on the country's loaning program that has thrown the country into chaos.
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Trump predicts Huma will be Hillary's downfall - Over a year ago
VIDEO: Have a look at what he said, which is prophetic in light of the FBI reopening their investigation into Hillary Clinton's emails.