The next 24 hours would remain crucial for Greece as EU leaders descend into Brussels for an emergency summit.
Greece on Sunday submitted a new set of proposals, which has raised optimism.
Talks have been deadlocked for several months now as Greece seeks the final €7.2bn bailout funds. However, these funds have not been forthcoming for Greece as it has failed to agree on economic reforms.
Markets across the globe are optimistic that some sought of resolution would be reached in the coming 24 hours. Most of the Asian markets rallied across the globe and European markets were expected to open sharply higher in trade.