Greece: Banks Can Reopen ... for Deposits

Deposits are welcome, finance chief says
By Newser Editors and Wire Services
Posted Jul 17, 2015 5:10 AM CDT
Pensioners wait for the opening of the national bank of Greece today.   (AP Photo/Petros Giannakouris)
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(Newser) – Greek banks will reopen Monday after a three-week closure, the country's deputy finance minister says, though withdrawal restrictions will stay in place. Bank customers "can deposit cash, they can transfer money from one account to the other," but they can't withdraw money except at ATMs, the official says, and a withdrawal limit of 60 euros ($67) a day will stay in place, he said, though Greek authorities are working on a plan to allow people to roll over access to their funds so that if they don't make it to a bank machine one day, they can take out 120 euros the next day.

The country has won vital pledges of support from bailout lenders needed to keep its economy from collapsing, but officials in Athens say the painful austerity measures demanded in return are likely to force an election within months. Chancellor Angela Merkel, meanwhile, urged German lawmakers today to vote in favor of a third bailout package for Greece, arguing that the cash-strapped country faces chaos without a deal. (In Athens, there were riots after the austerity measure was approved by parliament early yesterday.)

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