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Greece Orders Banks To Reopen After Three-Week Closure

Greek Prime Minister Alexis Tsipras (file photo)

The Greek government has ordered the country’s banks to reopen on July 20 following a three-week closure aimed at preventing cash from draining out of the country.

The government's July 18 decree that reopens the banks also relaxes withdrawal regulations, setting a new cumulative weekly limit of 420 euros ($458) while keeping the 60-euro ($64) daily limit in place.

The decree leaves also leaves in place a range of capital-control measures, including a ban on the opening of new accounts and a block on capital transfers.

The move came just hours after Greece swore in new ministers following a cabinet reshuffle by Prime Minister Alexis Tsipras that replaced members of his ruling Syriza party who objected to the terms of a 7-billion-euro ($7.6 billion) bailout deal with the EU.

Greece enacted the bank closure on June 29 after Tsipris’ far-left government announced a referendum on creditors’ austerity demands that 61 percent of Greek voters rejected.

Based on reporting by AFP and Reuters