Prime Minister Alexis Tsipras surprised creditors by announcing a referendum on austerity cuts in an aid package. He later went on television to declare capital controls to prevent bank collapse. This comes after a turbulent weekend for Greece, putting the country at risk of defaulting on IMF loans and potentially leaving the eurozone. French President Hollande urged Tsipras to return to negotiations, while German Chancellor Merkel expressed willingness to speak with him. Time is running out to reach a solution as Greece's bailout program is set to expire soon. Greeks, who are accustomed to prolonged negotiations with creditors before reaching a last-minute agreement, were shocked by the situation. An Athens resident, Evgenia Gekou, expressed disbelief and hoped that everything would be resolved soon. European officials were unclear about their future actions, adding to the uncertainty. A representative from the European Commission stated on French radio that Brussels would not be presenting any new proposals on Monday, which seemed to contradict previous statements made by EU Economics Commissioner Pierre Moscovici. Moscovici had mentioned that a new offer was on the way and that a deal was close. This caused European bank shares to drop significantly on Monday, with top banks in Spain, France, and Germany experiencing a decline of more than 6 percent. There were concerns among investors about the possibility of the crisis spreading to banks in other peripheral euro zone countries. In response to the situation, the Greek government decided to keep banks closed at least until after July 5, the day of the referendum. When the automated teller machines reopened at midday, withdrawals were limited to 60 euros a day. The stock exchange will remain closed as Greece's European partners have placed responsibility for the crisis on Tsipras. Creditors have demanded pension cuts and tax increases, which Tsipras has opposed, fearing it would worsen the economic crisis in a country with high unemployment rates. Emergency measures were announced by Tsipras on Sunday, leading to long queues at ATMs and petrol stations as people hurried to withdraw cash. On Monday, lines at ATMs continued with over a dozen people waiting. Plumber Yannis Kalaizakis, 58, mentioned that he had five euros in his pocket and decided to try his luck for some money at an empty cash machine in central Athens on Monday. He expressed frustration about the long queues in his neighborhood the day before, calling the situation a mess. Newspapers featured images of the long lines outside cash machines on their front pages. The Nafetemporiki daily's headline for Monday's paper was "Dramatic hours", while Ta Nea daily simply asked "When will the banks open". The conservative-leaning Eleftheros Typos newspaper criticized Tsipras for calling a referendum as a ploy to trigger early elections, accusing him of planning a euro exit in advance. According to the editorial, Tsipras has lost the trust of the citizens, as shown by the long queues at ATMs and petrol stations, and this will be evident in the upcoming Sunday's vote. As rumors spread, numerous elderly individuals lined up outside two National Bank of Greece offices on Monday hoping to withdraw their pensions, but were ultimately denied, according to Reuters photographers. One shop owner, collecting his wife's pension, expressed frustration at the unexpected turn of events. Despite the financial turmoil, some aspects of daily life continued as usual, with businesses operating and people gathering at cafes and restaurants to discuss their country's future. Tourists maintained their routine of watching the changing of the presidential guard outside parliament. A rally organized by Tsipras's Syriza party to protest austerity measures and encourage voters to vote "No" in the bailout referendum is expected to take place later on Monday. Officials in Europe and the United States have been busy making calls and arranging meetings in an attempt to resolve the situation. U.S. President Barack Obama contacted Merkel, and senior U.S. officials such as Treasury Secretary Jack Lew, who spoke to Tsipras, have urged Europe and the IMF to develop a plan to maintain the unity of the euro and keep Greece in the euro zone. Administrative Reforms Minister George Katrougalos stated on Antenna television that the Greek banks are not receiving the necessary liquidity, accusing Europe of trying to intimidate them. He also warned that a "yes" vote would result in pension cuts and the need to pay for medical care in public hospitals. When your children are unable to attend school, you will express gratitude while they may respond by saying that it was your decision. However, if you refuse, you have the power to advocate for a brighter tomorrow.