Arab Today, arab today greek banks to reopen
Last Updated : GMT 07:53:25
Arab Today, arab today
Arab Today, arab today

ECB extends cash lifeline

Greek banks to reopen

Arab Today, arab today

Arab Today, arab today Greek banks to reopen

Greek banks will reopen Monday
Frankfurt - Arab Today

Greek banks will reopen Monday after the ECB boosted emergency aid to the crisis-hit country and eurozone nations agreed to crucial short-term funding, boosting hopes ahead of a key bailout vote in Germany.

European Central Bank chief Mario Draghi said a vital cash lifeline to Greece's struggling lenders would be increased, while also throwing his weight behind IMF calls for debt relief for Athens.

In response, the Greek government announced that banks would reopen on Monday for the first time in almost three weeks, although withdrawals would still be capped at 60 euros ($65) a day.

Athens shuttered banks and imposed capital controls at the end of last month, bringing the economy to a virtual standstill and forcing Greeks to queue for hours for cash.

"From Monday, citizens can go to the bank counters and make any kind of transaction," Deputy Finance Minister Dimitris Mardas told ERT public television late Thursday.

Meanwhile, eurozone ministers approved the launch of bailout talks after lawmakers in Athens grudgingly passed tough reforms to taxes, pensions and labour rules demanded by creditors in the early hours of Thursday morning.

"The Eurogroup welcomes the adoption by the Greek Parliament of all the commitments specified in the Euro Summit statement" reached in marathon talks last weekend, the eurozone's finance ministers said.

The European Commission, the bloc's executive arm, also agreed in theory to grant Greece a three-month 7.0-billion-euro ($7.6 billion) bridging loan to keep its economy afloat until its new bailout is ratified.

The moves came as German lawmakers will on Friday interrupt their summer holiday to vote on granting the government a mandate to negotiate the details of the new aid package.

On the eve of the vote, German Chancellor Angela Merkel urged conservative lawmakers to back the deal, saying she was "absolutely convinced" it was the way forward.

- Syriza 'bruised' by vote -

Greek Prime Minister Alexis Tsipras on Wednesday faced down a major mutiny in his radical left Syriza party and violent protests in the streets of Athens to win parliamentary approval for the draconian reforms demanded in return for a new 86-billion-euro bailout package.

Tsipras said the 32 MPs from his own Syriza party who had voted against the package had contradicted "the principles of friendship and solidarity at a critical time," and left the party "bruised," a government source quoted him as saying.

But the Eurogroup, led by the no-nonsense Dutch Finance Minister Jeroen Dijsselbloem, was encouraged by the outcome.

Dijsselbloem said the raft of reforms approved by the Greek parliament were a first step to "start to rebuild trust" as he called for urgent foreign investment to help boost Greece's debt-ridden economy.

A spokeswoman for the European Commission said the vote was "an important step toward rebuilding trust with Greece's international partners".

The EU's executive arm also green-lighted a bridging loan for Greece through an EU-wide crisis fund to hold Athens over until its new bailout is ratified.

Non-euro Britain had resisted the use of this fund, but said late Thursday it had dropped its objection after reaching a deal that would protect it and other countries outside the single currency against potential losses.

A compromise agreement was expected to be finalised on Friday.

"These have been tough talks, but the agreement announced this evening means an impregnable ring-fence around British taxpayers' money, which will not be at risk in any way in this emergency financing for Greece," British finance minister George Osborne said.

- 'We will be repaid' -

In Frankfurt, the ECB said the conditions were "in place" to raise the Emergency Liquidity Assistance (ELA) ceiling despite questions about the solvency of Greece's banks.

The ELA -- which has kept Greek banks, and by extension the Greek economy, afloat -- has been fixed at around 89 billion euros ($99 billion) since late June, but would be topped up with an additional 900 million euros, Draghi said.

Athens has failed to make a key debt repayment to the International Monetary Fund, and its next debt deadline is a 4.2-billion-euro payment to the ECB itself on July 20.

Draghi was adamant that Athens would repay its debts to both the ECB and the IMF, declaring confidently that "on 20 July, we will be repaid".

But he also said Greece -- whose debts amount to 180 percent of economic output -- would need some sort of debt relief, but the question was on what form it could take.

The IMF, one of Greece's creditors alongside the EU and the ECB, caused a stir with a bombshell report criticising the deal and warning that lenders would have to go "far beyond" existing estimates for debt relief.

But for Greece's biggest European paymaster, Germany, a pure and simple writeoff is still seen as a no-go.

"A real debt haircut is irreconcilable with membership in a monetary union," hardline Finance Minister Wolfgang Schaeuble insisted on Deutschlandfunk public radio.

Several other eurozone parliaments have already backed fresh aid to Greece. France gave its green light on Wednesday, and Finland on Thursday approved the bridge financing plan and for talks on a third bailout deal.
Source: AFP

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today greek banks to reopen Arab Today, arab today greek banks to reopen

 



Arab Today, arab today
Arab Today, arab today Fadi Kataya explains secrets of  Nancy Ajram's newlook
Arab Today, arab today Messi visit will contribute in tourism

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Iran complying with nuclear deal

GMT 07:14 2017 Saturday ,25 February

Iran complying with nuclear deal
Arab Today, arab today Zainab al-Maliki reveals herTV presenter models

GMT 18:12 2017 Friday ,24 February

Zainab al-Maliki reveals herTV presenter models

GMT 18:15 2017 Sunday ,19 February

Official accuses militias of challenging companies

GMT 06:51 2017 Saturday ,18 February

Blames government for economic crisis

GMT 06:35 2017 Saturday ,18 February

MP calls for re-operating closed companies

GMT 13:35 2017 Friday ,17 February

Confirms Britain is biggest investor in Egypt

GMT 15:55 2017 Thursday ,16 February

Egyptian foods completely unobserved nor healthy

GMT 11:18 2017 Wednesday ,15 February

Reveals plan to get out of financial crisis

GMT 12:33 2017 Tuesday ,14 February

Yemeni accuses militias of challenging oil
View News in Arabic - Business: أخبار الاقتصاد
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Actress Lobna Abdel Aziz proud of her career

GMT 06:08 2017 Thursday ,23 February

Actress Lobna Abdel Aziz proud of her career
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday