Greek banks reopen today ahead of second bailout vote

Greek banks are expected to reopen today, three weeks after they were shut down to prevent their collapse, as Prime Minister Alexis Tsipras prepares for a second parliamentary vote, crucial to securing a bailout.

Greeks will regain access to some basic bank services, including the ability to deposit checks and access safe deposit boxes. Although customers will continue to face restrictions on cash withdrawals, the daily limit of 60 euros ($65) will be replaced by a cumulative maximum of 420 euros a week.

The Athens Stock Exchange, which had also been closed during the month-long confrontation between Greece and its creditors, is expected to reopen, as trading was suspended only until the bank holiday ended. A spokeswoman was not immediately available to comment.

Tsipras is seeking discussions with euro-zone governments on a third bailout after Greek lawmakers went along with their demands for more economic overhauls. Hours after the vote early Thursday, the European Central Bank approved emergency financing for the country’s lenders.

The European Union followed on Friday with 7 billion-euro bridge loan to keep the country afloat during negotiations on a three-year rescue program worth as much as 86 billion euros. The loan will help cover a 3.5 billion-euro payment to the European Central Bank that falls due Monday.

The Greek government still faces a parliamentary vote Wednesday on a second package of prerequisites for further financial assistance, including tax increases on farmers. Last week’s vote prompted some members of the Syriza party to rebel, forcing Tsipras to reshuffle his cabinet on Friday.

Held Hostage

Europe’s most indebted country came closer than ever to being forced out of the single currency this month after Tsipras stunned European leaders by calling a snap referendum on spending cuts and tax rises demanded by creditors. Despite a clear majority of Greeks voting “no,” he was forced to capitulate to an even more onerous package that European leaders said was the only way for Greece to remain in the euro.