Greek banks are expected to reopen today.
Greek banks are expected to reopen today, three
weeks after they were shut down to prevent their
collapse, as Prime Minister Alexis Tsipras
prepares for a second parliamentary vote, crucial
to securing a bailout.
Greeks will regain access to some basic bank
services, including the ability to deposit checks
and access safe deposit boxes. Although
customers will continue to face restrictions on
cash withdrawals, the daily limit of 60 euros
($65) will be replaced by a cumulative maximum
of 420 euros a week.
The Athens Stock Exchange, which had also been
closed during the month-long confrontation
between Greece and its creditors, is expected to
reopen, as trading was suspended only until the
bank holiday ended. A spokeswoman was not
immediately available to comment.
Tsipras is seeking discussions with euro-zone
governments on a third bailout after Greek
lawmakers went along with their demands for
more economic overhauls. Hours after the vote
early Thursday, the European Central Bank
approved emergency financing for the country’s
lenders.
The European Union followed on Friday with 7
billion-euro bridge loan to keep the country afloat
during negotiations on a three-year rescue
program worth as much as 86 billion euros. The
loan will help cover a 3.5 billion-euro payment to
the European Central Bank that falls due Monday.
The Greek government still faces a parliamentary
vote Wednesday on a second package of
prerequisites for further financial assistance,
including tax increases on farmers. Last week’s
vote prompted some members of the Syriza party
to rebel, forcing Tsipras to reshuffle his cabinet
on Friday.
Held Hostage
Europe’s most indebted country came closer than
ever to being forced out of the single currency
this month after Tsipras stunned European
leaders by calling a snap referendum on spending
cuts and tax rises demanded by creditors. Despite
a clear majority of Greeks voting “no,” he was
forced to capitulate to an even more onerous
package that European leaders said was the only
way for Greece to remain in the euro.
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