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Greek banks stay closed as Greece faces financial disaster

Greek Prime Minister Alexis Tsipras announced on Sunday that Greek banks will continue to be closed Monday and have placed restrictions on transactions as the country’s financial crisis deepens. The announcement stems from a recommendation by the Bank of Greece. Greece continues to slide toward default and exit from the Eurozone.

The financial crisis has led to talks between President Obama and German Chancellor Angela Merkel agreeing to take steps to try to resolve the financial crisis. Early Sunday the European Central Bank refused to increase the level of emergency credit to aid the Greek banks after bailout negotiations stalled. Greece’s four major banks could soon run out of cash, according to the Associated Press. It’s unclear whether Greece will be able to repay $1.8 billion to the International Monetary Fund, which is due Tuesday. The Greek Parliament is scheduled to hold a referendum July 5 to decide whether to accept a bailout deal offered by the country’s international creditors. Since then, European officials have been focusing their efforts on how to limit the damage.  Prime Minister Tsipras proposed the referendum this past weekend urging citizens to reject the creditors’ terms.

Read more at Examiner.com

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