Banks in Greece will remain closed on Monday, June 29, and introduce capital controls after the European Central Bank froze the level of funding support supplied to local lenders. The developments follow Greece’s call for a July 5 referendum and the international creditors refusing to extend the country’s bailout, which led to a rise in withdrawals by the Greeks fearing for their savings.
However, according to reports, tourists in Greece holding foreign accounts will have no problems with money transactions and will be able to use their credit cards and withdraw cash up to the limit set by their bank.
The developments in Greece caused a number of countries to revise their travel advisories for tourists planning to visit or already in Greece. Countries, including Germany, the United Kingdom and the United States, are encouraging their citizens to make sure to have enough cash on hand to cover emergencies and any unexpected delays.
The latest reports say that ATM withdrawals in Greece from Greek account holders will be limited to 50 or 60 euros per day per account. Banks are expected to remain closed until after the July 5 referendum called by Prime Minister Alexis Tsipras on whether Greece should accept or reject the demands of the country’s creditors.