Athens, June 29 (IANS): The Greek government on Monday confirmed that banks will be closed all week, after a decision by the European Central Bank (ECB) not to extend emergency funding.

In a decree, the government cited the "extremely urgent" need to protect the financial system due to the lack of liquidity, BBC reported.

The decree was published in the official government gazette after the Greek cabinet took the decision at a marathon session late Sunday.

The document said the measures - including the shutting down of the Athens stock exchange on Monday - were agreed upon as a result of the eurozone's decision "to refuse the loan extension agreement with Greece".

Cash withdrawals will be limited to 60 euros ($66) a day for this period, the decree said.

Athens is due to make a 1.6 billion ($1.7 billion) payment to the International Monetary Fund (IMF) on Tuesday - the same day that its current bailout expires.

Earlier, talks between Greece and the eurozone countries over bailout terms ended without an agreement, and Prime Minister Alexis Tsipras then called for a referendum on the issue to be held on July 5.

Parliament later ratified the plan to hold a referendum.

Greece risks default and moving closer to a possible exit from the 19-member eurozone.