After five months of of protracted and ill-tempered negotiations Greece is heading for a crunch point on Sunday with a referendum on accepting the austerity measures proposed by its creditors.
Greek Prime Minister Alexis Tsipras and his finance minister, Yanis Varoufakis, remain convinced Athens can negotiate better terms, including debt relief, if voters reject the conditions on offer.
Here's the question all Greeks want to know: When will the banks reopen?
"I want to believe that these problems won't last long," Tsipras said on Thursday of the bank closures. "The banks will open when there is a deal," he said in a television interview.
The Greek Finance Minister, Yanis Varoufakis, has told in an interview with BBC News that banks will reopen on Tuesday.
"An agreement will be reached whether a 'Yes' or 'No' comes up through the ballot box," the finance minister said.
"If it's a 'Yes' it will be a bad agreement, the banks will open with a bad agreement... If a 'No' wins we are going to have another agreement which will be viable. Along the lines of the proposals made to us in the last few days."
Varoufakis urged Greeks to vote against accepting the terms of the latest bailout proposal when they vote in Sunday's referendum, which could decide the future of the country in the eurozone.
ECB's Bonnici says Greeks must decide if they want to stay in euro
Greeks must decide if they want to remain in the euro when they vote in Sunday's crucial referendum, European Central Bank governing council member Josef Bonnici said on Thursday.
Asked if the ECB would stop supplying emergency liquidity to Greek banks if the 'No' vote wins, he replied: "Let's wait and see what the result is."
After talks between Athens and its creditors broke down the ECB said on Sunday it would keep open Emergency Liquidity Assistance (ELA) to the debt-hit country's banks.
The ECB's Governing Council is scheduled to convene again on Monday to discuss the ceiling of emergency funding through the ELA to Greek banks.
What will a 'Yes' vote mean?
For Tsipras, if voters back a bailout plan that he has scorned, his government is likely to fall, leading to new elections by September, even if other options are also possible, such as PM Tsipras staying in power and accepting the deal with Greece's creditors.
After PM Tsipras steps down, moderate Syriza MPs could join other moderate parties (PASOK, Potami and ND) into a national-unity government. The new government would re-engage with the Institutions to sign an agreement as per the mandate given by the referendum. Snap elections would remain a possibility in this scenario, but probably not until after the summer.
European leaders have ruled out further negotiations with Greece ahead of Sunday's referendum.
According to Reuters even if negotiations do restart after the referendum, Germany and others made clear that any talks on a new program would have to start from scratch with different conditions.