#GREECE: ‘ Pain begins with Banks Reopening Monday & Restrictions on Withdrawals ‘

#AceFinanceNews#GREECE July.18: Greek banks will reopen on Monday, but according to a senior government official withdrawal restrictions will remain RT reported.  

“From Monday, the services offered will be widened. All the banks everywhere will be open,” Deputy Finance Minister Dimitris Mardas told ERT television adding that bank customers “can deposit cash [and] they can transfer money from one account to the other.”

He also noted that if someone doesn’t want to take €60 on Monday and wants to take it on Tuesday, they can withdraw €120 or €180 on Wednesday. Banks in the country have been closed since June 29, after the Greek government imposed capital controls.

On Thursday the ECB increased the cap on emergency funding that Greek lenders can draw from their domestic central bank by €900 million.

Following tough negotiations, Greece finally struck a preliminary rescue deal with its creditors on Monday, which is hoped, would help to prevent an imminent financial catastrophe.


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