Greece will keep its banks and stock market closed on Monday and place restrictions on the withdrawal and transfer of money, banking executives said on Sunday night, as Athens tries to keep its financial crisis from growing worse.

The government"s decision to close banks temporarily and impose other so-called capital controls came hours after the European Central Bank said it would not expand an emergency loan program that has been propping up Greek banks in recent weeks while the government was trying to reach a new debt deal with international creditors.

The financial crisis, which has raged for five years, took a turn for the worse after Tsipras abandoned talks with creditors and shocked them with a call for a referendum July 5, asking the people to decide instead whether they accept austerity in return for aid.

Banks will remain shut until at least the plebiscite.