The Greek government has introduced harsh capital controls as residents of the embattled nation continue their run on the banks.

The government has limited withdrawals to between 40 and 60 euros as the country’s extended debt crisis took a dangerous turn over the weekend.

Prime Minister Tsipras announced that  his government will hold a referendum on whether to accept the proposals offered by the country’s lenders. He made no  secret ft how he felt about the deal – labeling it a humiliation and tantamount to blackmail.

But the date set for the referendum is four days after the loan repayment is due to the IMF – and so it seems Prime minister Tsipras is daring the creditors to not extend him the money in hopes of a positive referendum vote.

It is a dare the troika of creditors are  apparently prepared to face.

European Commission Chief, Jean-Claude Juncker said in an interview with the BBC that he felt ‘betrayed’ by the ‘egotism’ demonstrated by Greece. He said he felt the Greek proposals were ‘deliberately altered’ and ‘delayed’ and that the talks broke down ‘unilaterally’ once Mr Tsipras announced the referendum.

At the same time, close to 17,000 people have demonstrated against the bailout deal, marching throught he streets of Athens and Thessaloniki.

“Our lives do not belong to the creditors!” said one banner

 One of the marchers, Vanguelis Tseres – who has been unemployed since 2010 (the beginning of the debt crisis) – said, “The people of Greece have made many sacrifices. What interests me is not the euro, but guaranteeing a dignified way of life for the next generations.”

European leaders are begging Greeks to vote for the vehemently divisive bailout proposals. The alternative is an exclusion from the euro.

Stockmarkets around the world have abandoned equities related to Greek debt as the economy inches closer to the point of no return.

As Mr Juncker put it, “You shouldn’t choose suicide just because you are afraid of death.”

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