Now Reading:

Greece: Banks to reopen on Monday as cash lifeline is announced


Greece: Banks to reopen on Monday as cash lifeline is announced

Greece’s banks will reopen on Monday, three weeks after they were closed amid the country’s debt crisis.

But maximum withdrawals of just 60 euros a day look set to remain.

News of banks getting back to business came after Europe moved to reopen its cash flow to Greece’s stricken economy with the European Central Bank increasing emergency funding for Greek lenders.

EU finance ministers also approved 7 billion euros in bridge loans to keep Greece afloat.

The twin lifelines are a reward for Greek Prime Minister Alexis Tsipras.

Despite a revolt within his left-wing Syriza party, he won backing from parliament in the early hours of Thursday for the tough reform measures demanded by creditors, led by Germany.

Visiting Berlin, Eurogroup President Jeroen Dijsselbloem seemed eager to move on from the doomsday scenario of a Greek exit from the eurozone, now that Athens has given the green light to more austerity.

“I would certainly be very happy if the talk about Grexit could stop and we could talk about getting Greece back on track and that is what we aim to do with this programme,” Dijsselbloem told reporters.

But try telling that to the hawkish German Finance Minister Wolfgang Schaeuble, one of Greece’s sternest critics, who is still raising the prospect of Athens quitting the euro, at least temporarily.

In a test ballot on Thursday, a majority of Chancellor Angela Merkel’s conservative bloc backed talks on a third Greek bailout.

On Friday, Germany’s Bundestag lower house of parliament is set to do the same.


Tap to find out