Greek banks remain shut amid debt crisis negotiations

The president of the European Commission is expected to make new proposals to try to avoid a Greek default, the EU commissioner of economic affairs has said, adding that there was still room to negotiate an end to the crisis.
Jean-Claude Juncker “will indicate the route to follow”, Pierre Moscovici told French radio on Monday, adding there was still “room for negotiation” between Athens and its international creditors.
“I hope everyone will commit themselves to a way of compromise.”
Greek Prime Minister Alexis Tsipras had earlier announced the temporary closure of banks, after the European Central Bank (ECB) said it would not increase additional emergency funding to the country.
In addition, Greece announced on Monday that the country’s stock market will remain closed until July 7.
In a television address on Sunday, Tsipras said that the government will also start imposing capital controls ahead of a looming deadline on Tuesday.
The country needs to make a $1.8bn payment to the International Monetary Fund by Tuesday or risk defaulting on its obligations.
The emergency measures were agreed at a cabinet meeting after a gathering of Greece’s systemic stability council, called after eurozone finance ministers refused to extend its bailout beyond Tuesday.
credit: Aljezeera

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