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The Greek government asked for an emergency three-year rescue program as it scrambles to complete a comprehensive plan to pay off its debts by a Thursday deadline.
With the banking system teetering on the edge of collapse, the government announced Wednesday that Greek financial institutions will not open this week — marking two weeks of bank closures.
As a nod to European regulators, the Greek government said it would “immediately implement a set of [monetary] measures as early as the beginning of next week,” when requesting the emergency funds.
Should Greece miss its Thursday deadline of submitting a plan, it faces an almost inevitable collapse of the banking system, which would be the first step for the country to fall out of the eurozone.
In Athens, people were struggling with an eighth day of limits on money withdrawals and closed banks, and are unable to send money abroad, including to pay bills.
