Greece orders banks closed for a week after run on ATMs

[Yahoo! News]

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Greece announced early Monday it will shut banks for a week and impose capital controls, pleading for calm after anxious citizens emptied cash machines in a dramatic escalation of the country's debt crisis. Banks will be closed until July 6 -- the day after a referendum on bailout proposals -- with a 60-euro ($65) limit on ATM withdrawals, but foreign tourists, a vital engine of the Greek economy, will be exempt from the restrictions, a decree published in the official government gazette said. The drastic measures to protect Greece's banking system against the threat of mass panic came after the European Central Bank said it would not increase its financial support to Greek lenders, despite early signs of a chaotic bank run.

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