Greek Prime Minister Alexis Tsipras surprised creditors by calling a referendum on proposed austerity cuts, then announced on television that capital controls would be implemented to prevent bank collapse. This move came after a weekend of turmoil in Greece, leading the country closer to defaulting on a significant IMF loan and potentially exiting the eurozone. French President Francois Hollande urged Tsipras to resume negotiations, while German Chancellor Angela Merkel expressed willingness to speak with the Greek leader. Time was running out for a resolution as Greece's bailout programme was set to expire soon. Greeks, who are accustomed to prolonged negotiations with creditors leading to last-minute agreements, were shocked by the situation. An Athens resident named Evgenia Gekou expressed disbelief and uncertainty about the future while on her way to work. She hoped that everything would be resolved when she woke up the next day and tried to remain calm despite the unclear messages coming from European officials. A representative from the European Commission told French radio that Brussels had no plans to present any new proposals on Monday, which seemed to contradict statements made by EU Economics Commissioner Pierre Moscovici. Moscovici had claimed that a new offer was on the way and that a deal was close to being reached. As a result of the uncertainty, European bank shares experienced a significant drop on Monday, with top banks in Spain, France, and Germany seeing a decline of over 6 percent. Concerns about the potential impact on banks in other peripheral euro zone countries caused anxiety among investors. In response to the situation, the Greek government announced that banks would remain closed until at least after July 5, the date of the referendum. When automated teller machines reopened at midday, withdrawals were limited to 60 euros per day. The stock exchange will also remain closed. Following extensive discussions, Greece's frustrated European partners have placed responsibility for the crisis squarely on Tsipras's shoulders. The creditors demanded that Greece reduce pensions and increase taxes in ways that Tsipras has consistently argued would worsen one of the most severe economic crises in modern history in a country where a quarter of the workforce is already without jobs. Upon Tsipras's announcement of emergency measures on Sunday, there were long queues outside ATMs and gas stations as people hurried to withdraw cash before it was too late. When the ATMs reopened on Monday, lines of more than twelve people were formed. Plumber Yannis Kalaizakis, 58, mentioned that he had five euros in his pocket and decided to try his luck at getting more money. He commented on the long queues in his neighborhood the previous day and expressed frustration at the situation. Newspapers featured images of the long lines at cash machines on their front pages. The Nafetemporiki newspaper's headline on Monday read "Dramatic hours," 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 with the goal of winning them. The editorial criticized Tsipras for his decision, calling it a premeditated crime and stating that he has lost the trust of the citizens, as evidenced by the long lines at ATMs and petrol stations. This lack of trust will likely be reflected in the upcoming ballot on Sunday. As rumors spread, numerous elderly individuals lined up outside of at least two National Bank of Greece branches on Monday in hopes of withdrawing their pensions, only to be turned away, as reported by Reuters photographers. One shop owner expressed his frustration, saying, "I've spent my entire life working, only to wake up to a situation like this." Despite the financial turmoil, some aspects of everyday life continued as usual, with businesses and shops in the city operating normally, and Greek citizens gathering at cafes and restaurants to discuss the state of their country. Tourists also gathered as usual to observe the changing of the guard outside parliament. A demonstration organized by Tsipras's Syriza party to oppose austerity measures and encourage voters to reject the bailout terms in the upcoming referendum is expected to take place later today. Officials in Europe and the United States have been making urgent calls and arranging meetings in an attempt to resolve the situation. U.S. President Barack Obama contacted Merkel, and senior U.S. officials, including Treasury Secretary Jack Lew, who spoke with Tsipras, have called on Europe and the IMF to develop a plan to maintain the stability of the euro and keep Greece in the eurozone. According to Administrative Reforms Minister George Katrougalos, Greek banks are not receiving the necessary funds, which he believes is a tactic to intimidate them. He also warned that a "yes" vote would result in cuts to pensions and require citizens to pay for healthcare in 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 strive for a brighter tomorrow.