Prime Minister Alexis Tsipras surprised creditors by calling a referendum on proposed austerity cuts in an aid package. He announced capital controls on television to prevent bank collapse, marking a turbulent weekend for Greece heading towards a likely default on IMF loans and possible exit from the euro. French President Hollande urged Tsipras to resume negotiations, while German Chancellor Merkel expressed willingness to talk. Time was running out as Greece's bailout programme neared expiration. Greeks, who are accustomed to prolonged discussions with creditors leading to last-minute agreements, were shocked by the situation. An Athens resident, Evgenia Gekou, expressed her disbelief and hoped that the situation would improve soon. European officials gave conflicting indications about their future actions. A European Commission spokesperson stated on French radio that Brussels would not be presenting any new proposals on Monday, which seemed to contradict earlier remarks made by EU Economics Commissioner Pierre Moscovici. Moscovici had indicated that a new offer was on the way and that a deal was close. European bank stocks dropped significantly on Monday, particularly in Spain, France, and Germany, with fears of potential negative effects on banks in other peripheral euro zone countries causing concern among investors. The Greek government announced that banks would remain closed at least until after the July 5 referendum, with withdrawals from ATMs limited to 60 euros a day when they reopened at midday. The stock exchange will not be open, as Greece's European partners blame Tsipras for the crisis after months of discussions. Creditors desired pension cuts and tax increases which Tsipras argued would worsen the economic crisis in a country with high unemployment rates. Emergency measures were declared by Tsipras, leading to long lines at ATMs and petrol stations as people rushed to withdraw cash. On Monday, lines formed at ATMs with over a dozen people waiting. Plumber Yannis Kalaizakis, 58, stated that he had five euros in his pocket and decided to try his luck for more money at an empty cash machine in central Athens on Monday. He mentioned that the queues in his neighborhood were too long the previous day and expressed frustration, saying "It's a mess." Newspapers featured images of the long lines outside cash machines on their front pages. The Nafetemporiki daily newspaper featured the headline "Dramatic hours" in its Monday edition, while the Ta Nea daily simply asked, "When will the banks open?" The conservative-leaning Eleftheros Typos newspaper accused Tsipras of using the referendum as a tactic to trigger early elections in the hopes of winning them. In an editorial, it stated that Tsipras' decision to call for a referendum and a potential euro exit was a premeditated crime, adding that he has lost the trust of citizens as evidenced by the long lines at ATMs and petrol stations, and this lack of trust will be further evident in the upcoming ballot on Sunday. As rumors spread, numerous elderly individuals lined up outside two branches of the National Bank of Greece on Monday in hopes of withdrawing pensions, only to be turned away, according to Reuters photographers. One shop owner, collecting his wife's pension, expressed frustration at the sudden financial crisis. However, daily activities continued as usual, with shops and pharmacies opening, Greeks discussing their country's future at cafes, and tourists observing the changing of the presidential guard outside parliament. A demonstration organized by Tsipras's Syriza party to oppose austerity measures and encourage voters to vote "No" in the referendum on bailout terms is scheduled for later today. Officials in Europe and the United States have been busy making calls and setting up meetings in an effort to resolve the crisis. U.S. President Barack Obama contacted Merkel, and high-ranking U.S. officials like Treasury Secretary Jack Lew, who spoke with Tsipras, urged Europe and the IMF to come up with a plan to maintain the euro currency and keep Greece in the euro zone. Administrative Reforms Minister George Katrougalos criticized the lack of liquidity being provided to Greek banks, calling it a form of blackmail and intimidation. He warned that a "yes" vote would result in cuts to pensions and the introduction of fees for healthcare in public hospitals. If your children are unable to attend school, you will express gratitude while they may retort that you brought it upon yourself. However, if you refuse, you have the power to advocate for a brighter tomorrow.