Greek Banks to Reopen

Greece on Thursday won vital pledges of support from bailout lenders needed to keep its economy from collapsing, but officials in Athens said the painful austerity measures demanded in return were likely to force an election within months.

Hours after parliament approved the tough new cuts, the government promised to reopen banks on Monday and gradually restore services – helped by higher cash support from the European Central Bank.

The ECB announced it was increasing emergency credit to Greek banks, adding another 900 million euros ($980 million) in support over one week. And eurozone lenders pledged short-term loans so Greece can cover its debts and negotiations for a new three-year bailout worth 85 billion euros ($93 billion).

The news buoyed world markets and came as a relief in Greece, where banks and the stock market have been closed for nearly three weeks.

This article appeared in print on page 2 of the July 17th, 2015 edition of Hamodia.