Greek Financial System

Alexis Tsipras has presided over a near-death experience for the Greek financial system and performed a U-turn on resisting austerity. And yet the prime minister bestrides his nation's politics, with no serious challenger in sight.

Greece today promised it would start pension and tax reforms next week, as demanded by creditors, in return for a three-year eurozone loan to drag its financial system back from the brink of collapse.

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.

Greece's financial system is on the brink of meltdown: banks are reported to have only around €500m left in cash - equal to just €45 (£32) per head of the 11 million-strong population.

Greek banks will remain closed until July 6 - the day after a referendum on bailout proposals - and ATM withdrawals will be limited to 60 euros ($65) a day in the same period, according to an official decree published early Monday.

Alexis Tsipras has presided over a near-death experience for the Greek financial system and performed a U-turn on resisting austerity. And yet the prime minister bestrides his nation's politics, with no serious challenger in sight.

Greece today promised it would start pension and tax reforms next week, as demanded by creditors, in return for a three-year eurozone loan to drag its financial system back from the brink of collapse.

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.

Greece's financial system is on the brink of meltdown: banks are reported to have only around €500m left in cash - equal to just €45 (£32) per head of the 11 million-strong population.

Greek banks will remain closed until July 6 - the day after a referendum on bailout proposals - and ATM withdrawals will be limited to 60 euros ($65) a day in the same period, according to an official decree published early Monday.