Athens/Frankfurt-NBC News
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.
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.
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, And It Takes Athens' Standoff With The European Union And The International Monetary Fund To A Dangerous New Level: The Country's Banks, Kept Afloat By Emergency Central Bank Funding, Are On The Front Line As Athens Moves Towards Defaulting On A 1.6 Billion Euros Payment Due To The Imf On Tuesday.
Amid Political Drama In Greece, Where A Clear Majority Wants To Remain Inside The Euro, The Next Few Days Present A Major Challenge To The Integrity Of A 16-Year-old Currency Bloc.
"This Is A Matter That We'll Have To Work Overnight On With The Appropriate Authorities Both Here In Greece And In Frankfurt," Greek Finance Minister Yanis Varoufakis Said Of Bank Closures And Capital Controls. He Was Speaking To BBC Radio.
