Greece's banks will open later today for the first time in three weeks but withdrawals will still be limited.
Limits on cash withdrawals remain in place, but have been loosened. Rather than being limited to 60 euros a day, "Greeks will be able to withdraw up to 420 euros a week in one transaction from July 25 to August 1 and since August 1," TASS cited the head of the Greek banking association, Louka Katseli, as saying.
In addition, banks are prohibited from opening new savings or term deposits, to activate accounts not used for a long time, or to add new people, for example, members of one family, to an already open account. An early, partial or complete repayment of loans to credit institutions, partial or complete withdrawals from time deposits are also no longer available. However, as an exception, the people are allowed to urgently withdraw funds from the deposit to "pay the debts to the state and social service authorities, to pay the current debts or overdue loans in the same credit institution, to pay the wages in the same bank, to pay costs for hospitalization in Greece and abroad, to pay service providers which hold accounts with the same credit institution," the Ministry of Finance of Greece said.
Such restrictions indicate a difficult situation in the country's economy. In this regard, the question arises as to whether the Greek authorities could fulfill the terms of the agreement dictated by its creditors, and what awaits the country in the future.
A senior research officer of the Center for European Studies at the Moscow State University of Foreign Affairs, Vladimir Olenchenko, told Vestnik Kavkaza "to look at the content not the shape". "I think that these terms which were currently installed, July and August are likely to be the test stage," the expert said.
"Now, on the one hand, it is necessary to calm the population, because there was an element of panic. The second thing is that we have to see the demand for money. Now we will see some kind of respect from both sides for the agreements reached and the attempts to show that this mechanism can work and can ensure the functioning of the Greek economy, and can help creditors in the future to receive their debts," Vladimir Olenchenko said.
"Greece needs to return its debts, because it is a closed, vicious circle. If it will not return the debts, it will get no new loans. And to develop the economy, they need some kind of external borrowing," the senior research officer of the Center for European Studies at Moscow State University of Foreign Affairs said.
"Incentives for economic development are now important for Greece, not debts. Therefore, they need incentives for development, and they need investment to develop Greece. On the one hand, the Greeks are looking for investors now, on the other hand, for some areas where to invest. Under the new agreement, new loans provided to Greece are collateral. In this case, enterprises and economic facilities are the objects which will be privatized. Therefore, we will see the transition of state property into private hands, and the money they receive from it will be partially spent on repaying service debts and partly on new investments," Vladimir Olenchenko concluded.
