Ray Of Hope: Time For Greek Banks To Reopen

Greek banks finally reopened on Monday after weeks of speculations, indecisiveness, uncertainties and protests. Greek citizens will now be able to withdraw money but the limit on how much can be withdrawn at a time, is still functional. The confirmation came from the deputy finance minister of Greece, Dimitris Mardas who also said that the services provided by the banks would be widened as well.

The banks will now allow Greeks to withdraw a maximum amount of €420 per week. This would save them from queuing up outside the ATMs for hours, which was the situation during the 3 weeks of turmoil, when citizens were only permitted to withdraw € 60 per day from their bank accounts.

"If someone doesn't want to take €60 on Monday and wants to take it on Tuesday, for instance, he can withdraw 120 euros, or 180 on Wednesday," the finance minister Mr. Mardas told ERT television. "This is a proposal we are processing and we think it's technically possible”.

Limitations including prohibition on transferring money to foreign bank accounts and on opening new bank accounts will be very much in effect. About € 3 billion accruing to export disruption and market shortages, have been lost as a result of the 3 weeks shut down of the banks.

Acceptance of the bail out terms has been a very controversial decision that tore the country in two parts, with majority standing up against the austere measures. But the third bailout in 5 years would not have been possible for Greece without submitting a major portion of its sovereignty to outside regulators. The austere measures imply a huge change in the Greek way of life. Technical teams from the International Monetary Fund, the European Central Bank and the European Union are expected to visit Athens sometime next week in order to assess the economic state of the country.

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