Long lines in Greece as banks reopen; new proposal weighed
The often chaotic scenes came hours after Greece's bailout program with European creditors expired and it failed to repay a debt to the International Monetary Fund, the first developed country to do so.
The deadlines on Greece's bailout and IMF payment expired after a tense weekend during which Prime Minister Alexis Tsipras announced he would put a deal proposal by Greece's international creditors to a referendum on Sunday and urged a "No" vote.
The move increased fears the country could soon fall out of the euro currency bloc and saw Greeks rushing to pull money out of ATMs, leading the government to shutter its banks and restrict banking transactions.
The government rejects the argument as scaremongering, and says dismissing creditor demands will mean the country is in a better negotiating position.
[...] a seeming last minute decision to serve customers on an alphabetical basis, announced by some banks overnight and by others in the morning, led to chaotic scenes of confusion and anger, with many pensioners waiting for hours from before dawn to be eventually told they would have to return Thursday or Friday.
Greece's latest offer involves a proposal to tap Europe's bailout fund — the so-called European Stability Mechanism, a pot of money set up after Greece's rescue programs to help countries in need.
Barring unknowns, the next critical event for markets will be the outcome of Sunday's referendum, Ric Spooner, chief market analyst at CMC Markets, said in a commentary.