Greek Banks Reopen After Three Weeks Shutdown

Queues formed before banks opened on Monday morning.
Queues formed before banks opened on Monday morning.

Queues formed before banks opened on Monday morning.

Greek banks reopened Monday morning after a three week shutdown, but capital controls remained largely in place while citizens also face widespread price hikes. The shutdown is estimated to have cost the economy some 3.0 billion euros in market shortages and export disruption, with a block on money transfers to foreign banks and a ban on the opening of new accounts still active. Greeks will be able to withdraw up to 420 euros at once per week, sparing people the ordeal of queuing daily at ATMs for just 60 euros per day. The government is meanwhile expected to make a 4.2billion euro payment Monday to the European Central Bank, made possible by the granting of a short term loan of 7.16 billion euros by the European Union on Friday. Greece last week had to agree to a tough fiscal package to earn a three year bailout from its international creditors and avoid crashing out of the eurozone. Crisis hit Greece will now be taxed at 23 percent, up from 13 percent, on everything from sugar and cocoa to condoms, taxis and funerals. To sweeten the pill, the tax on medicines, books and newspapers eases from 6.5 percent to 6.0 percent. For the first time in months, technical teams representing the creditors- the European Union, the European Central Bank and the International Monetary Fund- are expected in Athens in the coming week to assess the state of the economy.

About The Author

Chukwunonso Azinge is a Public health parasitologist whose variety of intrests ranges from international news reportage, writing articles on current world issues and of course football. Follow me on Twitter @azingelfc and on Facebook- Nonso 'King Kenny' Azinge.

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