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Greek Banks to Be Shuttered on Monday as Crisis Deepens

Originally posted on TIME:

Greek Prime Minister Alexis Tsipras says the Bank of Greece has recommended that banks remain closed and restrictions be imposed on transactions, after the European Central Bank didn’t increase the amount of emergency liquidity the lenders can access from the central bank.

Sunday’s move comes after two days of long lines forming at ATMs across the country, following Tsipras’ decision to call a referendum on creditor proposals for Greek reforms in return for vital bailout funds.

Tsipras gave no details of how long banks will remain closed or what restrictions will be placed on transactions. Banking officials said lenders would remain shut for at least a day, with some media reporting the institutions would remain closed for at least a week.

The news comes after Tsipras called for a referendum on creditor proposals for Greek reforms in return for bailout cash — a decision which shocked Greece’s European partners.

The…

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