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Updated at 9.26 pm
GREEK BANKS WILL reopen on Monday, after three weeks of closure, it was confirmed tonight.
Customers will only be allowed to take out a maximum of €60 per day, but those limits are expect to be eased in the coming days and weeks.
Deputy Finance Minister Dimitris Mardas made the announcement this evening on state-run ERT television.
Banks were closed on 29 June, to prevent mass cash withdrawals from triggering their collapse.
The decision to reopen them was announced hours after the European Central Bank increased its emergency cash support to Greek lenders.
European Commission President Jean-Claude Juncker had earlier announced that the European Union had agreed on a short-term loan to help Greece cover its debts until mid-August.
Mardas said banks would likely to switch to a more relaxed weekly limit after reopening, instead of imposing a daily ATM withdrawal cap.
Meanwhile, political activists who are less than impressed with Greece’s acquiescence to a third bailout, are calling on people to boycott German products and brands.
The hashtag #BoycottGermany has been tweeted almost 33,000 times since Monday as disgruntled activists express their displeasure with how the Greek situation has been dealt with, most especially via the hard-ball tactics of German Chancellor Angela Merkel.
The idea behind the boycott has been for people to avoid products with barcodes that contain number sequences indicating German origin.
Unfortunately it seems that the codes being touted (any that begin with 401) only indicate the location of the parent company – not where a product was actually made. So a product being boycotted could have actually been made in Greece. Which sort of defeats the purpose.
One American anthropology professor David Graeber has called on the debts of Nazi Germany, which were cancelled in 1953, to be reinstated and paid in full.
Not everyone who is tweeting is necessarily fully supportive of the idea of a boycott however.
Meanwhile, this morning the EU said that last night’s Greek parliament vote satisfies the initial terms of a bailout deal between Athens and its creditors agreed at a 17-hour summit earlier this week.
“The authorities have legally implemented the first set of four measures agreed at the eurosummit in a timely and overall satisfactory manner,” EU spokeswoman Annika Breidthardt told reporters.
Parliament in Athens adopted overnight a set of sweeping reforms after radical left Prime Minister Alexis Tsipras urged them to back the unpopular measures, a condition to begin discussions for its new €86 billion bailout.
“The Greek parliament took an important step toward rebuilding trust with Greece’s international partners,” added Breidthardt, who represents the European Commission, the executive of the 28-nation EU.
Michel Reijns, spokesman for Jeroen Dijsselbloem, who heads the Eurogroup of finance ministers representing the 19-country eurozone, said the group had finished a teleconference on Greece and would issue a statement later today.
The ministers were expected to discuss a three-month €7 billion bridging loan for Greece through an EU-wide crisis fund to hold Athens over until its new bailout is ratified.
Britain and the Czech Republic resisted the use of this fund, but European officials told AFP that a compromise was in the works and could be finalised tomorrow.
“We do think there are a number of solutions that could be found – our objective here is the principle that British taxpayers’ money should not be put on the line for a financial package for the eurozone,” a spokesman for Prime Minister David Cameron said.
Tsipras agreed on Monday to tough reforms after 17 hours of gruelling negotiations with fellow eurozone leaders in return for a third massive rescue programme in five years.
To rebuild the trust they said was lost during six months of bitter negotiations with the Tsipras government, the eurozone leaders urged him to immediately push through reforms on taxes and pensions before they agree to actually implement the new bailout deal.
Contains reporting by AFP and Associated Press.
Additional Reporting by Dan Mac Guill
Originally published: 4.15 pm
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In solidarity with Greece I’m going to delete my German porn and no longer wear white socks with sandals.
Oh dear, does this mean I can’t drive my VW any more….if Germany boycotted Irish dairy products we would be in deep trouble.
Chris Kirk no chance of Germany boycotting Irish dairzy produce, where would all these German porn stars get such good quality butter from if they did?
Why was greece forced to increase corporate tax to 29%? Surely this stifles much needed fdi/growth? Brussels seems to prescribe measures that cannot work. Also our 9% reduced vat rate stimulated hotels, restaurants etc while greece is forced to apply 23%. Are there no economists being listened to in Brussels? #MissionImpossible?
