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Greek banks to re-open Monday as Tsipras eyes new start
– theglobeandmail.com
Banks ease withdrawal limits slightly, capital controls remain
Greece’s forced 3-week bank closure ends Monday but restrictions on withdrawing cash remain
– canadianbusiness.com
ATHENS, Greece – Greek banks are reopening Monday after a forced 3-week closure but restrictions on cash withdrawals will remain.
In a decree Saturday, the Greek government kept the daily cash withdrawal limit at 60 euros ($65) but added a weekly limit. For example, a depositor who doesn’t withdraw cash on Monday can withdraw 120 euros ($130) on Tuesday, and so on, up to 420 euros ($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. There are also restrictions on opening new accounts or activating dormant ones.
The decree also pushes back by a month, to August 26, the deadline for filing income tax returns.
The degree came on the same day as Greece’s coalition government swore in its new, reshuffled cabinet. Five prominent dissidents from the radical left Syriza party, the senior coalition party, were replaced. Four of them had voted against an agreement with Greece’s creditors Thursday and the fifth had resigned before the vote…
In a decree Saturday, the Greek government kept the daily cash withdrawal limit at 60 euros ($65) but added a weekly limit. For example, a depositor who doesn’t withdraw cash on Monday can withdraw 120 euros ($130) on Tuesday, and so on, up to 420 euros ($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. There are also restrictions on opening new accounts or activating dormant ones.
The decree also pushes back by a month, to August 26, the deadline for filing income tax returns.
The degree came on the same day as Greece’s coalition government swore in its new, reshuffled cabinet. Five prominent dissidents from the radical left Syriza party, the senior coalition party, were replaced. Four of them had voted against an agreement with Greece’s creditors Thursday and the fifth had resigned before the vote…
Greece’s leftist government pledges privatization push; experts doubt 50B euro goal reachable
– canadianbusiness.com
ATHENS, Greece – Work was supposed to begin next year on a 7 billion euros ($7.6 billion) waterfront urban renewal project almost twice the size of New York’s Central Park that could have poured nearly a billion euros into Greece’s depleted coffers. The plans stalled late last year after the far-left Syriza party took power and promised to halt attempts at putting the private sector in control of state assets, both on ideological grounds and because leaders believe rampant corruption must be addressed before any sell-off.
Now, in an attempt to get a third European bailout and prevent the Greek economy from collapsing, the ruling party has done an about-face. It has pledged to fast-track the waterfront project, plus sell government assets and allow for private development of state-owned property, all to generate cash that will help reduce Greece’s 320-billion-euro national debt and pay back money lent by European nations to prop up ailing banks.
Experts say the goal set by Greece’s European counterparts for the country to raise 50 billion euros in privatizations and private use of state property is probably impossible — but that Greece must make a better effort than it has in the past…
Now, in an attempt to get a third European bailout and prevent the Greek economy from collapsing, the ruling party has done an about-face. It has pledged to fast-track the waterfront project, plus sell government assets and allow for private development of state-owned property, all to generate cash that will help reduce Greece’s 320-billion-euro national debt and pay back money lent by European nations to prop up ailing banks.
Experts say the goal set by Greece’s European counterparts for the country to raise 50 billion euros in privatizations and private use of state property is probably impossible — but that Greece must make a better effort than it has in the past…
