Greece Reopens Banks

The banks are in a vulnerable position because of outflows of billions of euros (dollars) from deposits over the past six months.

Greece's government hiked taxes and paid billions of euros to its creditors on today, as banks reopened just days after the debt-laden country reached a reforms-for-cash deal with its European partners.

Greece reopened its banks and ordered billions of euros owed to international creditors to be repaid on Monday in the first signs of a return to normal after last week's deal to agree a tough new package of bailout reforms.

Greeks queued outside banks on Monday as they reopened three weeks after closing to stop the system collapsing under a flood of withdrawals, the first cautious sign of a return to normal after a deal to start talks on a new package of bailout reforms.

However capital controls will remain and payments and wire transfers abroad will still not be possible - a situation which German Chancellor Angela Merkel said on Sunday was "not a normal life" and warranted swift negotiations on a new bailout.

Greek banks reopened today after a shutdown lasting three weeks imposed by the government to avert a crash in the banking system over the country's debt crisis.

The cautious reopening of the banks, and an increase in value added tax on restaurant food and public transport from Monday, are aimed at restoring trust inside and outside Greece after an aid-for-reforms deal last week averted bankruptcy.

Greece prepared today to restart its struggling economy with a revamped government, a bank reboot and a new round of tax hikes agreed after months of fraught confrontation with its creditors.

The Greek government ordered banks to open on Monday, three weeks after they were shut down to prevent the system collapsing under a flood of withdrawals, as Prime Minister Alexis Tsipras looked to the start of new bailout talks next week.

Greece's banks will stay closed at least until Friday, four banking sources said on Monday, as the country tries to reopen bailout negotiations with official creditors and save its financial system from collapse.

Greek banks have enough liquidity up to their reopening as expected early next week after the country's bailout referendum at the weekend, the bank association said on Friday.

Cypriots are expected to descend in their thousands on Thursday on banks, which reopen with tight controls imposed on transactions to prevent fleeing depositors from cleaning out the vaults in a catastrophic bank run.

The banks are in a vulnerable position because of outflows of billions of euros (dollars) from deposits over the past six months.

Greece's government hiked taxes and paid billions of euros to its creditors on today, as banks reopened just days after the debt-laden country reached a reforms-for-cash deal with its European partners.

Greece reopened its banks and ordered billions of euros owed to international creditors to be repaid on Monday in the first signs of a return to normal after last week's deal to agree a tough new package of bailout reforms.

Greeks queued outside banks on Monday as they reopened three weeks after closing to stop the system collapsing under a flood of withdrawals, the first cautious sign of a return to normal after a deal to start talks on a new package of bailout reforms.

However capital controls will remain and payments and wire transfers abroad will still not be possible - a situation which German Chancellor Angela Merkel said on Sunday was "not a normal life" and warranted swift negotiations on a new bailout.

Greek banks reopened today after a shutdown lasting three weeks imposed by the government to avert a crash in the banking system over the country's debt crisis.

The cautious reopening of the banks, and an increase in value added tax on restaurant food and public transport from Monday, are aimed at restoring trust inside and outside Greece after an aid-for-reforms deal last week averted bankruptcy.

Greece prepared today to restart its struggling economy with a revamped government, a bank reboot and a new round of tax hikes agreed after months of fraught confrontation with its creditors.

The Greek government ordered banks to open on Monday, three weeks after they were shut down to prevent the system collapsing under a flood of withdrawals, as Prime Minister Alexis Tsipras looked to the start of new bailout talks next week.

Greece's banks will stay closed at least until Friday, four banking sources said on Monday, as the country tries to reopen bailout negotiations with official creditors and save its financial system from collapse.

Greek banks have enough liquidity up to their reopening as expected early next week after the country's bailout referendum at the weekend, the bank association said on Friday.

Cypriots are expected to descend in their thousands on Thursday on banks, which reopen with tight controls imposed on transactions to prevent fleeing depositors from cleaning out the vaults in a catastrophic bank run.