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Greece Crisis Deepens - 29 Jun 2015
Greece moved to check the growing strains on its crippled financial system on Sunday, closing its banks and imposing capital controls that brought the prospect of being forced out of the euro into plain sight.

After bailout talks between the leftwing government and foreign lenders broke down at the weekend, the European Central Bank froze vital funding support to Greece's banks, leaving Athens with little choice but to shut down the system to keep the banks from collapsing.

Banks are expected to be closed all next week, and there will be a daily 60 euro limit on cash withdrawals from cash machines, which will reopen on Tuesday. Capital controls are likely to last for many months at least.

"The more calmly we deal with difficulties, the sooner we can overcome them and the milder their consequences will be," a somber-looking Prime Minister Alexis Tsipras said in a televised address. He promised bank deposits would be safe and salaries paid.

Even as Tsipras spoke, the lines forming at petrol stations and in front of the shrinking number of bank machines that still contained cash highlighted the scale of the disaster facing Greeks, who have endured more than six years of economic decline.

The failure to reach a deal with creditors leaves Greece set to default on 1.6 billion euros of loans from the International Monetary Fund that fall due on Tuesday. Athens must repay billions of euros to the European Central Bank in the coming months.

The impending default on the IMF loans leaves Greece sliding toward a euro exit with unforeseeable consequences for Europe's grand project to bind its nations into an unbreakable union by means of a common currency. It also carries broad implications for the global financial system.
EUROZONE-GREECE/
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June 28, 2015
A man walks by a bank in Athens, Greece June 28, 2015. Greece's Prime Minister Alexis Tsipras on Sunday...
Athens, Greece
Man walks by a bank in Athens, Greece
A man walks by a bank in Athens, Greece June 28, 2015. Greece's Prime Minister Alexis Tsipras on Sunday announced a bank holiday and capital controls after Greeks responded to his surprise call for a referendum on bailout terms by pulling money out of banks. REUTERS/Yannis Behrakis TPX IMAGES OF THE DAY
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June 28, 2015
A man cycles by fresh anti-EU graffiti in Athens, Greece June 28, 2015. Greece said it may impose capital...
Athens, Greece
Man cycles by fresh anti-EU graffiti in Athens, Greece
A man cycles by fresh anti-EU graffiti in Athens, Greece June 28, 2015. Greece said it may impose capital controls and keep its banks shut on Monday after creditors refused to extend the country's bailout and savers queued to withdraw cash, taking Athens' standoff with the European Union and the International Monetary Fund to a dangerous new level. The word painted over the European Union flag reads, "No". REUTERS/Alkis Konstantinidis
EUROZONE-GREECE/
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June 28, 2015
A man walks along an empty street in Athens, Greece June 28, 2015. Greece's European partners shut the...
Athens, Greece
A man walks along an empty street in Athens
A man walks along an empty street in Athens, Greece June 28, 2015. Greece's European partners shut the door on extending a credit lifeline to Athens, leaving the country facing a default that could push it out of the euro and cause ripple effects across the European economy and beyond. REUTERS/Marko Djurica TPX IMAGES OF THE DAY
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June 28, 2015
A security worker brings money to a National Bank branch in Athens, Greece June 28, 2015. Greece's European...
Athens, Greece
A security worker brings money to a National Bank branch in Athens
A security worker brings money to a National Bank branch in Athens, Greece June 28, 2015. Greece's European partners shut the door on extending a credit lifeline to Athens, leaving the country facing a default that could push it out of the euro and cause ripple effects across the European economy and beyond. REUTERS/Marko Djurica
EUROZONE-GREECE/
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June 28, 2015
Protesters hold placards forming the word "No" during an anti-EU protest outside the parliament in Athens,...
Athens, Greece
Protesters hold placards forming the word "No" during an anti-EU protest outside the parliament in Athens,...
Protesters hold placards forming the word "No" during an anti-EU protest outside the parliament in Athens, Greece June 28, 2015. Several hundred anti-austerity protesters, chanting slogans against the European Union and IMF, rallied near parliament in Athens on Sunday as a deepening crisis forced Greece's leftist government to announce capital controls on the banking system. REUTERS/Yannis Behrakis TPX IMAGES OF THE DAY
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June 28, 2015
Greek Finance Minister Yanis Varoufakis (C) smiles as head negotiator with Greece's lenders Euclid Tsakalotos...
