GREEK banks will be under pressure to cut the already paltry
60 euros (£42) per day withdrawals limit for customers after the eurozone's main bank refused to extend emergency credit.
With cash rapidly running out, the European Central Bank (ECB) put more pressure on the institutions - hours after 61 percent of Greeks voted against the terms offered by creditors in a major boost for the left wing Prime Minister Alexis Tsipras.
After Finance minister Yanis Varoufakis announced his resignation, the ECB said credit "can only be provided against sufficient collateral". It been weakened due to the worsening financial situation.
But the move is likely to see even longer queues and frustration outside banks, as the institutions struggle to top up ATM machines. Branches will remain shut on Tuesday and Wednesday following the Bank Holiday Monday.
Meanwhile, Mr Varoufakis, in his resignation statement, claimed other eurozone finance ministers and the country's other creditors had made it clear he was not welcome at today's meeting of the eurozone creditors in Paris.
Mr Varoufakis said Mr Tsipras had made clear it would be "potentially helpful to him in reaching an agreement. For this reason I am leaving the ministry of finance today."
As for his European negotiating colleagues, he said of them: "I shall wear the creditors' loathing with pride." He later left on a motor scooter with a female friend on the back.
His replacement Euclid Tsakalotos, a 55-year-old economist, was Mr Tsipras's lead bailout negotiator in talks that halted last month before the prime minister called a bailout referendum.
The ECB's decision added to Greek woes with time pressing for the country to reach a bailout deal with creditors after Greeks resoundingly rejected the notion of more austerity in exchange for aid.
Greece and its creditors, who will meet again on Tuesday to discuss how to keep the country in the euro, remain far apart on key issues, particularly the notion of debt relief.
The negotiations are complicated for the European creditors by Mr Tsipras's poll triumph.
Sigmar Gabriel, who is also Germany's vice-chancellor.
"I really hope that the Greek government - if it wants to enter negotiations again - will accept that the other 18 member states of the euro can't just go along with an unconditional haircut."
"How could we then refuse it to other member states? And what would it mean for the eurozone if we'd do it? It would blow the eurozone apart, for sure," he added.
The vote was painted by opposition parties and many European officials as one on whether Greece should remain in Europe's joint currency. But many officials softened their tone and said talks would resume, though Greece's chances of staying in the euro were looking increasingly shaky.
It will be impossible for Mr Tsipras to keep his pledge to quickly restore Greece's banking system.
The Greek government has vowed to quickly restart negotiations with creditors in other eurozone countries and with the institutions that oversaw the country's bailout: the ECB, European Commission and International Monetary Fund.
In Athens, there was a sense of pride among many people who had gathered in squares to celebrate the result on Sunday evening.
Nicky Zachary closed her family's shoe shop in Athens shortly after opening it - the few customers who had strolled in had not bought a thing.
She said: "My father opened this shop in 1965 and I don't want to close it," she said. "We can live with very little and we can live through difficult situations. And I think after the referendum, the Greek people are united in this situation. I don't want to lose the dream for a better Greece. I want to have hope for a better deal."
Across the country, Greek banks were still closed, access to cash is severely limited and it is not clear when or if a fresh bailout deal will be reached for the debt-laden nation.
Yet there was pride and defiance in Athens after a lopsided victory for the No forces, who want the Greek government to reject the demands of European creditors for more austerity measures, including further cuts to pensions.
"Something happened last night with the Greek people," said George Papadokostakis, 34, owner of the Due coffee shop. "I'm very happy. We were in a dead-end situation (but) with the No vote we believe there may be something better. I thought we were dead, now we have a small hope. So I feel good."
Why are you making commenting on The Herald only available to subscribers?
It should have been a safe space for informed debate, somewhere for readers to discuss issues around the biggest stories of the day, but all too often the below the line comments on most websites have become bogged down by off-topic discussions and abuse.
heraldscotland.com is tackling this problem by allowing only subscribers to comment.
We are doing this to improve the experience for our loyal readers and we believe it will reduce the ability of trolls and troublemakers, who occasionally find their way onto our site, to abuse our journalists and readers. We also hope it will help the comments section fulfil its promise as a part of Scotland's conversation with itself.
We are lucky at The Herald. We are read by an informed, educated readership who can add their knowledge and insights to our stories.
That is invaluable.
We are making the subscriber-only change to support our valued readers, who tell us they don't want the site cluttered up with irrelevant comments, untruths and abuse.
In the past, the journalist’s job was to collect and distribute information to the audience. Technology means that readers can shape a discussion. We look forward to hearing from you on heraldscotland.com
Comments & Moderation
Readers’ comments: You are personally liable for the content of any comments you upload to this website, so please act responsibly. We do not pre-moderate or monitor readers’ comments appearing on our websites, but we do post-moderate in response to complaints we receive or otherwise when a potential problem comes to our attention. You can make a complaint by using the ‘report this post’ link . We may then apply our discretion under the user terms to amend or delete comments.
Post moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours.
Read the rules hereComments are closed on this article