Banks in Greece are reopening today after three weeks of closure, as the government initiates repayment of its loans to the ECB and IMF.

Capital controls are still in place however, with the daily withdrawal limit of 60 euros being raised to a weekly one of 420 euros. Foreign transfers are still banned, and cheques still cannot be cashed. Security has been stepped up at branches and opening hours extended to accommodate for the large numbers of customers trying to use services.

Greece has begun making a €4.2bn payment due to the European Central Bank today, as well as €2.05bn due to the International Monetary Fund.

Mina Andreeva, a spokeswoman at the European Commission, confirmed Monday that the 7.16 billion-euro three-month loan has been sent to Athens so it can repay the ECB and also to clear arrears with the International Monetary Fund.

Andreeva said she was confident Greece will make the payments “in the course of today.”

The stock market in Greece will remain closed. Cash is something the Greeks will be needing from Monday, as new taxes come into effect; VAT is set to rise from by 10%, from 13% to 23%.



Previous articleIs the era of banker bashing over?
Next articleThe Great British Sauce Company releases more equity