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Greece Will Close Banks to Stem Flood of Withdrawals

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A line of people waited outside an ATM in Athens on Sunday to withdraw their money. Greece's bailout program is set to o
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Greece will keep its banks and stock market closed on Monday and place restrictions on the withdrawal and transfer of money, Prime Minister Alexis Tsipras said in a televised address on Sunday night, as Athens tries to avert a financial collapse. The European Central Bank's decision on Sunday to cap the emergency loan program, as opposed to canceling it, 'allows the Greek banks to remain in a sort of coma -- not functioning but not dead,' said Karl Whelan, an economics professor at University College in Dublin. That way, he said, the Greek financial system might be revived if at some later point Greece secures a deal with its creditors.
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Sheila Samples is an Oklahoma writer and a former civilian US Army Public Information Officer. She is a Managing Editor for OpEd News, and a regular contributor for a variety of Internet sites.

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