One of the three options that the IMF have given is – that other European countries should give Greece in or around €100bn without principal or interest repayments until 2053..
very clear this EU business has changed from its original ethos and its now the United states of Europe. the sooner it fails the safer we all are
At least the United States is democratic. How do we vote out the non elected Eu president and these other Eu officials? Democracy is only a con trick now to keep people from realising that we now have absolutely no say at all in what happens . The Greek referendum shows that the will of the people now doesn’t matter and will just be ignored unless it what the Eu want. It actually doesn’t matter now who we vote for. They all have to do as they are told.
I’m surprised it’s only now that people are realising this. How about the the treaty referendums that we were forced to vote on again because the first answer was wrong. Democracy in Europe is a total sham.
The EU is controlled by financial powers. You don’t have to invade a country anymore – all you have to do is starve it into submission. Aw
It all just reminds me of the film “the matrix”. Everything is fine as long as you just get on with what you should be doing but the second you start to question, things aren’t what they seem. And yes, I know I sound like a conspiracy theorist but I can’t shake that feeling!
It is clear that while all the smaller eejits are expected to go along and merge with solidarity that the big two are viewing themselves as the leaders.
Germany makes the economic decision and France makes the political ones and they are made with themselves in mind.
Germany’s approach to the crisis is what drove America in to a depression in the 30s.
The rest of the world did the opposite and the benefited from it, they came out of the 2008 hole, most of the Eurozone has yet to.
In Europe everything is decided from how it benefits a very few countries and we are on the edge and hsouting we are great Europeans will not matter a decision has to be made that will cost us or Germany (france).
Ciaran, I voted NO, and continued to vote NO. However, I am only one person – with one vote. How can we make people see what has happened and is happening?
I don’t think it’s possible rashers as not enough people are engaged. Of the 40% or so that do vote, the vast majority of them don’t know what goes on outside of their own community or constituency, nor do they care. They’ll bitch about paying more tax but will not question why they should. Perhaps our catholic school upbringing has thought us not to question.
Ireland was led into the monetary trap of the Eurozone by our domestic capitalist class who benefit enormously from the currency union. Ditto for all the nations.
It renders the very limited democracy which was available to the majority labour class prior to joining the Euro redundant as the Greek people are discovering to their great cost now.
Yes because Ireland or ordinary Irish people didn’t benefit one bit from being in the E.U.
they cannot boycott the arms they pay millions to Germany for every year
The most startling manoeuvrings through the negotiation is that €50Billion of Greek assets are being put aside as collateral for the 3rd bailout and where the case may be that the debt is not paid back these assets are to be acquired by who? Germany? Never the less, in my view where the debt is not paid back I can see a huge resistance by the Greek people where the state assets are taken over by a Foreign country, that being Germany.
we are entering a frightening scenario where the foundations for a 3rd World war is being put in place.
A frightening future needless to say and Russia hovering in the background.
Greece should refuse to allow the several million German. tourists into Greece That would hurt Germany
Germany already have a gas pipeline going through the Baltic to Russia. Russia and Greece are cooperating on a new gas pipeline – presumably Black Sea.
What’s Paddy Power giving on the odds that German investors will be looking to share in gas revenues from Greece?
This isn’t really a conflict of nations, Greece Vs Germany as the cozy establishment and mainstream media like to portray it. Rather this is a class struggle between the capitalist elite and labour across the EU. The German capitalist class are the most dominant within the Eurozone and so it is they who lead the charge against any government like Syriza which tries to protect the welfare of the majority of their citizens.
However, the German working class also have seen their living standards comprehensively attacked over the past 10-15 years. The ordinary workers of Germany have common cause with the people of Greece, Ireland, Spain, Portugal etc. But right wing governments and a compliant mainstream media will go to great lengths to sow division and pit ordinary workers and people against each other.
The political and corporate elite understand that their days at the top are numbered if the working class, the vast majority in our society ever come to understand that their governments impose poverty and unemployment on them as a policy choice to serve the interests of the 1%.
I suppose the starving proletariat of the late 1800s would envy the entitlement culture of today.
