Greece was facing economic collapse on Sunday night after the government announced that its banks would be closed for more than a week ahead of the country’s potential bankruptcy on Tuesday.
The country’s stockmarket was suspended and cash machine withdrawals across Greece were capped at €60 as banks began to run out of money.
Greece faces a debt default within 48 hours after the government made clear it will not repay a €1.5bn loan to the IMF that expires on Tuesday.
The move will see the government fall into an unprecedented arrears process, preventing any fresh release of bail-out cash from creditors. The state will then struggle to pay out a €1.6bn wages and salaries bill also due this week.
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