Greek Banks Shut For 6 Days and Cash Withdrawals Restricted

Greece's five-year financial crisis took its most dramatic turn yet, with the cabinet deciding after an 8-hour session that Greek banks would remain shut for six business days and restrictions would be imposed on cash withdrawals.
The Athens Stock Exchange would also not open Monday, financial sector officials confirmed.
European stock exchanges opened sharply lower Monday following the news. The Stoxx Europe 600 index, which represents a basket of various sized companies from the European Union, dropped 3.13% minutes after the markets opened on Monday.