Greece imposes capital controls, banks to remain shut

ATHENS – Greece’s five-year financial crisis took its most dramatic turn yet, with the cabinet deciding after an 8-hour session that Greek banks would remain shut for six business days and restrictions would be imposed on cash withdrawals.

The Athens Stock Exchange would also not open Monday, financial sector officials confirmed. The moves were meant to staunch the flow of money out of Greek banks and spur the country’s creditors to offer concessions before a bailout program expires Tuesday. The accelerating crisis has thrown into question Greece’s financial future and continued membership in the 19-nation shared euro currency and even the European Union.



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