World stock markets have tumbled on Monday, June 29, 2015 after Greece failed to reach a deal with its foreign creditors over the weekend and imposed new strict measures to deal with their debt crisis.
Just before 01:00 UTC on June 29, Greek government closed all country's banks and capped daily ATM withdrawals at 60 Euros.
The move was preceded by the announcement of a July 5 referendum on austerity measures demanded by their creditors.
The government said all banks will remain closed until after the referendum and assured they will reopen them on Tuesday, July 7.
Prime Minister Alexis Tsipras appealed for calm, insisting that Greeks’ savings and pensions are safe.
European shares took a hammering in early deals on Monday, with Southern European banks especially badly hit, Reuters reported.
