We've got our first look at markets after a weekend full of Greek drama, and to start things off the euro is getting slammed.

In early trading Sunday night, the euro dropped more than 1.5% against the US dollar to below $1.0979.

The euro closed at $1.1167 against the dollar on Friday.

The euro was also down as much as 2.5% against the Japanese yen.

Business Insider's Jonathan Garber also noted that against the British pound, the euro was below $0.70, the lowest since 2007.

Over the weekend, we were bombarded with news out of Greece, but most significantly we learned that on Monday, Greek banks will be closed. This "bank holiday" will reportedly be in effect through July 5, when Greece has scheduled a referendum to vote on the latest bailout proposal from its European creditors.

And while banks are closed in Greece, the stock market will also be closed.

In the meantime, Greece's financial stability board has recommended that Greece limit cash withdrawals to 60 euros per day after Monday's holiday.

Greek Prime Minister Alexis Tsipras. Sean Gallup/Getty Images

The most recent news out of Greece itself is an announcement from Greek prime minister Alexis Tsipras on Sunday night that Greece has sought a bailout extension, presumably through at least July 5, when Greece is scheduled to hold a referendum to vote on the most recent proposal made to Greece by its creditors.

But as The Financial Times noted in an editorial on Sunday, this vote might not be on a package that is currently in the works, given the breakdown in negotiations.