Long queues outside Greek banks

Athens, July 20 (IANS) There were long queues outside Greek banks as they re-opened on Monday after three weeks of closure following the deadlock over the country’s debt repayment, a media report said.

An architect, Vassilis Masselos, told BBC that the banks re-opening will make only a small difference to his ability to operate.

“The key challenge is that we cannot pay our suppliers, which means that we will eventually run out of products to sell,” Masselos said.

People will be now able to withdraw up to 420 euros (about $455) a week in one transaction.

The initial withdrawal amount was limited to 60 euros ($66) a day, after the shutdown was imposed on June 29 to prevent the financial system from collapsing.

The reopening of the banks comes after the European Central Bank offered 900 million euros ($975 million) in new emergency funding for Greece on Thursday.

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