ATHENS, Greece (AP) - Greece has imposed restrictions on money withdrawals and banking transactions to keep its financial system from collapsing due to a run on the banks.
ATHENS, Greece (AP) — Greece has imposed restrictions on money withdrawals and banking transactions to keep its financial system from collapsing due to a run on the banks.
Anxious Greeks rushed to ATMs to withdraw cash after Prime Minister Alexis Tsipras called late Friday for a referendum on the creditors' reform proposals.
Here is a look at what Greece's so-called capital controls entail.
—Banks will remain closed from Monday until at least next Monday, July 6, the day after the referendum.
—Cash withdrawals from ATMs will have a daily limit of 60 euros ($67) per card.
—Credit and debit card transactions within the country will not be limited. In practice, however, many retailers were already not accepting card transactions as of Monday morning, and were demanding cash payments only.
—Internet and phone banking within the country will have no restrictions, but no money can be transferred out of the country.
—For emergency needs, such as importing medicines or sending remittances abroad, the Greek Treasury will create a Banking Transactions Approval Committee to examine requests on a case-by-case basis.
—Foreign bank cards, whether debit or credit, will not be affected and tourists will be able to withdraw the full amounts their own banks allow them to.