Finance Minister Edward Scicluna told the press when entering the European Council building in Brussels that he does not believe today will be a 'make or break' situation for Greece.

A Eurogroup meeting of Financial Ministers is taking place prior to the emergency meeting of EU Heads of State later on this evening.

"The nature of the circumstances in Greece is, that one would expect more extensions with more conditions. I don't believe the idea of Greece being in or out of the Eurozone will be decided today".

"The implementation of promises will be crucial, however today is not make or break".

"If Greece does default, the loan by Malta to Greece will not be paid, however at one point it will have to be paid. If they do not repay their loans, they will not be allowed to go back to the international financial markets", he explained.

Malta gave a €50 million bilateral loan to Greece, and also gave €138 million as guarantees to the European Financial Stability Facility.

As for a guarantee that Greece will implement reforms, the Minister explained that this is the problem. "There can never be a guarantee that the reforms will be implemented. I think countries in this situation will end up accepting with the trust that they would implement reforms".

"I think the Prime Ministers tonight will need to discuss the deal and I hope that they conclude".

"Greece is currently in a state where, even if it is given all the funds it will receive as part of this bailout, It will need 5-6 bn more before the end of the year. Will this be a new programme with new conditions? The story does not end here.

Earlier today European Commission Pesident Juncker, in very brief comments to the press upon greeting Greek Prime Minister Alexis Tsipras, said that progress has been made over the past few days, however "we are not there yet".

Greece currently has a June 30 deadline to repay €1.6bn to the International Monetary Fund, otherwise EU and International institutions will not release €7.2bn in bailout funds needed.

In comments to the press, Finland Finance Minister Alexander Stubb said he has no expectations to see a "high outcome or a major breakthrough"'. He argued that expectations have been made "way too high" and that very little preperation was made.

"There is no official paper on the table and the institutions have not dealt with the table" he explained as part of his reason as to why no breakthrough will be seen. "I am worried about the recent Greek proposal that arrived late in the middle of the night and has not been discussed by the institutions".

AP reports that Jeroen Dijsselbloem, who heads the eurozone meetings of finance ministers, said it would be impossible to get "a final assessment" on Monday.

Despite the market rally, tension was palpable in Greece, where people flocked to cash machines to withdraw money. The concern is that a debt default by Greececould destabilize the country enough that it might have to eventually leave the euro.

To support Greek banks in the face of growing money withdrawals, the European Central Bank increased the amount of emergency credit it allows the banks to draw on, a banking official said.

The official, who spoke only on condition of anonymity because the decision had not been made public, said the ECB remains on call in the coming hours and days to revise the amount of credit to Greek banks.

Reports indicate Greeks withdrew about 4 billion euros last week.

Video by PBS.