Greek Banks to Reopen on Thursday - FAZ

Pensioners stand in queue to withdraw the maximum amount of 60 euros from their pension accounts outside the ATMs of a bank branch in Thessaloniki, Greece, 5 July 2015. Photo EPA/BGNES

Banks in Greece will reopen on Thursday, Germany’s Frankfurter Allgemeine Zeitung (FAZ) reported on Monday.

The maximum daily limit of EUR 60 for cash withdrawals at ATMs will remain in force until banks reopen, the FAZ said on its website.

Banks in Greece have been closed for the past week with Tuesday initially seen as a likely date for reopening. The government ordered banks to close and introduced capital controls after the European Central Bank (ECB) froze a financial lifeline following the breakdown of bailout talks between Athens and its foreign creditors.

Greece faces a EUR 3.5 B ECB bond repayment on 20 July. Defaulting on the repayment would prevent the ECB from accepting collateral from Greek banks which could lead to cutting the liquidity lifeline.

The ECB Governing Council will discuss the provision of emergency funding to Greece's banks in a telephone conference call later on Monday afternoon, Reuters reported.

Greek banks are running out of cash and facing the danger of collapse within days without new aid following Sunday's referendum in which 61.3% of the voters rebuffed the latest cash-for-reforms bailout proposal made by the Eurogroup, the ECB and the International Monetary Fund to Athens.

 

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