Greek Banks reopen after three-week shutdown with controls Monday July 20,2015

 

Greek banks have reopened on Monday after a three-week shutdown on Monday July 20,2015

Greeks will be able to withdraw 420 euros a week at once instead of just 60 euros a day, but the limit will effectively remain the same and capital controls will also stay in place.

Capital controls and restrictions on withdrawals will remain in place but we are entering a new stage which we all hope will be one of normality," the head of Greece's banking association Louka Katseli told

The three-week closure of Greek banks, with ATM withdrawals limited to €60 a day, has cost the country's economy €3 billion ($3.3 billion), which excludes lost tourism revenue

Note
The bank closures were introduced on June 29,2015 after the Greek government rejected austerity demands by European creditors and called a referendum, in which over 61 percent of the country’s citizens voted against the previous terms of the bailout deal