'Greece sets capital controls, 6-day bank shutdown': All you need to know

Reuters | Updated: Jun 29, 2015, 09:09 AM IST

Greek people queue in front of an ATM mache to withdraw cash from a National Bank of Greece in central Athens on June 28, 2015. Greece weighed drastic banking restrictions to stave off a financial collapse as anxious Greeks emptied cash machines amid fears that banks will be closed this week. Varoufakis and the Greek central bank chief met in the afternoon for an emergency session of the "systemic stability council" as the crisis-weary country prepared for the worst

Banks will close until to July 6. All credit institutions in Greece, including branches of foreign banks, are affected.

Greece imposed capital controls and ordered banks to close temporarily after the European Central Bank froze a vital financial lifeline following the breakdown of bailout talks between Athens and foreign creditors.Here are the main measures adopted by the government:Banks will close until to July 6. All credit institutions in Greece, including branches of foreign banks, are affected.

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The finance minister may shorten or extend the bank holiday period.ATMs will open from Monday afternoon. Daily cash withdrawals will be limited to 60 euros. The limit can be changed by the finance minister.Payments via debit or credit cards to accounts within Greece and online banking transactions within Greece will be allowed but payments and transfers to accounts outside Greece are prohibited.Cash withdrawals at ATMs with bank cards that have been issued by foreign banks will be allowed. Withdrawal limits may be set by the finance minister.All other transactions will not be permitted.

A special committee will approve banking transactions deemed necessary to safeguard a public or social interest, including medical expenses or pharmaceutical imports.Pension payments will be exempt from capital controls.Interest surcharges on due payments will not be allowed during the bank holiday period.Banks breaching the rules face fines of up to 10% of the amount of any transaction violating the control measures.