Greek Prime Minister Alexis Tsipras announced on Sunday on national television, that Greek banks will stay shut on Monday and capital controls will be imposed. He asked for calm after anxious citizens emptied cash machines in a dramatic escalation of the country's debt crisis.

"This decision, today, led the European Central Bank to not increase liquidity to Greek banks and forced the Bank of Greece to recommend measures for a bank holiday and a limit on bank withdrawals," Tsipras said. "It is more than clear that this decision had no other goal but to blackmail the will of the Greek people and obstruct the smooth democratic process of the referendum. But they will not succeed."

"These moves will bring precisely the opposite result. The Greek people will be more resolute in their choice of rejecting the unacceptable bailout proposals and the ultimatum of lenders."

Banks in Greece are expected to be closed all next week, and there will be a daily 60 euro limit on cash withdrawals from cash machines, which will reopen on Tuesday. Services covered under Capital controls include transactions, ATM withdrawals and cashing in cheques. 

Tsipras reassured anxious Greeks that their deposits, salaries and pensions are "absolutely secure". He also called on people to stay calm. 

The Greek stock market is also expected to be closed from Monday. The government said in a statement late Sunday night that tourists staying in Greece and anyone with a credit card issued in a foreign country will not be affected by measures to limit bank withdrawals. 

Greece will hold a referendum on July the 5th, on creditors' latest reform proposals after bailout talks in Brussels collapsed.