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Friday, July 17, 2015

Greek government confirms banks will re-open on Monday July 20, restrictions will ease gradually

The European Central Bank increased emergency funding for Greek lenders, although capital controls will have to remain to avoid a bank run when they reopen on Monday.

European Union finance ministers also approved €7 billion in bridging loans to keep Greece afloat, allowing it to make a bond payment to the ECB next Monday and clear its arrears with the International Monetary Fund.

The loans will be finalised today Friday July 17 provided Germany's parliament approves a Berlin government request to open talks on a three-year bailout programme - Greece's third in the past five years - worth up to €86 billion.

The ECB on Thursday increased the cap on emergency funding Greek lenders can draw from the domestic central bank by 900 million euros.

Meanwhile, euro zone finance ministers have announced much-needed bridge financing for the country, after the Greek parliament voted to accept swingeing austerity measures in return for aid. 

Banks have been closed since June 29 after Athens imposed capital controls. "They will open on Monday," the Greek government said.

They said there might be a weekly limit on withdrawals, rather than a daily one, 
"If someone doesn't want to take 60 Euros ($66) on Monday and wants to take it on Tuesday, for instance, they can withdraw 120 Euros or 180 Euros on Wednesday," he was quoted as saying.

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