Greek Banks Set To Resume On Monday

Greek banks are finally set to reopen on Monday, as a result of the decision taken by the Greek Parliament to accept strict bailout terms amid strong protests by the citizens. The banks closed down on June 29, as a result of the mounting debt burden. The European Central Bank has also decided to increase the amount of emergency relief funds being sent to the debt-ridden banks.

European Central Bank Chief Mario Draghi said in a statement that the immediate flow of fund would give a boost to the economy. The steps are being seen as a reward for the Greek decision to accept the bailout terms. Only hours after the Athens Parliament sanctioned the sweeping changes to pension, taxes and labour rules, the 19 Finance Ministers of Eurozone issued a statement that said, 'The Eurogroup welcomes the adoption by the Greek Parliament of all the commitments specified in the Euro Summit statement'.

ELA or the Emergency Liquidity Assistance which has been decided at €89 billion since the end of June, is being added with another €900 million in an effort to uplift the economy as early as possible. 'The Greek parliament took an important step toward rebuilding trust with Greece's international partners,' said European Commission spokesperson Annika Breidthardt.

Athens owes huge debt to the International Monetary Fund, which it had failed to repay. Moreover, Athens needs to make a refund of €4.2 billion by July 20 to the European Central Bank itself. The ECB chief was confident that Greece would be able to repay both ECB and IMF by July 20. According to him, Greece has been able to protect the savers by the capital control measures introduced by the Athens, even if they have been unsuccessful in recovery. Mr. Draghi has expressed concern over the willingness and the capacity of Greece to succeed in making the reforms insisted by the creditors.

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