As Greece inches closer to a financial default, the government closes banks and initiates capital controls. Sean Carberry reports.
Story: It's a high stakes game of financial chicken and so far no one is blinking. Greece is holding firm to a July 5th referendum on an EU bailout package. And Eurogroup finance ministers say they will not extend the current bailout package beyond Tuesday. That means Greece is heading towards a default. EU finance ministers and Greece continue to blame each other for the impending crisis. They also say it's still possible to salvage a deal. Greek Prime Minister Alexis Tsipras, in announcing that Monday will be a bank holiday to limit withdrawals, also appealed for calm. (SOUNDBITE) (Greek) GREEK PRIME MINISTER ALEXIS TSIPRAS, SAYING: "We will make it. The dignity of Greeks against blackmail and injustice will send a message of hope and pride to all of Europe. Greeks have been flocking to banks and ATMs in recent days to withdraw cash amid the uncertainty of a possible default. The country is required to make a 1.6 billion euro payment to the International Monetary Fund on Tuesday. If Greece defaults, there are questions whether this could precipitate its exit from the euro. Germany's economy minister Sigmar Gabriel says the country would provide humanitarian assistance to the Greek people in the event of bankruptcy. (SOUNDBITE) (German) GERMAN ECONOMY MINISTER AND VICE CHANCELLOR SIGMAR GABRIEL, SAYING: "We made it very clear that whatever happens that we will make sure the Greek people will be helped. Even in the case of a 'No' at the referendum we will not send the Greek people into the doom. But the situation has intensified by the actions of the Greek government." The majority of Greek people want the country to remain in the euro regardless of the outcome of the referendum.