The banks were shut last last month to stem a rush of
money out of the country's cash-starved financial system. The government also
set 60 euro limits on daily withdrawals, causing hardship for residents and
often long lines at ATM machines.
On Monday, the 60 euros limit on ATM and in-person
withdrawals at branches will continue, according to a statement from the Greek
Finance Ministry. If weary Greeks don't want to wait in line each day to get
their 60 euros ($60), they also will be able to go, say, once a week and take
out 420 euros ($455) -- the weekly maximum -- which is a fairly high cap since
it's more than many Greeks earn in a week.
The reopening of the banks comes as Europe's central bank
promised 900 million euros in new emergency funding for Greece on
Thursday.
Formal negotiations on a new bailout -- worth as much as 86 billion euros ($96
billion) -- can now begin after several European parliaments, including Germany's, voted in favor. European leaders agreed last week
to offer Greece a new rescue -- its third since 2010.
While the details of the bailout are being hammered out,
Greece urgently needs cash to make debt repayments and pay other bills.
Europe is giving Greece an interim loan worth 7 billion
euros ($7.8 billion) to tide it over. That won't last longer than a few weeks,
however, so the pressure is still on.
Culled from CNN
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