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Banks Open Again After 3-week Sabbatical

Greek banks resumed working today after their break. Capital controls are still in place since the situation with liquidity remains tense.

The Greek stock market is closed for the meantime and trading should resume no earlier than by the end of the week.

From today the Greeks can feel the effect of the first signs of the reform program: new taxes will come into effect, such as a rise in VAT, leading to a 9% average rise in prices.

Today is the country’s deadline for settling its 4.2 billion euro debt with the ECB. It’s not quite clear at the moment whether this will take place. In the coming time we will see a restarting of the negotiations with the creditors.

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