Greece in shock as banks shut after snap referendum call

With Greece's bailout expiring on June 30 and an IMF payment falling due at the same time, Prime Minister Alexis Tsipras pleaded in vain by phone with European officials to extend the programme until a referendum on July 5 on its future terms. It also pushed Greece towards defaulting on 1.6 billion euros ($1.77 billion) due to the International Monetary Fund on Tuesday, which would take it closer to an exit from the euro zone. Queues snaked outside ATMs and inside supermarkets while fears of disruptions to fuel and medicine supplies grew.

Greece in shock as banks shut after snap referendum call source: http://finance.yahoo.com/news/greece-shock-banks-shut-creditor-talks-break-down-100615371--sector.html