IMF says Greece repaid arrears worth two billion euros

For the past three weeks, Greeks have been waiting in line at cash machines to withdraw a maximum of €60 (£41) a day, a restriction imposed amid fear of a run on the banks.

For an economy reeling from the recent uncertainty over the country’s euro future, the continuing controls on capital and the tax rises aren’t going down too well.

On Monday, The Times reported that Greece decided to make a €4.2 billion bond payment to the European Central Bank, as well as a €2 billion payment to the International Monetary Fund for late loans.

Representatives from Greece’s creditors – known as the Troika – are due to arrive in the country soon and talks on the new bailout are expected to last about a month.

Mr Tsipras has since replaced his rebel ministers but analysts say his government has been weakened and fresh elections may be held in September or October.

Despite widespread domestic opposition, the Greek government last week agreed to raise taxes, overhaul the pension system and carry out privatizations in order to receive a new bailout of 86 billion euros (USD 93.3 billion) over the next three years.

Today the Greek central bank released its monthly balance sheet for June 2015.

With the ECB limit on ELA, nobody, not even ordinary depositors, wanted to be exposed to Greek banks. There were no reports of any problems.

For the average Greek, opening of banks doesn’t bring a host of good news, as the withdrawal limits remain the same, but the relaxation has been made on another account.

Further relief for Greece may come if lawmakers back another set of creditor-demanded measures on Wednesday.

The agreement to open up bailout discussions has not gone down well in large parts of Tsipras’ radical left Syriza party, which was elected in January on a promise to end austerity.