Greece shuts banks to avoid financial collapse

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Greece has announced it will shut its main banks today to avoid a financial collapse after the European Central Bank (ECB) has frozen any emergency loans to the country’s creditors.
Anthimos Thomopoulos who is Piraeus’ Bank SA Chief Executive Officer revealed the decision to reporters following a meeting of the government’s fiscal stability board over the weekend. As he left the same conference, Finance Minister Yanis Varoufakis said a broadcast to general public would be made shortly after a Cabinet meeting being held in Athens.

Banks will remain closed until at least the 5th of July when a referendum called about by Prime Minister Alexis Tsipras will be taking place on whether Greece will accept austerity in return for an EU bailout, main Greek newspaper Kathemerini reported. Austerity is what Mr Tsipras wanted to avoid for his country, so the outcome of today’s meetings will be interesting.