Greek banks have opened after three weeks of vacation – RBC

The queue at the National Bank in Athens

Photo: Oleg Yakovlev / RBC

The end of the three-week bank holidays in Greece on Monday, according to Reuters. Most offices have formed numerous turns, the agency eyewitness.

Despite the agreement reached with the EU under the loan agreement, the Greek authorities are not removed earlier restrictions. Foreign transfers are still possible. Restrictions on cash withdrawals also remain in force: the Greeks will be able to withdraw a maximum of € 420 per week. The Exchange also remains closed.

June 29 the Greek government issued an order to close all banks. The government explained it is “extremely urgent and unforeseen need to protect the financial system of Greece and its economy due to the lack of liquidity caused by the adopted June 27 decision of the Eurogroup Greece refuse to extend support programs.” In the Greek ATMs can be removed no more than € 60. day. Restriction applies only to cards issued in Greece.

The beginning of the bank holiday was declared the next day after the Prime Minister of Greece, Alexis Tsipras refused further negotiations with the European Union and the IMF issued a question about the continuation of cooperation with creditors from the IMF to a referendum on July 5.

Deadline for bank holidays was originally declared to 6 July, but was repeatedly postponed. The last time this happened on 16 July. Then the Greek authorities decided to extend the bank holiday until 19 July inclusive. This decision is the Ministry of Finance of Greece explained the need to protect the economy and financial system of the country due to lack of liquidity.

Last week, Greece reached an agreement with creditors. According to the agreement, Athens will have three years financial assistance of € 86 billion. In return, Greece will create a special fund to € 50 billion, which will invest state assets.