ATHENS, Greece, June 28 (UPI) -- Greece's government announced Sunday that the nation's banks and financial markets will remain closed Monday, as the Tuesday deadline to make a $1.7 billion payment approaches.
Negotiators have been unsuccessfully trying to strike a last-minute deal for relief aid, which would allow Athens to make the payment to the International Monetary Fund. Without sufficient cash, Greek Prime Minister Alexis Tsipras has said his government cannot make that payment without further aid. And without the payment, Greece may be expelled from the euro.
Concerned Greek citizens have been pulling billions in cash from the nation's banks, which has prompted the European Central Bank to provide emergency funds to keep them operating. Further withdrawals this weekend have additionally weakened Greece's bank structure, but the ECB said Sunday it won't provide any additional operating capital.
Negotiators had hoped to reach an agreement this weekend to release billions in relief cash that would allow Athens to make the IMF payment due Tuesday. However, the talks have failed and Greece is facing default and expulsion from the euro.
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Speaking to his nation in a televised address Sunday, Tsipras attempted to reassure citizens and said their bank deposits are safe, BBC News reported.
For weeks, Greece has been resistant to demands from creditors to cut government spending as a condition to secure bailout money. Tsipras has opposed those demands, but surprised many this weekend by announcing a referendum vote on July 5 in which voters will decide to accept the terms of the IMF's offer.
However, that will be nearly a week after the payment deadline and the bailout's availability -- both expire Tuesday.
