Pensioners who don’t have credit cards for ATMs will be able to withdraw 120 euros from bank cashiers following a decision at the Ministry of Finance between Greek Finance Minister Yanis Varoufakis, Alternate Minister Dimitris Mardas and the heads of the country’s four systematic banks. Furthermore, 1,000 bank branches around the country will open from July 1 solely to serve pensioners.

The decision to place limits to borrowing came on Sunday after the European Central Bank froze the liquidity lifeline that has kept Greece afloat over the last six-month run in deposits. Unfortunately, many pensioners were caught in a limbo as they did not have cash cards required to withdraw money.

Key measures:
* All banks are shut until July 6 – including branches in other countries – however people using cards issued in foreign countries will not be affected as yet
* ATM withdrawals are limited to 60 euros per day and will be shut until noon on Monday
* Stock exchange closed on Monday
* Wages and pensions will be paid electronically as expected
* Credit card purchases will remain unaffected
* Internet banking will continue
* Foreign transfers to bank accounts in other countries need the Finance Ministry’s approval

The Greek government has announced that bank deposits are safe and will be available to depositors after the referendum on July 5.

Heartbreaking photos of what Greece’s proud elderly people have been reduced to: