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Welcome, 77 artists, 40 different points of Attica welcomes you by singing Erotokritos an epic romance written at 1713 by Vitsentzos Kornaros

Friday, July 3, 2015

Greek Govt Doesn’t Know When Banks Will Reopen

Greek Prime Minister Alexis Tsipras and cabinet members do not know when banks will reopen, despite the fact that the Greek government had announced that banks will open on Tuesday, July 7, after Sunday’s referendum. Speaking on Greek television, Tsipras said that if the referendum result is a “No” to the creditors’ bailout agreement, he will have a better ability to renegotiate and bring back an improved agreement within two days. However, he did not say when banks will reopen. Finance Minister Yanis Varoufakis told BBC news that banks will open on Tuesday, certain that by July 7 Greece will have a deal with creditors. State Minister Nikos Pappas avoided to give an answer to reporters when banks will open, saying that this will depend whether a deal is signed or not. The European Central Bank (ECB) has stopped providing liquidity to Greek banks on June 28, two days before the bailout program expired. The central bank is expecting the results of Sunday’s referendum in order to decide if it will keep infusing cash to Greek banks through the Emergency Liquidity Assistance (ELA) scheme. Josef Bonnici, a member of the ECB board of directors, said that “this will depend on Greece’s decision,” adding that the ECB cannot provide emergency liquidity to Greece ad infinitum.


READ THE ORIGINAL POST AT greece.greekreporter.com