Greece Imposes Capital Controls, Banks to Remain Shut

Greece’s five-year financial crisis took its most dramatic turn to date Sunday, with the prime minister announcing Greek banks would remain shut indefinitely.

A man walks past a graffiti made by street artist N_Grams that read ''NO'' in German but also ''YES, IN'' in Greek language in Athens, on Sunday, June 28, 2015. AP Photo/Petros Giannakouris

ATHENS, Greece—Greece’s five-year financial crisis took its most dramatic turn to date Sunday, June 28, with the prime minister announcing that Greek banks would remain shut indefinitely and restrictions would be imposed on cash withdrawals.

The decision came on the recommendation of the Bank of Greece, Prime Minister Alexis Tsipras said during a televised address to the nation. He didn’t immediately say what types of capital controls would be imposed.

The developments have 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.