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Greek debt crisis: Banks 'to stay shut on Monday' | |
(35 minutes later) | |
Greek banks will be closed on Monday, the head of the Piraeus Bank has said after an emergency meeting of the country's Financial Stability Council. | |
The Greek cabinet is due to meet later, with an announcement to follow. | |
Earlier, the European Central Bank (ECB) said it was not increasing emergency funding to Greek banks. | |
Greece is due to make a €1.6bn (£1.1bn) payment to the International Monetary Fund (IMF) on Tuesday - the same day that its current bailout expires. | |
Without new emergency funds, Greece risks defaulting and moving closer to a possible exit from the eurozone. | |
Greeks have been queuing to withdraw money from cash machines over the weekend, and Greece is now expected to impose capital controls as it tries to avert a financial collapse. | |
Asked if capital controls were inevitable, Greek Finance Minister Yanis Varoufakis told the BBC earlier on Sunday: "This is a matter that we'll have to work overnight on, with the appropriate authorities both here in Greece and in Frankfurt [where the ECB is based]." |