Greece closes banks to prevent flood of withdrawals

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A man walks next to Greek flags in central Athens on June 28, 2015. (Getty Images)

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ATHENS, Greece — Greek Prime Minister Alexis Tsipras says the Bank of Greece has recommended that banks remain closed and restrictions be imposed on transactions, after the European Central Bank didn’t increase the amount of emergency liquidity the lenders can access from the central bank.

Sunday’s move comes after two days of long lines forming at ATMs across the country, following Tsipras’ decision to call a referendum on creditor proposals for Greek reforms in return for vital bailout funds.

Tsipras gave no details of how long banks will remain closed or what restrictions will be placed on transactions. Banking officials said lenders would remain shut for at least a day, with some media reporting the institutions would remain closed for at least a week.

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