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Greek FinMin extends bank holiday to July 16/2015, expands bank operations

Greek Finance Ministry extended the bank holiday to July 16th 2015 and also expanded bank services and operations. In a statement released on Tuesday night, the Finance Ministry said:

Bank holiday is extended up to July 16, 2015, while expanding banking operations by the new legislative act published on 07.14.2015 in the Official Gazette. Specifically, branches of banks currently in operation can include the following acts:

a. one time of one hundred and twenty (120) euros for pensioners, who have not been paid.

b. Payments: aa) of current and overdue installments by the use of credit cards and of any kind of loan, and b) of debts to the State, to public enterprises, to state pension funds and to private insurance companies, in cash or by transfer of money from a bank account.

c. Transfer order of funds from a savings account or current account to another  corresponding account in the same bank..

It is  noted that the transactions referred to in paragraphs b) and c) will be provided also after July 16th.

sources: here ,  official decision

Greece hopes that the European Central Bank will increase Emergency Liquidity Assistance to Greek banks on tomorrow, Thursday. Even if it does so, Greek banks are not expected to open before Monday, July 20th 2015.

Given the fact that on July 20th, Greece has to pay bonds to the ECB with money it does not have, I expect banks to remain closed for longer. Especially after Prime Minister Alexis Tsipras said yesterday that: “if banks open before agreement is finalized, people will go and withdraw all their deposits.”

Greece has to pay €3.5 billion on Monday.

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One comment

  1. I think any date before next summer is overly optimistic (at least for cache withdraw, or transfer money abroad)