The Greek government has an announced that banks will stay shut all week, after a decision by the ECB not to extend emergency funding.

In a televised address on Sunday night, Prime Minister Alexis Tsipras said there was an “extremely urgent” need to protect the financial system and guard against the banks collapsing through mass withdrawals. It was confirmed that there will be a withdrawal limit of 60 euros a day in place throughout this period.

Greece has 48 hours to pay back 1.6 billion euros to the IMF; however, hopes of reaching a deal with international lenders before this time are sinking fast. Tsipras has announced a snap referendum next Sunday on the terms of a cash-for-reforms deal, angering creditors and prolonging the negotiation process.

“I can’t believe it,” Athens resident Evgenia Gekou, 50, told the BBC. “I keep thinking we will wake up tomorrow and everything will be OK. I’m trying hard not to worry.”