Greek banks image

Greek banks re-open

July 2015

Greek banks have re-opened and Greeks will no longer have to queue each day for their cash, as the emergency funding operation breaths some life into the banking system and, it is hoped, to the Greek economy.  A weekly limit on cash withdrawals of 420 euros comes into force from today, and while the total limit is unchanged, the ability to withdraw a weekly allowance will go some way to bring normality back to life in Greece.

However, tight controls on money transfers still remain, and VAT increases (from 13% to 23%) come into effect today.

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