It’s official: After three weeks, the Greek banks reopen their doors. For the Greeks, there is also relaxed conditions stand the money – now it is no longer a daily limit, but a weekly limit. Concern about the future of the banking sector remains.
Banks in Greece opened on Monday after three weeks their switches. The relevant ministries have signed today, according to the Ministry of Finance a corresponding decree. The government announced the opening as early as Thursday, but the decree was still missing.
The capital controls remain in spite of the opening force. Thus remittances from Greek banks continues to be prohibited to foreign accounts, if there is no special permission.
More money in one fell swoop
for Greeks changed the government but the conditions for the supply of cash. Since the closure of banks on June 29, they were allowed to take off a day 60 euros from ATMs. Now they can also can be more money to pay off in one fell swoop. However, the upper limit at 420 Euros per week remains. With the restrictions, a run on the banks and a collapse of the financial system is to be prevented. Businesses and individuals have withdrawn out of concern for the fate of Greece in the euro zone in recent months billion from their accounts.
The reopening is possible because the European Central Bank on Thursday to the approval of the Greek parliament has increased to reform the ceiling on emergency loans for Greek banks for a week to 900 million euros. This was According to insiders, most recently at around 89 billion euros.
industry with hard cuts?
Industry insiders expect a report from Reuters nevertheless a major reconstruction of the Greek banking sector with severe cuts to closures. First, it will probably be short-term injections of capital. A first recapitalization could be done in about four weeks, if an agreement on a new rescue package was achieved. After closures, mergers and sales of foreign subsidiaries could face, Reuters quoted the source added.
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