Greek markets to reopen on Monday

The Athens Stock Exchange (ASE) has been shut since June 29, when the government closed banks and imposed strict limits on withdrawals and foreign transfers to avert a run on deposits.

“We’re working on the basis of Monday but we’re waiting for the minister’s decision, which is the legal prerequisite for the reopening”, said Konstantinos Botopoulos, chairman of the Hellenic Capital Market Commission.

According to financial media, the resumption of trading on the exchange, shut down on June 26, will be accompanied by restrictions for investors based in Greece.

Tsakalotos met with lead negotiators from the European Union and global Monetary Fund to start negotiations for a third bailout worth 85 billion euros ($93 billion), following several days of preparatory meetings between lower-level officials on reforming the tax system and labor market regulations.

MSCI to make no changes to its Greek stock indexes.

Greek investors will not be able to finance the purchase of securities by taking money from their bank accounts in Greece.

It will also be nervously eyeing Monday’s reopening of the Athens Stock Exchange, when normal operating procedures will resume for foreign investors although locals will still face limits on their transactions.

Trading in all stocks including banking shares will be allowed and volatility limits will be lowered to 20 percent from 30 percent previously, the bourse spokeswoman said. Prime Minister Alexis Tsipras has pledged to back the new cutbacks, while openly admitting that he disagrees with them. Syriza will hold an emergency congress in September to determine whether the party continues to support government policy on the bailout. Varoufakis had alleged that the aim would have been to create a parallel banking system to deal with a potential closure of the country’s banks.

“Mr Varoufakis may have made mistakes”, he said.