Banks in Greece stayed shut today as officials scrambled to prevent the country’s financial system from collapsing in panic.
Account holders were also facing tough limits on what they can withdraw from ATMs, and trading in Greek stocks and bonds was also halted.
The measures were announced yesterday as Greece slid rapidly toward default and exit from the eurozone.
The trigger for the rapid escalation in the crisis was the Greek government’s decision late Friday to pull its negotiators out of bailout talks, and the announcement by Prime Minister Alexis Tsipras that he would hold a referendum on July 5th.
European leaders are now facing one of the worst moments in the history of the euro. President Obama called German Chancellor Angela Merkel on Sunday, and the two agreed to take all steps to try to resolve the crisis.