Greek council recommends $90 limit on ATM withdrawals from Tuesday, no limit for foreigners

People line up to withdraw cash from an ATM outside a National Bank branch in Iraklio on the island of Crete, Greece, on June 28, 2015.
People line up to withdraw cash from an ATM outside a National Bank branch in Iraklio on the island of Crete, Greece, on June 28, 2015. PHOTO: REUTERS

ATHENS (Reuters/AFP) - The Greek financial stability council has recommended keeping automated teller machines (ATMs) shut on Monday and limiting withdrawals to 60 euros (S$90) a day once they reopen on Tuesday, a source who took part in the council's meeting told Reuters.

The recommended limit will apply to holders of Greek bank cards. Tourists staying in Greece and anyone with a credit card issued in a foreign country will not be affected by the measures to limit bank withdrawals newly imposed by the Greek government, it said in a statement late on Sunday night.

The statement informed "anyone visiting or about to visit Greece" that the capital control measures announced a few hours earlier "do not apply to those wishing to make transactions and withdrawals with a credit card issued in their home country".

Foreign card holders will be allowed to withdraw the maximum limit set by their banks, the earlier source said on Sunday.

Prime Minister Alexis Tsipras earlier announced a bank holiday and capital controls after Greeks responded to his surprise call for a referendum on bailout terms by pulling money out of banks.

For the capital controls to take effect, they must be approved by the Greek cabinet and then enacted through a presidential decree. "The council recommended a bank holiday of six working days until Monday night next week. ATMs will not operate tomorrow, will open again on Tuesday," the source said.