Greek banks to reopen as German rebels have ‘too soft’ Merkel in their sights

Greece’s government says the country’s banks will reopen Monday after being closed for three weeks but cautioned that restrictions on withdrawals would only be lifted gradually. Deputy finance minister Dimitris Mardas made in the announcement Thursday evening on state-run ERT television. Banks were closed June 29 to stop mass cash withdrawals from triggering their collapse. The decision to reopen them was announced hours after the European Central Bank increased its emergency cash support to Greek lenders. Mardas said banks would likely switch to a more relaxed weekly limit after reopening, instead of imposing a daily ATM withdrawal cap. Greeks now can take out only 60 euros ($67) a day.

If someone doesn’t want to take €60 on Monday and wants to take it on Tuesday, for instance, they can withdraw €120, or €180 on Wednesday

Deputy finance minister Dimitris Mardas

Chancellor Angela Merkel was rallying German lawmakers Friday to back talks for a new Greece bailout deal, two days after the parliament in Athens grudgingly agreed to harsh reforms. Mrs Merkel, like Greece’s hard-left prime minister Alexis Tsipras, faces rebels in her own party ranks, but is ultimately expected to get approval from the chamber where her coalition commands an overwhelming majority. She told conservative lawmakers she was “absolutely convinced” the new €86bn ($94 billion) rescue package was the way forward. While many commentators see Merkel as being too hard on Greece, dissenters at home complain she has been too soft, leaving German taxpayers to lend out billions they are unlikely to ever see again.

Greek banks to reopen as German rebels have ‘too soft’ Merkel in their sights

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