Athens, Greece
Greek Finance Minister Varoufakis smiles as head negotiator with Greece's lenders Tsakalotos points at...
Greek Finance Minister Yanis Varoufakis (C) smiles as head negotiator with Greece's lenders Euclid Tsakalotos (L) points at the sky as they head to the office of Prime Minister Alexis Tsipras in Athens, Greece June 28, 2015. Greek banks and the stock exchange will be shut on Monday after creditors refused to extend the country's bailout and savers queued to withdraw cash, taking Athens' standoff with the European Union and the International Monetary Fund to a dangerous new level. REUTERS/Alkis Konstantinidis
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June 28, 2015
Greek Finance Minister Yanis Varoufakis (C) and head negotiator with Greece's lenders Euclid Tsakalotos...
Athens, Greece
Greek Finance Minister Yanis Varoufakis and head negotiator with Greece's lenders Euclid Tsakalotos arrive...
Greek Finance Minister Yanis Varoufakis (C) and head negotiator with Greece's lenders Euclid Tsakalotos (L) arrive at Prime Minister Alexis Tsipras' office in Athens, Greece June 28, 2015. Tsipras on Sunday announced a bank holiday and capital controls in Greece after Greeks responded to his surprise call for a referendum on bailout terms by pulling money out of banks. REUTERS/Marko Djurica
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June 28, 2015
Greek Prime Minister Alexis Tsipras is seen on a television monitor while addressing the nation in Athens,...
Athens, Greece
Greek Prime Minister Alexis Tsipras is seen on a television monitor while addressing the nation in Athens,...
Greek Prime Minister Alexis Tsipras is seen on a television monitor while addressing the nation in Athens, Greece June 28, 2015. Greece's European partners shut the door on extending a credit lifeline to Athens, leaving the country facing a default that could push it out of the euro and cause ripple effects across the European economy and beyond. REUTERS/Pool TPX IMAGES OF THE DAY
EUROZONE-GREECE/
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June 28, 2015
Anti-austerity protesters burn a euro note during a demonstration outside the European Union (EU) offices...
Athens, Greece
Anti-austerity protesters burn a euro note during a demonstration outside the European Union offices...
Anti-austerity protesters burn a euro note during a demonstration outside the European Union (EU) offices in Athens, Greece June 28, 2015. Greece said it may impose capital controls and keep its banks shut on Monday after creditors refused to extend the country's bailout and savers queued to withdraw cash, taking Athens' standoff with the European Union and the International Monetary Fund to a dangerous new level. REUTERS/Alkis Konstantinidis
EUROZONE-GREECE/
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June 28, 2015
Greek Finance Minister Yanis Varoufakis leaves after a meeting at the office of Prime Minister Alexis...
Athens, Greece
Greek Finance Minister Yanis Varoufakis leaves after a meeting at the office of Prime Minister Alexis...
Greek Finance Minister Yanis Varoufakis leaves after a meeting at the office of Prime Minister Alexis Tsipras in Maximos Mansion in Athens, Greece June 28, 2015. Greece said it may impose capital controls and keep its banks shut on Monday after creditors refused to extend the country's bailout and savers queued to withdraw cash, taking Athens' standoff with the European Union and the International Monetary Fund to a dangerous new level. REUTERS/Marko Djurica
EUROZONE-GREECE/CAPITALCONTROLS
RTX1I4KB
June 28, 2015
A man (L) puts money in his wallet as people line up to withdraw cash from an ATM outside a Eurobank...
Athens, Greece
A man puts money in his wallet as people line up to withdraw cash from an ATM outside a Eurobank branch...
A man (L) puts money in his wallet as people line up to withdraw cash from an ATM outside a Eurobank branch in Athens, Greece June 28, 2015. The Greek government will on Sunday night consider imposing capital controls and closing the country's banks on Monday, Greek Finance Minister Yanis Varoufakis has told BBC Radio. REUTERS/Alkis Konstantinidis TPX IMAGES OF THE DAY TPX IMAGES OF THE DAY
EUROZONE-GREECE/
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June 28, 2015
Former Greek conservative Prime Minister Antonis Samaras, leader of the opposition New Democracy party,...
