All Greek Banks Closed Today, Euro Nose-Dives

By Associated Press. Greece’s five-year financial crisis took its most dramatic turn to date Sunday, with the cabinet deciding, after an 8-hour session, that Greek banks would remain shut for six working days and restrictions would be imposed on cash withdrawals.

The Athens Stock Exchange would also not open on Monday, financial sector officials confirmed.

A decree published in the official Government Gazette stipulates banks will not open Monday morning and will remain closed through Monday, July 6. The finance minister could decide to short or extend that period.

Withdrawals from ATM with credit or cash cards will be capped at 60 euros ($66) daily. The decree said ATMs would be working at the latest 12 hours from its publication, meaning cash machines would open by early afternoon, at the latest.

Web banking transactions will be mostly free, allowing people to pay their bills online. However, they cannot move money to accounts abroad. (Read more from “All Greek Banks Closed Today, Here’s Why” HERE)

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Euro, Stocks Plunge as Greece Seen on Course to Default

By Reuters. The euro fell almost 2 percent and share prices tumbled across Asia on Monday as Greece looked set to default on its debt repayment this week, forcing Athens to impose capital controls to halt bank runs.

With the prospect of Greece being forced out of the euro in plain sight, the common currency fell as much as 1.9 percent to $1.0955 , its lowest in almost a month, and last stood down 1.4 percent at $1.1007.

Against the yen, the common currency dropped more than 3 percent to 133.80 yen, a five-week low.

U.S. stock futures dived almost 2 percent at one point to hitting a three-month low, and last traded down 1.6 percent. (Read more from this story HERE)

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