Giving Greece the 200 billion back that it took from them down the barrel of a tank turret would be a good start as well.
Omg when did that happen?
Are you genuinely not aware that Germany invaded Greece, killed tens of thouands of its citizens and then forced the Greek government to give Germany a ‘loan’ that it never paid back?
I’ve been in the bog all day so haven’t seen the news.
Jammin – lets go back to the Ice Age and see what happened there.
Or Greece can collect 3 years of tax that it currently evades and have an extra 10 billion left over after paying for their own bailout!
But it would be very unfair to ask them to pay tax like the rest of the citizens of Europe.
Which Germany should pay that?
The one during the war?
One of the two countries that was set up after the war. East or West Germany?
Or the one that was set up after the fall of communism?
On a similar note of post-war reparations, maybe the IRA could use their $10 million NY slush fund to pay compensation to their victims?
For Connolly will Greece be paying back all of the money it owes from
Any of its 5 defaults since 1830?
Maybe Germany and noonan should have shown outrage at all the ex Greek politicians who evaded taxes with their cosy HSBC Swiss bank accounts. Maybe they should have done something about the lagarde list and Falciani dossier. They don’t even mention them. Now I wonder why? Common denominator seems to HSBC Swiss bank accounts. Now maybe if these people were held to account for tax evasion and Swiss accounts , then that would set a presendent. Since EU know all about the lagarde list and Falciani dossier.
Didn’t the Turks take Istanbul from Greece, that must be worth a few bob now? (Best not mention Cyprus I suppose)
#scarlet for you jammin
Must have missed the bit where theres a statute of limitations on war reparation claims.
Anyone care to enlighten us?
Can we establish a time frame we can go back when commenting on these things?
It’s ok to deride Sinn Fein for its history, it’s not to mention fine Gaels dark history? It’s ok to mention the Greeks not collecting taxes but it’s not ok to mention that it was successive right and centre right governments who allowed loop holes so that large operations paid little or no tax(approx 85% ). It’s not ok to mention that the Greeks wrote off hundreds of billions owed to them by Germany because it was the right thing to do?
I mean come on there has to be some rules or is everyone just selecting the period in history that suits them and ignoring the rest??
@John. John, why were you in the bog? are you unaware that the bogs now belong to the EU, you cheeky trespasser you?
@Danny McLaughlin. Then answer me this, Danny. How is it, after what you say in your post, are you perfectly ok with generations of Irish and Greeks as yet only a twinkle in their Daddy’s eyes being responsible for debts which have nothing to do with them? Further, are you aware that there is a clause in the German Constitution which states that no German government can be bound by agreements made by their predecessors? Not so far invoked, but there all the same.
Rashers I’m a rebel. I live for the thrill. PS I hide under the trailer when the satellite is overhead. No flies on me.
:-D, John – Keep the red flag flying!!!
If Nazi is still held responsible, then that responsibility must be shared by its IRA/SF supporters.
Rashers, I have no idea what you are talking about.
Were jammin, that would be the exact moment Greece agreed to write of German debt! Still wondering if you think Greece should pay back its creditors from 5 defaults
Tap we’ll have to hold Fine Gael responsible to then will we? Mad for the nazi’s eoin was
and also by the children of the quisling in Norway
@Danny McLaughlin. You don’t understand, darling? I’ll try and make it simple for you.
1. In your post above you object to German people who weren’t even born at the time of the war being made responsible for war reparations or debt in general.
2. In Ireland, in Greece and in many other countries in the EU children will be born during the next forty years who will arrive on earth with a ton of debt already attaching to them owing to the banking crisis and every other crisis you can think of.
3. It appears that you strenuously object to 1. above, but have no problem whatever with 2 above.
verstehen?
Go suck a lemon troll
Bad curry last night :-) ???
Loops wrong article lol!!
Nope Rashers, I was pointing out that the Germany from the war was split into 2 separate countries.
Then they became another country after the fall of communism.
So the country that you want to give money to Greece hasn’t existed in 70 years.
So, which country should pay Greece?
The one from during the war?
East Germany?
West Germany?
Or the new Germany established in the 1990′s.?
tap, would you just go back to your bonfire Ye dopey Billy.