Athens, Greece
Former Greek conservative PM Samaras, leader of the opposition New Democracy party, attends a meeting...
Former Greek conservative Prime Minister Antonis Samaras, leader of the opposition New Democracy party, attends a meeting with Greek President Prokopis Pavlopoulos (R) at the Presidential Palace in Athens, Greece June 28, 2015. Europe's grand project to bind its nations into an unbreakable union by means of a common currency lurched into uncharted waters after EU governments refused funding to save Greece from defaulting on its debts. REUTERS/Alkis Konstantinidis
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June 27, 2015
Greek Prime Minister Alexis Tsipras looks at his watch as he delivers a speech during a parliamentary...
Athens, Greece
Greek PM Tsipras looks at his watch as he delivers a speech during a parliamentary session in Athens
Greek Prime Minister Alexis Tsipras looks at his watch as he delivers a speech during a parliamentary session in Athens, Greece June 28, 2015. Greek Prime Minister Alexis Tsipras called a referendum on austerity demands from foreign creditors on Saturday, rejecting an "ultimatum" from lenders and putting a deal that could determine Greece's future in Europe to a risky popular vote. REUTERS/Alkis Konstantinidis TPX IMAGES OF THE DAY
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RTX1I322
June 27, 2015
Greek Finance Minister Yanis Varoufakis (C) is surrounded by lawmakers during a parliamentary session...
Athens, Greece
Greek Finance Minister Varoufakis is surrounded by lawmakers during a parliamentary session in Athens...
Greek Finance Minister Yanis Varoufakis (C) is surrounded by lawmakers during a parliamentary session in Athens, Greece June 28, 2015. Greek Prime Minister Alexis Tsipras called a referendum on austerity demands from foreign creditors on Saturday, rejecting an "ultimatum" from lenders and putting a deal that could determine Greece's future in Europe to a risky popular vote. REUTERS/Yannis Behrakis TPX IMAGES OF THE DAY
EUROZONE-GREECE/
RTX1I32V
June 27, 2015
Greek Prime Minister Alexis Tsipras (bottom R) acknowledges applause during a parliamentary session in...
Athens, Greece
Alexis Tsipras acknowledges applause during a parliamentary session in Athens
Greek Prime Minister Alexis Tsipras (bottom R) acknowledges applause during a parliamentary session in Athens, Greece June 28, 2015. Greek Prime Minister Alexis Tsipras called a referendum on austerity demands from foreign creditors on Saturday, rejecting an "ultimatum" from lenders and putting a deal that could determine Greece's future in Europe to a risky popular vote. REUTERS/Alkis Konstantinidis
EUROZONE-GREECE/
RTX1I32M
June 27, 2015
Greek Prime Minister Alexis Tsipras raises his hand during a vote at the parliament in Athens, Greece...
Athens, Greece
Greek PM Tsipras raises his hand during a vote at the parliament in Athens
Greek Prime Minister Alexis Tsipras raises his hand during a vote at the parliament in Athens, Greece June 28, 2015. Greek Prime Minister Alexis Tsipras called a referendum on austerity demands from foreign creditors on Saturday, rejecting an "ultimatum" from lenders and putting a deal that could determine Greece's future in Europe to a risky popular vote. REUTERS/Yannis Behrakis TPX IMAGES OF THE DAY
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June 27, 2015
Greek Prime Minister Alexis Tsipras speaks during a parliamentary session in Athens, Greece June 28,...
Athens, Greece
Greek PM Tsipras speaks during a parliamentary session in Athens
Greek Prime Minister Alexis Tsipras speaks during a parliamentary session in Athens, Greece June 28, 2015. Greek Prime Minister Alexis Tsipras called a referendum on austerity demands from foreign creditors on Saturday, rejecting an "ultimatum" from lenders and putting a deal that could determine Greece's future in Europe to a risky popular vote. REUTERS/Alkis Konstantinidis
EUROZONE-GREECE/
RTX1I30K
June 27, 2015
Greek Prime Minister Alexis Tsipras delivers a speech during a parliamentary session in Athens, Greece...
