After three consecutive weeks of closing, the Greek banks will again open their doors on Monday, according to a decree published Saturday. The daily withdrawal limit of 60 euros in cash remains in place to prevent a bank run. But this limit will be spread, according to the decree, throughout a week, 420 euros (7 times 60 euros) to enable to earn withdrawals
. Example: a Greek who need a lot of cash can withdraw 200 euros on Monday, but the withdrawals for the rest of the week will not exceed 220 euros. The Greeks will also start using their credit cards for purchases abroad.
These limitations were implemented by the executive in order to stem the haemorrhage of funds out of the banks and the country. A movement of capital controls had also been established for the same reasons. This will not end but will also be less stringent.
Exceptions are created with capital controls in place
It will be possible to make transfers of up to 5,000 euros per term for young Greeks studying abroad. The Greeks receiving medical care abroad can leave them 2,000 euros in the country. Otherwise, capital controls remain in place, that is to say that the Greeks can not transfer money abroad or out large sums in cash or open new accounts in their country .
According to the center-right newspaper Kathimerini, capital controls have already cost 3 billion euros to Greece, out of tourism. The restrictions have scuttled the sales period, generally auspicious for retail and frozen imports necessary for the smooth running of the economy. According to the Chamber of Commerce and Industry of Athens, quoted by the daily, some 4,500 containers are blocked at the port due to lack of regulation.
For the record, in the last three weeks, the European Central Bank (ECB) had maintained emergency aid, via the provision of emergency liquidity mechanism (ELA) to Greek banks without raising its ceiling.
Proof of authority
Earlier on Saturday, the new Greek ministers appointed by Alexis Tsipras, were sworn in after a reshuffle intended to affirm the authority of the Prime Minister, while the obstacle course continues to banish the risk of a euro exit. Alexis Tsipras particularly replaced three ministers who came to disown it in Parliament. The redesign, counting game musical chairs internal to the executive, involves a total of ten morocco.
Prime minister from the radical left, in power for six months, wanted to show authority after an extremely tense vote in the night from Wednesday to Thursday, during which several tenors of his Syriza party rejected the reforms demanded by creditors. But according to several commentators this superficial redesign is not enough to avoid early parliamentary, perhaps in the fall.
Alexis Tsipras consolidated pending the place of the Minister of Finance Euclid Tsakalotos , left man with strongly held ideas, but weighted negotiator. He had replaced the virulent Yanis Varoufakis resigned July 6 and now megaphone slingers.
Tsipras “does not eat, does not sleep” , worries about his mother
Greek Prime Minister “does not eat, does not sleep,” worries his mother in a interview published Saturday. “Lately Alexis does not eat, do more, but he did not sleep the choice, he has a debt to the people who trusted him,” said Tsipras Aristi, 73, the weekly Parapolitika people.
“I see only rarely. It goes from the airport to the Parliament. It does not have the time to see his own children, how can he see me?” asks Ms. Tsipras. “When we speak, I tell him to do his best for the country and to pay attention to him. He told me not to worry, that everything will be fine,” she said again.
The young prime minister, aged 40, has just gone through several challenging weeks, who saw the face as frank defiance of some European partners of Greece, a slingshot in his own Syriza party. The pictures showed tired, supporting his forehead with his hand, on the benches of Parliament where he passed last Thursday a series of hard reforms, criticized by some of Syriza but demanded by creditors before considering a new financial assistance to Greece.
Varoufakis guest of Montebourg
Yanis Varoufakis, which will be the guest of honor of the political return of the former French Minister Arnaud Montebourg, also criticism of the government, said Saturday the BBC that the new aid plan for Greece, not yet finalized was “already a failure.”
The willingness of the Prime Minister to distance the most radical wing of his party and the positive vote of the Vouli a restored precarious calm with European partners and creditors, but without guarantee of long-term financial survival.
Greece will receive an emergency payment of € 7 billion which, barely paid, will be immediately swallowed, almost. Athens must repay Monday over 4 billion euros to the European Central Bank and a consequent clear slate to the International Monetary Fund.
80 Assistance Plan billion euros over three years
A new race to watch is already committed to, beyond this interim assistance, establish the third aid package promised to Greece, more than 80 billion euros over three years. Ideally before August 20, date of a heavy repayment to the ECB.
Athens did not finish the
see prove its goodwill: its members must validate 22 July at the latest, a reform of civil justice and transpose a European directive on banks.
Source AFP and Reuters
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