Well since the east was occupied by the soviets then clearly west Germany and modern germany are the continuation of the german nation.
Yeh and the British need to do some grovelling and reparations for the mayhem and misery caused the Irish nation over three hundred years. And my big sister needs to do similar.
Danny, how about the one that benefited from the 50% write down of its debt? You take the gain you suck up the pain.
Fair enough Mark.
I suppose they could pay it once Greece has paid off the monies they gained before all 5 of their previous defaults.
As you say, if they took the gain….
I think it was the Turks in the tank
@Danny: maybe what the Germans themselves say is of interest to you…
http://www.spiegel.de/international/germany/economic-historian-germany-was-biggest-debt-transgressor-of-20th-century-a-769703.html
if I was Greek I’d want out of the Eurozone no matter the cost – are we all to become Eurobots to forever be enslaved to faceless financiers and worse the Germans? Sickened
Why didn’t they then?
Why did Tspiras accept a deal if it was so bad?
Why not just default and leave?
It’s what every one on here said they should do all along, yet somehow, they didn’t.
Why is that?
I imagine there was some kind of proverbial or otherwise ‘ gun to his head’
@Danny because there were no good options here.
The Greeks made two mistakes here:
-They made an implied threat they were not prepared to carry out and their bluff was called
-They tried to have their cake and eat it (get rid of the debt or a large portion of it AND stay in the zone, their govt told them in the referendum they could do both, and they can’t)
Even if they leave, it will mean a shorter period of pain than going the way they’re trying to go now, but that pain would be way worse than they have exp so far, 50% of savings wiped out etc They were not prepared to endure that but also not prepared to take this deal…so they’re caught
Exactly.
The best course of action they could have taken was to negotiate for the past 6 months.
Instead, they tried to use a default as a weapon, one that we know they weren’t going to use.
They spent 6 months posturing and then staged their walkout on the 26th June, again claiming that they would default if they didn’t get their way.
Then there is the debacle of the referendum. The former finance minister told said in an interview on Monday to the Statesman, that he went into Tspiras’ office on the Sunday night elated. But, everyone in the PM’s office was in a fit of depression.
He thought the result would be a Yes and he could dissolve the government and let someone else take the decision and resulting backlash.
Yet, here we are now. He has negotiated a worse deal than he walked out on.
Where’s the default option?
Why didn’t he use his nuclear weapon of default?
Posturing and grandstanding is great for the optics of a politician, but diplomacy is the only way that any deal would have been granted.
Where does insulting the people, that have what you want, get you?
Probably exactly where Tspiras is sitting right now.
For all of those blaming everyone else, except Tspiras and Syriza, if his way was the right way, why did they accept the deal and not just default?
My point was much simpler, perhaps naieve – that within living memory the Germans decimated Europe, committed unspeakable evil, we’re rescued by the Marshall plan, defaulted on their debt, and now showed no decency or humanity in assisting the Greeks. This could have, at the very least been more sensitively handled from a PR perspective, instead of the humiliating capitulation sought by Schoebel
I have a funny feeling tsipras is not done with.he is a shrewd man.
David Cameron has his work cut out convincing the Brits to kowtow to the Germans – whatever the cost I can’t see that referendum passing after the naked hostility and greed emanating from dem Deutshen Volke, no matter the justification
If David Cameron get everything he wants . We in Ireland have to have a referendum as it will change the Lisbon Treaty
“Je suis grecque” Why would you do it in French?
I didn’t see such support from Greece when Ireland was facing it’s problems
They held Irish bonds and wanted every penny back.
We never had 50% youth unemployment, non functional ATMs, 1/3 of our population out of a job, drug shortages in hospitals…on our worst day we never had it this bad.
We never blew €380 billion !!!
@ryan, we never had syrizas style of student union politics either and thank go for that.
Ryan Anthony: That is because we didn’t listen to SF and tell the IMF and EU to get out and take their money with them
You need to convince Germany voters to vote in people who won’t be so harsh on Greece. how not to do this is boycotting German goods which will only loose you respect of Germany citizens. Show germany austerity doesn’t work, Greeks do work and debt relief is only viable option…. boycott right wing political parties.
