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Monday, July 6, 2015

Greek Banks will remain closed until Wednesday, July 8, ATMs Will continue Operate with 60 euro per day

Hellenic Bank Association President Louka Katseli said Greek Banks will remain closed until Wednesday. ATMs Will continue Operate with 60 euro per day for the pensioners and for cash card holders. The decision comes before Monday’s European Central Bank‘s verdict on whether it will increase Emergency Liquidity Assistance (ELA) to Greece, which is currently capped at 89 billion euros.

The daily withdrawal limit will remain at 60 euros. Pensioners who did not collect the 120 euros they were eligible to claim last week can collect it this week. However those that did collect the sum are not eligible to collect again this week, according to Deputy Finance Minister Dimitris Mardas.

“We decided to extent the bank holiday for two days,” said Hellenic Bank Association President Louka Katseli. “If there is an ECB decision that allows us to change something for pensioners, we will change it. The goal is the normalization of the market.”

The same bank branches that worked last week will work during the bank holiday as well. Mardas said that there will soon be a New Act of Legislative Content on the matter.

"Banks can continue to allow withdrawals to 60 euros until Friday if the ECB continues to have" frozen "emergency aid, told the New Finance Minister of Greece

Cabinet members do not know when banks will reopen, despite the fact that the Greek government had announced that banks will open on Tuesday, July 7, after Sunday’s referendum.

Speaking on Greek television, Tsipras said that if the referendum result is a “No” to the creditors’ bailout agreement, he will have a better ability to renegotiate and bring back an improved agreement within two days. However, he did not say when banks will reopen.

Former Finance Minister Yanis Varoufakis told BBC news that banks will open on Tuesday, certain that by July 7 Greece will have a deal with creditors.

State Minister Nikos Pappas avoided to give an answer to reporters when banks will open, saying that this will depend whether a deal is signed or not.

The European Central Bank (ECB) has stopped providing liquidity to Greek banks on June 28, two days before the bailout program expired. The central bank is expecting the results of Sunday’s referendum in order to decide if it will keep infusing cash to Greek banks through the Emergency Liquidity Assistance (ELA) scheme.

Josef Bonnici, a member of the ECB board of directors, said that “this will depend on Greece’s decision,” adding that the ECB cannot provide emergency liquidity to Greece ad infinitum.

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