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Greek debt crisis: Banks reopen after three-week shutdown | Greek debt crisis: Banks reopen after three-week shutdown |
(35 minutes later) | |
Greek banks are reopening after three weeks of closures sparked by the deadlock over the country's debt. | Greek banks are reopening after three weeks of closures sparked by the deadlock over the country's debt. |
Athens reached a cash-for-reforms deal aimed at avoiding a debt default and an exit from the eurozone. | |
But several restrictions remain in place, including a block on money transfers abroad, and Greeks also face price rises with an increase in VAT. | |
Meanwhile, Germany has said it is prepared to consider further debt concessions to Greece. | |
Queues at ATMs have been a feature of life in Greece for weeks, with people waiting in line each day to withdraw a maximum of €60 (£41) a day, a restriction imposed amid fears of a run on banks. | Queues at ATMs have been a feature of life in Greece for weeks, with people waiting in line each day to withdraw a maximum of €60 (£41) a day, a restriction imposed amid fears of a run on banks. |
From Monday, the daily limit becomes a weekly one, capped at €420 (£291), meaning Greeks will not have to queue every day. | From Monday, the daily limit becomes a weekly one, capped at €420 (£291), meaning Greeks will not have to queue every day. |
Greece's recession | Greece's recession |
While banks throwing open their doors marks the return of some normality to the Greek economy, long-term problems remain. | |
Unemployment is stubbornly high, and as this chart shows, Greece's recession is comparable to one of history's most famous economic crashes. | Unemployment is stubbornly high, and as this chart shows, Greece's recession is comparable to one of history's most famous economic crashes. |
How bad are things for the Greeks? | How bad are things for the Greeks? |
The scale of hardship | The scale of hardship |
But a block on transfers to foreign banks and a ban on cashing cheques remain in place. | But a block on transfers to foreign banks and a ban on cashing cheques remain in place. |
Greeks will also pay more on a range of goods and services, including taxis and restaurants, with VAT rising from 13% to 23%. | Greeks will also pay more on a range of goods and services, including taxis and restaurants, with VAT rising from 13% to 23%. |
The VAT rise was among a package of reforms demanded by Greece's creditors to open talks on the proposed €86bn bailout. | |
Members of Prime Minister Alexis Tsipras' party rebelled against the austerity measures demanded by creditors when it was voted through parliament. | |
But it paved the way for Greece to receive a bridging loan, which enables the reopening of the banks and for Athens to repay debts to the European Central Bank and the International Monetary Fund due on Monday. | But it paved the way for Greece to receive a bridging loan, which enables the reopening of the banks and for Athens to repay debts to the European Central Bank and the International Monetary Fund due on Monday. |
German row | German row |
Both Greece and the IMF have been arguing for a restructuring of its €320bn debt, saying its current position is "unsustainable". | |
German Chancellor Angela Merkel ruled out "a classic haircut" - a markdown of Greece's debts. | |
But she told German television other forms of relief, such as extending maturities or slashing interest rates, could be considered once the details of the latest programme are worked out. | |
She also played down reports of a row with her Finance Minister Wolfgang Schaeuble, who suggested in an interview with Der Spiegel magazine that he would rather resign than defend something he did not believe in. | |
"The finance minister will, like me, conduct these negotiations and I can only say that no-one came to me and asked to be relieved," said Ms Merkel when asked about the suggestion. | |
Germany, which is the largest contributor to Greek rescue funds, has taken a tough line on Greece. | Germany, which is the largest contributor to Greek rescue funds, has taken a tough line on Greece. |
At one point in the fraught talks over the bailout, Mr Schaeuble suggested Greece could temporarily leave the eurozone while it stabilises its economy. | |
Mr Tsipras, who has reshuffled his cabinet to replace rebellious ministers, has another set of reforms to push through parliament on Wednesday. | Mr Tsipras, who has reshuffled his cabinet to replace rebellious ministers, has another set of reforms to push through parliament on Wednesday. |
In a damning assessment, his former Finance Minister Yanis Varoufakis told the BBC the economic programme imposed on Greece was "going to fail". | In a damning assessment, his former Finance Minister Yanis Varoufakis told the BBC the economic programme imposed on Greece was "going to fail". |
Are you in Greece? Has the recent economic uncertainty affected you? You can share your experiences by emailing haveyoursay@bbc.co.uk. | Are you in Greece? Has the recent economic uncertainty affected you? You can share your experiences by emailing haveyoursay@bbc.co.uk. |
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