Greece Closing Banks as Expiring Bailout Spurs Withdrawals
Greek Banks Close, Capital Controls Imposed
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Greece moved to avert the collapse of its financial system, shutting lenders and imposing capital controls as of Monday, a measure that will deepen the recession and risk driving the nation toward an exit from the euro.
The move to husband resources followed the breakdown of aid talks with the international creditors late Friday and the European Central Bank decision to freeze its lifeline to Greek banks. On the streets, lines at ATMs and gas stations signified how daily life was about to be disrupted.