Athens, Greece
Greek Prime Minister Alexis Tsipras delivers a speech during a parliamentary session in Athens
Greek Prime Minister Alexis Tsipras delivers a speech during a parliamentary session in Athens, Greece June 28, 2015. Greek Prime Minister Alexis Tsipras called a referendum on austerity demands from foreign creditors on Saturday, rejecting an "ultimatum" from lenders and putting a deal that could determine Greece's future in Europe to a risky popular vote. REUTERS/Yannis Behrakis
GREECE-EUROZONE/
RTX1HZSK
June 26, 2015
Greek Prime Minister Alexis Tsipras is seen on a television monitor whille addressing the nation early...
Athens, Greece
Greek Premier Alexis Tsipras addresses the nation in Athens
Greek Prime Minister Alexis Tsipras is seen on a television monitor whille addressing the nation early June 27, 2015. Greece will hold a referendum on July 5 to decide whether the country should accept or reject a bailout agreement offered by creditors, Tsipras said in a late-night address to the nation. REUTERS/Pool TPX IMAGES OF THE DAY
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June 27, 2015
New Democracy conservative party leader Antonis Samaras points at Greek Prime Minister Alexis Tsipras...
Athens, Greece
New Democracy conservative party leader Samaras points at Greek PM Tsipras during a parliamentary session...
New Democracy conservative party leader Antonis Samaras points at Greek Prime Minister Alexis Tsipras (not pictured) during a parliamentary session in Athens, Greece June 27, 2015. Tsipras called a referendum on austerity demands from foreign creditors on Saturday, rejecting an "ultimatum" from lenders and putting a deal that could determine Greece's future in Europe to a risky popular vote. REUTERS/Yannis Behrakis TPX IMAGES OF THE DAY
EUROZONE-GREECE/
RTX1I2WI
June 27, 2015
Greek Prime Minister Alexis Tsipras gestures during a parliamentary session in Athens, Greece June 28,...
Athens, Greece
Greek PM Tsipras gestures during a parliamentary session in Athens
Greek Prime Minister Alexis Tsipras gestures during a parliamentary session in Athens, Greece June 28, 2015. Tsipras called a referendum on austerity demands from foreign creditors on Saturday, rejecting an "ultimatum" from lenders and putting a deal that could determine Greece's future in Europe to a risky popular vote. REUTERS/Alkis Konstantinidis TPX IMAGES OF THE DAY
EUROZONE-GREECE/
RTX1I17W
June 27, 2015
Greek lawmakers attend a parliamentary session for the vote of a proposed referendum by the government...
Athens, Greece
Greek lawmakers attend a parliamentary session for the vote of a proposed referendum by the government...
Greek lawmakers attend a parliamentary session for the vote of a proposed referendum by the government in Athens, Greece June 27, 2015. Greek Prime Minister Alexis Tsipras called a referendum on austerity demands from foreign creditors on Saturday, rejecting an "ultimatum" from lenders and putting a deal that could determine Greece's future in Europe to a risky popular vote. REUTERS/Alkis Konstantinidis TPX IMAGES OF THE DAY
EUROZONE-GREECE/TSIPRAS
RTX1HZVL
June 26, 2015
Greece's head negotiator with its lenders Euclid Tsakalotos talks to journalists outside the Maximos...
Athens, Greece
Greece's head negotiator with its lenders Tsakalotos talks to journalists outside the Maximos Mansion...
Greece's head negotiator with its lenders Euclid Tsakalotos talks to journalists outside the Maximos Mansion in Athens, Greece June 27, 2015. Greece will hold a referendum on July 5 to decide whether the country should accept or reject a bailout agreement offered by creditors, Prime Minister Alexis Tsipras said in a late-night address to the nation. REUTERS/Alkis Konstantinidis
TPX IMAGES OF THE DAY
EUROZONE-GREECE/
RTX1HYTN
June 26, 2015
Greek Prime Minister Alexis Tsipras gives a thumbs up as he arrives at his office at the Maximos Mansion...
Athens, Greece
Greek Prime Minister Alexis Tsipras gives a thumbs up as he arrives at his office at the Maximos Mansion...
Greek Prime Minister Alexis Tsipras gives a thumbs up as he arrives at his office at the Maximos Mansion for a governmental council in Athens, Greece June 26, 2015. Tsipras accused international creditors of "blackmail" on Friday after euro zone partners warned Athens it had 48 hours to accept a cash-for-reform deal or plunge towards default next week. REUTERS/Alkis Konstantinidis TPX IMAGES OF THE DAY
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