Greek finance minister, Yanis Varoufakis, says the financial situation in Greece is “terribly urgent” and the crisis could potentially come to a head within the next couple of weeks.

Varoufakis issued his latest warning as Eurozone finance ministers met in Brussels to discuss a potential final 7.2bn euro bailout. As the country runs out of money the chances of an outright debt default is rising.

The countries creditors are demanding the Greek government implement a number of reforms before further money is released, but the Greek government is resisting.

The newly elected government confirmed it will not break its election promise and implement further austerity on the Greek people. If a compromise cannot be found the Greek government may ask the Greek people to decide via a referendum.

European stock markets fell sharply on the announcement with the FTSE 100 down nearly 2% at one point.

Gold is currently trading at £761.53 per ounce, silver £10.50 per ounce, platinum £725.31 per ounce and palladium £502.41 per ounce.