Greek Prime Minister Alexis Tsipras has announced a temporary closure of banks in the country, after the European Central Bank (ECB) said it would not increase additional emergency funding to the country.
In a statement, the prime minister said that the government will also start imposing capital controls ahead of the deadline on Tuesday, as the country needs to make a $1.8bn payment to the International Monetary Fund by Tuesday or risk defaulting on its obligations.
This was the agreement at a cabinet meeting by a gathering of Greece’s systemic stability council, called after Eurogroup, Eurozone finance ministers refused to extend its bailout beyond Tuesday.