Greece Repaid Arrears Worth Two Billion Euros

It also comes after Greece repaid about 2 billion euros to the worldwide Monetary Fund, clearing all its arrears after missing several payments in June and July.

Customers queued up as bank branches opened for the first time in three weeks on Monday after they were closed to save the system from collapsing under a flood of withdrawals.

Greece set a series of landmarks Monday it hopes will shore up its battered economy following months of crisis that threatened its place in the euro.

Foreign bank transfers and cashing cheques is still banned, however.

What this means is that the quantum of money allowed to be withdrawn per account per person per week remains the same, but the daily limit is gone. However, restrictions on transactions and cash withdrawals remain in place, RFE/RL reports.

Dimitris Chronis, an Athens kebab shop owner, said the new taxes were bad news for his business.

“I don’t expect major problems, our network and the network of our competitors are ready to serve our clients”, said a senior official at Piraeus Bank, one of the big four lenders.

The rise was among a package of reforms demanded by Greece’s creditors. “That era is over”.

But last week’s vote in the Greek parliament paved the way for Greece to receive the €7bn bridging loan that enabled the reopening of the banks.

Control, including the ones on flight of capital however, remain. The government is again likely to scrape through, supported by opposition parties. Following months of growing distrust, Greece’s partners in the 19-country eurozone wanted to see measures enacted before bailout talks could begin.

Germany, which is the largest contributor to Greek rescue funds, has taken a tough line on Greece, while other states, such as France, have appeared more conciliatory.