Greek banks to re-open on Monday

Athens, July 17 (IANS) Greek banks, which have remained shut since June 29, are due to re-open on Monday, after the European Central Bank (ECB) raised the level of emergency funding available.

“From Monday, the services offered will be widened. All the banks will be open,” Deputy Finance Minister Dimitris Mardas told Greece’s ERT television.

He said there might be a weekly limit on withdrawals, rather than a daily one, BBC reported on Friday.

“If someone doesn’t want to take 60 Euros ($66) on Monday and wants to take it on Tuesday, for instance, they can withdraw 120 Euros or 180 Euros on Wednesday,” he was quoted as saying.

“This is a proposal we are processing and we think it’s technically possible.”

The announcement from the ECB came after Greek parliamentarians passed tough reforms as part of a Eurozone bailout deal on Thursday.

1 Comment

  1. Another golden opportunity for the Greek savers to take their money out of the banking system and hide it under the mattress. The Greek government’s agreement last week with the Euro masters in order to receive the next tranche of bailout money is so draconian it can be compared to the Treaty of Versailles where the Germans were made to sign a contract to pay for the reparations after losing the First world war and this lead to the rise of Hitler eventually culminating in the Second World war. With the current level of Greek debt and their shrinking GDP (and ageing state-dependent population and rise of unemployable youth in an economy which is no longer creating jobs) there is no chance in hell it will work out. At best the current government will be replaced by calling another election in a couple of years (most probably the staunch nationalist Golden Dawn will assume power) and at worst the country will descend into civil war soon. The rest of the Euro club members are throwing money into a black hole. Everyone knows it will not work out (the mathematics behind it is impossible) but this determination to cling on to power in this unelected European Union is what driving this desperation. Nobody wants the project to fail when they are in power. This is how dark ages emerge.

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