(ATHENS, Greece) — Banks and ATM machines were shut throughout Greece Monday on the first day of capital controls, a dramatic twist in the country’s five-year financial saga. Despite the closures, pensioners lined up just after dawn at bank branches hoping they would have access to their pensions, which were due to be paid Monday. The bank closures came after Greeks rushed to ATMs over the weekend to withdraw money following Prime Minister Alexis Tsipras’ surprise call for a referendum on creditor proposals for the reforms Greece should take to gain access to blocked bailout funds. The referendum has been set for Sunday, and the government has been advocating Greeks vote against the proposals. The capital controls are meant to staunch the flow of money out of Greek banks and spur the country’s creditors to offer concessions before Greece’s international bailout program expires Tuesday. Once that happens, Greece loses access to the remaining 7.2 billion euros of rescue loans, and is unlikely to be able to meet a 1.6 billion-euro debt repayment to the International Monetary Fund due the same day. The accelerating crisis has thrown into question Greece’s financial future and continued membership in the 19-nation shared euro currency — and even the European Union. Asian stock markets sank with indexes in Tokyo, Hong Kong and Sydney down more than 2 percent.
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joannaplucinska, Time: World
Mon, 06/29/2015 - 2:02am
Topics: athens banks atms prime minister alexis tsipras international monetary fund union asian tokyo hong kong sydney athens stock exchange overnight deputy minister state terence quick antenna greek treasury banking transactions approval committee eurogroup june greece s european european central bank s sunday it he greece greece bank atm greeks tsipras tsipras tsipras greek greece s european pensioners queue day of capital control decision access referendum controls cards monday country pensions bailout cash card due government credit foreign euros allowed formed proposals withdrawals closures emergency retirees financial money days don creditors blamed shut restrictions machines expires program
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