Greek banks are reopening after
three weeks of closures sparked by
the deadlock over the country's debt.
Athens reached a cash-for-reforms deal
aimed at avoiding a debt default and an
exit from the eurozone.
But many restrictions remain, including a
block on money transfers abroad, and
Greeks also face price rises with an
increase in Value Added Tax (VAT).
Meanwhile, Germany has said it is
prepared to consider further debt
concessions to Greece.
What's in the bailout deal?
Would a Grexit have been better?
Queues at ATMs have been a feature of
life in Greece for weeks, with people
waiting in line each day to withdraw a
maximum of €60 (£41) a day, a restriction
imposed amid fears of a run on banks.
From Monday, the daily limit becomes a
weekly one, capped at €420 (£291),
meaning Greeks will not have to queue
every day.
An architect told the BBC that the banks
re-opening will make only a small
difference to his ability to operate:
"The key challenge is that we cannot pay
our suppliers, which means that we will
eventually run out of products to sell,"
Vassilis Masselos told the BBC World
Service's Newsday programme.
Greece's recession
While banks throwing open their doors
marks the return of some normality to the
Greek economy, long-term problems
remain.
Unemployment is stubbornly high, and as
this chart shows, Greece's recession is
comparable to one of history's most
famous economic crashes.
How bad are things for the Greeks?
The scale of hardship
But a block on transfers to foreign banks
and a ban on cashing cheques remain in
place.
Greeks will also pay more on a range of
goods and services, including taxis and
restaurants, with VAT rising from 13% to
23%.
The rise was among a package of reforms
demanded by Greece's creditors to open
talks on the proposed €86bn bailout.
Members of Prime Minister Alexis
Tsipras' party rebelled against the
austerity measures demanded by creditors
when it was voted through parliament.
But it paved the way for Greece to receive
a bridging loan, which enables the
reopening of the banks and for Athens to
repay debts of €3.5bn to the European
Central Bank due on Monday.
German row
Both Greece and the IMF have been
arguing for a restructuring of its €320bn
debt, saying its current position is
"unsustainable".
German Chancellor Angela Merkel ruled
out "a classic haircut" - a markdown of
Greece's debts.
But she told German television other
forms of relief, such as extending
maturities or slashing interest rates, could
be considered once the details of the latest
programme are worked out.
She also played down reports of a row
with her Finance Minister Wolfgang
Schaeuble, who suggested in an interview
with Der Spiegel magazine that he would
rather resign than defend something he
did not believe in.
"The finance minister will, like me,
conduct these negotiations and I can only
say that no-one came to me and asked to
be relieved," said Ms Merkel when asked
about the suggestion.
Germany, which is the largest contributor
to Greek rescue funds, has taken a tough
line on Greece.
At one point in the fraught talks over the
bailout, Mr Schaeuble suggested Greece
could temporarily leave the eurozone
while it stabilises its economy.
Mr Tsipras, who has reshuffled his cabinet
to replace rebellious ministers, has
another set of reforms to push through
parliament on Wednesday.
In a damning assessment, his former
Finance Minister Yanis Varoufakis told
the BBC the economic programme
imposed on Greece was "going to fail".
three weeks of closures sparked by
the deadlock over the country's debt.
Athens reached a cash-for-reforms deal
aimed at avoiding a debt default and an
exit from the eurozone.
But many restrictions remain, including a
block on money transfers abroad, and
Greeks also face price rises with an
increase in Value Added Tax (VAT).
Meanwhile, Germany has said it is
prepared to consider further debt
concessions to Greece.
What's in the bailout deal?
Would a Grexit have been better?
Queues at ATMs have been a feature of
life in Greece for weeks, with people
waiting in line each day to withdraw a
maximum of €60 (£41) a day, a restriction
imposed amid fears of a run on banks.
From Monday, the daily limit becomes a
weekly one, capped at €420 (£291),
meaning Greeks will not have to queue
every day.
An architect told the BBC that the banks
re-opening will make only a small
difference to his ability to operate:
"The key challenge is that we cannot pay
our suppliers, which means that we will
eventually run out of products to sell,"
Vassilis Masselos told the BBC World
Service's Newsday programme.
Greece's recession
While banks throwing open their doors
marks the return of some normality to the
Greek economy, long-term problems
remain.
Unemployment is stubbornly high, and as
this chart shows, Greece's recession is
comparable to one of history's most
famous economic crashes.
How bad are things for the Greeks?
The scale of hardship
But a block on transfers to foreign banks
and a ban on cashing cheques remain in
place.
Greeks will also pay more on a range of
goods and services, including taxis and
restaurants, with VAT rising from 13% to
23%.
The rise was among a package of reforms
demanded by Greece's creditors to open
talks on the proposed €86bn bailout.
Members of Prime Minister Alexis
Tsipras' party rebelled against the
austerity measures demanded by creditors
when it was voted through parliament.
But it paved the way for Greece to receive
a bridging loan, which enables the
reopening of the banks and for Athens to
repay debts of €3.5bn to the European
Central Bank due on Monday.
German row
Both Greece and the IMF have been
arguing for a restructuring of its €320bn
debt, saying its current position is
"unsustainable".
German Chancellor Angela Merkel ruled
out "a classic haircut" - a markdown of
Greece's debts.
But she told German television other
forms of relief, such as extending
maturities or slashing interest rates, could
be considered once the details of the latest
programme are worked out.
She also played down reports of a row
with her Finance Minister Wolfgang
Schaeuble, who suggested in an interview
with Der Spiegel magazine that he would
rather resign than defend something he
did not believe in.
"The finance minister will, like me,
conduct these negotiations and I can only
say that no-one came to me and asked to
be relieved," said Ms Merkel when asked
about the suggestion.
Germany, which is the largest contributor
to Greek rescue funds, has taken a tough
line on Greece.
At one point in the fraught talks over the
bailout, Mr Schaeuble suggested Greece
could temporarily leave the eurozone
while it stabilises its economy.
Mr Tsipras, who has reshuffled his cabinet
to replace rebellious ministers, has
another set of reforms to push through
parliament on Wednesday.
In a damning assessment, his former
Finance Minister Yanis Varoufakis told
the BBC the economic programme
imposed on Greece was "going to fail".
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