Neither the Greek banks or the stock exchange in Athens will open on Monday, sources told Reuters.
The statement comes after the Greek council for financial stability had held an emergency meeting Sunday evening. The Council includes Greece's Finance Minister Yanis Varoufakis, Deputy Finance Minister Dimitris Mardas and Governor Yannis Stournaras.
It is expected an announcement from the council later on Sunday.
According to the chief of the Greek Piraeus Bank, the Greek banks will be closed on Monday. In recent weeks, Greek bank customers have withdrawn their savings and emptied the banks for billions of euros.
The European Central Bank (ECB) decided on Sunday to maintain the emergency funding of Greek banks at the current level. But the emergency funding will not increase in line with the withdrawals, which probably is the reason why the Greek banks will have to close.
A bank source in Greece told AFP on Sunday that 60 percent of the country's ATMs have run out of money, and in supermarkets shelves are starting to go empty.
It's a Greek tragedy.
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