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Banks to reopen but cash restrictions to remain

Published:Saturday | July 18, 2015 | 11:44 AM
Greece's Prime Minister Alexis Tsipras


Greek banks are reopening tomorrow after a forced three-week closure, but restrictions on cash withdrawals will remain.

In a decree yesterday, the Greek government kept the daily cash withdrawal limit at €60 (US$65) but added a weekly limit. For example, a depositor who does not withdraw cash on Monday can withdraw €120 (US$130) on Tuesday, and so on, up to €420 (US$455) a week.

Bank customers will still not be able to cash checks, only deposit them into their accounts, and will not be able to get cash abroad with their credit or cash cards, only make purchases.

Greece closed its banks on June 29 after the European Central Bank did not increase emergency funding for the failing banks as the country's second bailout deal with creditors expired