Greek banks to reopen today after 3-week ‘holiday’

ATHENS (PNA/Sputnik/AFP) — Greek banks will reopen today after being shut for three weeks, although limitations on cash withdrawal will remain, the country’s Ministry of Finance said in a statement on Saturday.

The Greek government shuttered the country's banks on June 29, restricting daily ATM cash withdrawals to 60 euros (USD 65) per person. The bank closure has been extended four times.

"Monday, July 20, is the deadline for the legislative action that introduced bank holiday. On Monday, all bank branches will open, a number of banking transactions, permitted under the control of the movement of capital, will be expanded," the statement said.

The 60-euro restriction on cash withdrawals will remain. If funds are not withdrawn for several days, a client will be able to receive an accumulated sum of money during the period, which cannot exceed 420 euros per week.

Large financial operations continue to require an approval by a special commission of the Finance Ministry.

The three-week shutdown of Greek banks has cost the country's struggling economy some 3.0 billion euros ($3.3 billion) not counting lost tourism revenue, a report said Saturday.

Citing commerce groups, the Kathimerini daily said the retail trade alone had suffered a 600-million-euro loss, with apparel taking the main blow.

Exports also suffered a 240-millioneuro hit, the exporters' association said.

According to the Athens Chamber of Commerce and Industry (EBEA) some 4,500 containers with raw materials and finished products are blocked at customs.

And with a significant backlog of cheques and bills of exchange that cannot be paid, business transactions worth an estimated 6 billion euros have been frozen, the chamber added.