EU approves Greek capital controls

Pensioners waiting outside a closed National Bank branch and hoping to get their pensions, argue with a bank employee (L) in Iraklio on the island of Crete, Greece June 29, 2015.[Photo/Agencies]

After the collapse of five month reform-for-cash negotiations with international lenders, the Greek government called on voters to accept or reject the draft deal tabled by lenders on June 25.

The move triggered a series of reactions starting with the Eurogroup rejecting Greece's request for a loan extension to hold a referendum.

Without an agreement on June 30, Greece was unlikely to make the delayed loan installment to the International Monetary Fund causing Greeks to withdraw money from banks.