Prime Minister Alexis Tsipras surprised creditors by announcing a referendum on proposed austerity cuts, then went on television to reveal capital controls to prevent bank collapse. Greece faces a likely default on IMF loans and a possible exit from the eurozone. French President Hollande and German Chancellor Merkel urged Tsipras to resume negotiations, but time was running out as Greece's bailout program was about to expire. The Greeks, who are accustomed to long discussions with creditors before a last-minute agreement is reached, were shocked by the situation. "I am in disbelief," said Evgenia Gekou, a 50-year-old resident of Athens, as she headed to work. "I keep hoping that when we wake up tomorrow, everything will be fine. I am trying my best not to be anxious." European officials gave unclear indications about their future actions. According to a spokesperson for the European Commission speaking on French radio, Brussels will not be presenting any new proposals on Monday, which goes against statements made by EU Economics Commissioner Pierre Moscovici. Moscovici had mentioned that a new offer was on the way and that a deal was very close. European bank shares experienced a significant drop on Monday, with major banks in Spain, France, and Germany seeing a decrease of over 6 percent as concerns about the possibility of problems spreading to banks in other peripheral euro zone countries unsettled investors. The Greek government has decided to keep banks closed at least until after the July 5 referendum, with withdrawals from ATMs limited to 60 euros per day when they reopened at noon. The stock exchange will remain closed, and Greece's European partners are holding Tsipras responsible for the crisis after months of negotiations. Creditors wanted Greece to reduce pensions and increase taxes, a move Tsipras believed would worsen the already severe economic crisis in a country with high unemployment rates. As emergency measures were announced by Tsipras on Sunday, long lines formed outside ATMs and petrol stations as people rushed to withdraw cash before it was too late. On Monday, queues of more than twelve people were seen at reopened ATMs. Plumber Yannis Kalaizakis, 58, stated 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. He mentioned that the queues in his neighborhood were too long the previous day and expressed frustration about the situation, calling it a mess. Newspapers featured images of the long lines outside cash machines on their front pages. The Nafetemporiki newspaper featured the headline "Dramatic hours" in Monday's edition, while Ta Nea simply asked, "When will the banks open?" Eleftheros Typos, a conservative-leaning newspaper, accused Tsipras of using the referendum as a tactic to push the country into early elections in order to win. The newspaper stated that Tsipras' decision to call for a referendum and a potential exit from the eurozone was a deliberate act of crime. The editorial also mentioned that Tsipras has lost the trust of the citizens, as evidenced by the long lines at ATMs and petrol stations, and this loss of trust will be further evident in the upcoming ballot on Sunday. Dozens of elderly people lined up outside two National Bank of Greece offices on Monday after hearing they could withdraw pensions, only to be turned away, according to Reuters photographers. Despite the financial turmoil, daily activities continued in the city, with shops, pharmacies, and supermarkets open, and locals meeting at cafes and restaurants to discuss the future of their country. Tourists also gathered to watch the changing of the guard outside parliament. A rally organized by Tsipras's Syriza party to demonstrate against austerity measures and encourage voters to vote "No" in the upcoming referendum on bailout terms is scheduled for later on Monday. Officials in Europe and the United States have been busy making phone calls and arranging meetings in an effort to resolve the crisis. U.S. President Barack Obama contacted Merkel, and top U.S. officials, including Treasury Secretary Jack Lew, who spoke with Tsipras, urged Europe and the IMF to create a plan to preserve the euro and keep Greece in the euro zone. George Katrougalos, the Administrative Reforms Minister, criticized the lack of liquidity being provided for Greek banks, accusing them of using it as a means of intimidation. He warned that if voters approve the bailout terms, pensions would be cut and they would have to pay for healthcare at public hospitals. When your children are unable to attend school, you will express gratitude while they may respond by saying that you wanted this situation. However, if you refuse, you have the power to advocate for a more promising tomorrow.