Greek banks to close until July 6

Greek banks to close until July 6The Greek government closed  banks and imposed capital controls on withdrawals leading panicked savers forming lines at ATMs to pull as much of their funds as possible.
Prime Minister Alexis Tsipras made a 2 a.m. local time televised speech, in which he plead for calm.
“The more calmly we deal with difficulties, the sooner we can overcome them and the milder their consequences will be,” Tsipras said in a televised address. He promised bank deposits would be safe and salaries would be paid.
Speaking after a cabinet meeting to approve the measures, the official said cash machines would be closed at the start of Monday but would be reopened late in the afternoon. Daily withdrawal limits would be set at 60 euros, the official said.
Under the measures, imposed to check a flood of withdrawals from Greece’s shattered banking system, online transactions would be allowed within Greece but foreign transfers will be prohibited, the official said.
Banks will remain closed until July 6, the day after Greeks vote on a referendum to accept or reject bailout terms proposed by its European creditors.
The wording of the referendum has aroused controversy already, as opposition leaders, who support a ‘yes’ vote, claim that the government text will be biased against a vote in favor of the bailout.
The text is not yet public, but there are reports that a ‘yes’ vote would be linked to cuts in pensions, higher taxes, and loss of income.
The euro fell 1.4 percent to about 1.10 against the dollar in trading on Monday morning, and Asian stocks opened sharply lower on Greek default fears.

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