GREECE’S five-year financial crisis took its most dramatic turn yet, with the government deciding after an eight-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 yesterday, 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 today. 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.

    For the past two days, Greeks have been rushing to ATMs to withdraw money across the country following Prime Minister Alexis Tsipras’ sudden decision to call a referendum on creditor proposals for Greek reforms in return for vital bailout funds.

    A decree published early yesterday in the official Government Gazette stipulates banks would not open yesterday morning and would remain closed through July 6. The finance minister could decide to shorten or extend that period.

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

    Web banking transactions would be mostly free, allowing Greeks to pay bills online. However, they cannot move money to accounts abroad.

    Credit and bank cards issued abroad can be used at ATMs with no restrictions, benefiting foreign visitors to Greece and its tourist industry. Anxious tourists had joined locals at ATM lines Sunday, thinking the restrictions would also apply to them.

    For emergency needs, such as importing medicines or sending remittances abroad, the Greek Treasury was creating a Banking Transactions Approval Committee to examine requests on a case-by-case basis.

    The decision to impose capital controls came after a Bank of Greece recommendation, Tsipras said during a televised address.

    Tsipras blamed the Eurogroup, the gathering of the eurozone’s finance ministers, and its decision to reject a request for the bailout program, which expires June 30. He again asked for it to be extended by a few days to allow for a referendum.

    (SD-Agencies)