Greek Banks to Reopen Monday but Cash Restrictions Remain

Greek banks are reopening Monday after a forced 3-week closure but restrictions on cash withdrawals will remain
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Greek Banks to Reopen Monday but Cash Restrictions Remain
People walk past the Bank of Greece headquarters, in central Athens, on Friday, March 6, 2015 . European Central Bank head Mario Draghi said the ECB "stood ready" to once again permit Greek banks to use junk-rated Greek government bonds as collateral to get credit from the ECB. That would happen as soon as the bank assesses that Greece is likely to successfully complete a creditor review of its progress. (AP Photo/Petros Giannakouris)
The Associated Press
7/18/2015
Updated:
7/18/2015

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.

Greece closed its banks on June 29 after the European Central Bank did not increase emergency funding for the failing banks as the country’s second bailout deal with creditors expired.