Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


Banks reopen as Greece prepares to reboot economy

20 July 2015, 19:39

Athens - Greek banks prepared to reopen Monday 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 close to $3.3bn 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 in the summer heat, which thousands did for just 60 euros per day.

The government is meanwhile expected to make a 4.2-billion euro payment on Monday to the European Central Bank (ECB), made possible by the granting of a short-term loan of 7.16 billion euros by the European Union on Friday.

The loan will also enable Athens to repay debts to the International Monetary Fund (IMF) outstanding since June.

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.

Merkel’s red line

German Chancellor Angela Merkel on Sunday reiterated Berlin's tough stance ruling out debt forgiveness for Greece, but added that her government was open to more flexibility in Athens' repayment schedule.

Crisis-hit Greeks will now be taxed at 23%, up from 13%, 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% to 6.0%.

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.

The austerity package caused a mutiny among lawmakers of the ruling radical Syriza party, forcing Prime Minister Alexis Tsipras to carry out a limited reshuffle on Friday.

Even so, most analysts and even government officials say early elections are now inevitable, and are likely to be held in September.



Read News24’s Comments Policy

Comment on this story
Comments have been closed for this article.

Read more from our Users

Submitted by
Wilwon Ochieng
Deputy Governor's ally found with...

The EACC has recovered KES 2 million in fake currency from a close ally of Deputy Governor for Tharaka Nithi Eliud Mati. Read more...

Submitted by
William Korir
Mudavadi given permission to join...

Musalia Mudavadi has been ghranted permission by his party to join the CORD Coalition. Read more...

Submitted by
Victor Tinto
EACC officers raid Deputy Governo...

EACC officers raided the home of a Deputy Governor as theft case continues in court. Read more...

Submitted by
Wilson Ochieng
New IEBC bosses to be named Novem...

New IEBC bosses will be named on November 30. Read more...

Submitted by
William Korir
DP Ruto has spoilt my name, activ...

DP William Ruto has spoilt my name, activist complains. Read more...

Submitted by
Wilson Ochieng
Apologise for attack on Auditor G...

Apologise for attack on Auditor General, President Uhuru Kenyatta is told by Kisumu Senator Anyang Nyong'o. Read more...