All branches of Greek banks re-opened on Monday after three weeks enforced holiday imposed on June 29th 2015. While banks broaden their services, capital controls remain valid. The low daily withdrawal limit remains €60 per day, however depositors will have the option to withdraw up to €420 cumulative per week. If one depositor miss the €420 option, the following week will begin again with just €60.
Pensioners will be able to withdraw up to €300 per week from the bank cash counters.
However, according to Skai TV & ANT1 today:
The cumulative withdrawal limit of this current week is €300 (Monday – Friday, 20-24. July 2015)
The following week where the €420 cumulative limit applies starts upcoming Saturday (25. July 2015) and will be applied always Saturday – Friday.
The legislative act to reopen the banks was published in the Official Gazette last Saturday, after the European Central Bank had increased ELA by 900 million euro the previous day. Banks have been closed since 29th June, with only 1,200 branches across the country open so that pensioners and jobless without cash cards can withdraw pensions or unemployment allowance or apply for a cash card.
The 4-page long Legislative Act describes in detail all the provisions and restrictions during the capital controls.
Among others it provides that:
– credit card holders will not be able to withdraw cash in Greece and abroad.
– as from July 20th, any other form of cash withdrawals from the bank or ATM exceeding 60 euro per depositor (CustomerID), per institution, per day, by institutions in Greece and abroad will not be allowed.
– no cash withdrawals when card holder abroad.
There are also provisions for covering medical expenses, sending money abroad for students, cash withdrawal when card holders abroad and several other issues like payments to the state, the tax offices and the insurance funds, as well as assess to lockers.
The end of bank holiday give debtors a mercy period of just 3 days to pay back debt installments and other obligations to the state without fines.
The daily withdraw limit has forced majority of Greeks who had still money in the bank, or are pensioners and juobless enjoying the unemployment allowance to stand queue on a daily basis in order to get their 60-euro portion of money, which was in fact just a 50-euro banknote as the ATMs did not give out 20-euro banknotes.
Those with nothing at the bank and nothing to expect in pensions or allowance remained indifferent to the whole situation.
The loss of real economy due bank holiday and capital controls is estimated to be 3 billion euro.
Full Finance Ministry Decision here in pdf
Hopefully the time was good used and they have printed trillions of Euros
no the ecb sent an airplane :p
If you mean Greece, they can’t they don’t have the presses for it.
Greece has, every banknote with ID-number starting with “Y” is printed in Greece