Greece announces strict regulations after ECB refuses emergency funding
Greek Prime Minister Alexis Tspiras announced capital controls after the European Central Bank (ECB) said it wouldn’t give the country additional emergency funding. As a result of this, the Greek stock exchange will be closed on Monday, banks will remain closed until July 6 and ATMs will now be limited to daily withdrawal limits of 60 euro ($67 USD).
Greece has less than 48 hours to pay $1.77 billion to the International Monetary Fund by Tuesday, or risk defaulting on $383 billion dollars worth of debt. If that happens, Greece will be forced to exit the euro currency bloc after being a member for only 13 years.
Officials in the US and Europe are currently scrambling to hold the single currency together and to keep Greece afloat fearing that the country's financial straits will have devastating consequences on the rest of the world.