ATHENS — Following the European Central Bank's decision to cut off financial support to Greece over the weekend, Prime Minister Alexis Tsipras says that capital controls will now be imposed to protect the country's banks from mass panic.
Greece will likely default on a €1.6 billion payment to the International Monetary Fund on Tuesday, the same day its bailout expires. EU lenders have refused to extend the bailout past the June 30 expiry date.
Following the ECB's decision over the weekend, Greece will impose capital controls, limiting the amount of money people can withdraw from an account in one day to €60.
Greek banks will also be closed for a week until July 6, and the government has set restrictions on foreign transactions to prevent money transfers to foreign banks. Foreign tourists will be exempt from these restrictions because the tourism industry is a key sector of Greece's economy.
As of Friday, €1.3 billion has already been drawn from Greek banks. Agence France-Presse reports that currently only 40 percent of ATMS across the country have money in them.
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