It was easy to gauge the rising panic in Athens this weekend by the length of the lines at the ATMs, writes TIME’s Simon Shuster from the Greek capital. On Saturday, when Greeks learned that they would have to vote on the terms of their country’s bailout program in a snap referendum on July 5, clusters of people began to gather at the machines that still had cash to give. By Sunday afternoon these lines were sometimes stretching entire blocks as word spread of the government’s shocking announcement: the banks would not be allowed to open in the morning, and they would start limiting how much money their clients could withdraw. The resulting anxiety, which would seem to herald an imminent climax in the five-year-old saga of Greece’s depression, will now form the atmosphere for next weekend’s referendum. The choice voters face is stark: They can either vote Yes to more tax hikes and pension cuts as a condition of keeping financial aid from Europe flowing, or they can vote No and reject the deal from Greece’s creditors, potentially forcing the country to default on its debts and pull out of Europe’s currency union. But for many in Athens, however, the decision came down to a simpler and more depressing question: What do we really have left to lose? In this photograph by Alkis Konstantinidis of @Reuters, a woman pulls a shopping cart outside a closed Eurobank branch in Athens, Greece June 29, 2015. Read more on time.com.

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It was easy to gauge the rising panic in Athens this weekend by the length of the lines at the ATMs, writes TIME’s Simon Shuster from the Greek capital. On Saturday, when Greeks learned that they would have to vote on the terms of their country’s bailout program in a snap referendum on July 5, clusters of people began to gather at the machines that still had cash to give. By Sunday afternoon these lines were sometimes stretching entire blocks as word spread of the government’s shocking announcement: the banks would not be allowed to open in the morning, and they would start limiting how much money their clients could withdraw.

The resulting anxiety, which would seem to herald an imminent climax in the five-year-old saga of Greece’s depression, will now form the atmosphere for next weekend’s referendum. The choice voters face is stark: They can either vote Yes to more tax hikes and pension cuts as a condition of keeping financial aid from Europe flowing, or they can vote No and reject the deal from Greece’s creditors, potentially forcing the country to default on its debts and pull out of Europe’s currency union.

But for many in Athens, however, the decision came down to a simpler and more depressing question: What do we really have left to lose?

In this photograph by Alkis Konstantinidis of @Reuters, a woman pulls a shopping cart outside a closed Eurobank branch in Athens, Greece June 29, 2015. Read more on time.com.


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