Greek Prime Minister Alexis Tsipras announced plans Sunday to shut the country's banks and place restrictions on cash withdrawals.
During a televised address to the Greek people Tspiras assured that citizens' savings, wages and pensions were "guaranteed."
On Saturday, when Greeks learned that they would have to vote on the terms of their country’s bailout program in a snap referendum on July 5, long lines formed at at automated teller machines (ATMs) that still had cash to give. Lines were so long that more than one-third of the ATMs ran out of euros and had to be replenished.
Banks will stay closed all next week and cash machine withdrawals are limited to €60. Capital controls are likely to last for many months at least.
According to the decree published on the government gazette’s website pensions payments were on the list of transactions that can still be processed by banks in Greece. Despite the government's reassurances many elderly people were queuing to withdraw cash after their pensions were paid into their accounts on Friday evening.