Nonsense.
“Lose respect”, not “loose respect”. FFS. And it’s not grammar nazism. Im just pointing out the repeated use of the wrong word.
I’m
How ironic that a form of protest that originated in Ireland is being used against Germany, where Ireland offers no protest at all.
Form of protest??? You are living in the clouds. A few guys on Twitter is now a protest.
You are a clown
No Baz, it’s a reference to Captain Boycott. Are you Irish?
the german tabloids are behind alot of this austerity on greece by showing people of germany who are hard working responsible savers and investers that these greeks are paying no tax and retiring at 50 and want to do it all with your money.
They did a similar thing with the Jews before they started gassing them. I wonder when Germany will show it’s true face again?
Oohh Isaac, that’s below the belt there.
Do you really think people are gonna stop shopping in Lidl and Aldi?
Not a chance. This will be forgotten next week
Why would you boycott shops that that brought retail back into dozens of smaller towns sounds Ireland?
Nobody seems to ever bring this up so I thought I would…
Though Greece had some fiscal irresponsibility, the main cause of their troubles was a BANKING CRASH. The whole point of these reforms is meant to be to stop the same thing happening again, that’s always been the theoretical notion (that its NOTHING to do with power politics…no no no…) of these ‘structural adjustments’. However how many new rules were put forth, in the EU or USA on the banking system to stop a crash like 2008 happening again? NONE in fact there have been even more mega-merges, too big to fail have gotten much bigger and with things like the JOBS ACT (which the business press in the US called ‘an invitation to commit fraud’) and some calls for more deregulation…this area is going backwards. Greece DECIMATED..banks that caused the problem? Given a BJ by the same governments.
I also have to wonder if people were told this sado-mascosim is what the Euro would become…would any of us had gone for it? This is not how it was sold, more prosperity for all and a closer union was how it was all sold…Will Hague got it right though, have to give it to him, back then he said “it’s a burning building with no exits”
Very HARD (for) to understand WHAT you are saying with ALL THE different (brackets) points all over the PLACE and the needless capitalisation of WORDS.
It’s quite unlikely you can’t understand a sentence if there are brackets in it. So maybe you could actually counter the points I made instead of being a snotty p-ick? We could all do that to each other and the place would descend to the level of a primary school yard.
Greece’s problem was not a banking collapse. You can’t just make up a source of a problem to suit your argument. Greece’s problem was a runaway deficit, hidden by cooking the accounts generated by massive tax evasion and inefficient spending of what was collected on jobs for government party supporters. The role of banks in all this was lending that money to Greece.
I’m up for any boycott – even though it might mean I have to avoid me beloved Aldi, who have the grub I like, at the right price. That twisted, nasty, Schauble and his protégée Merkel, have to be made aware of the feelings of “the great unwashed” who are the people actually paying for this grand experiment. It is not widely publicized, but in Germany blue collar workers haven’t had a pay rise in about fourteen years. Respectable pensioners, after a lifetime of hard work, are scavenging tin cans and plastic bottles to trade in for a supplement to their meagre pensions. THIS is the reality that no-one talks about, and is partly the reason for the hardline attitudes of many German people. The elite have marched on to fabulous wealth – the people whose labour created that wealth can rot as far as the Masters are concerned.
I dunno about that: every worker on the floor at Porsche got a €5k end of year bonus. …
Then they should boycott Spain, Ireland, UK, Italy etc what feckin eejits – let me ask you this! Who spent that €380 billion – yes the Greeks !! These boycott eejits are showing their stupidity
I saw PM Tsipras being sped into government buildings in a big, powerful German Audi on TV last week!
Diddoo? Oooooh we’re all shocked.
The E.U. and Merkel are evil.
In 2010 Merkel protected the European banks and Hedge Funds from Billions in losses by putting the debt onto European tax payers. So PRIVATE DEBT from the loans made to countries like Greece were made knowing that they were bad loans. Yet Merkel knew in 2010 what was going to happen.
Then Merkel stepped in as the saviour of the E.U. and transferred all the bad debt from the banks and put it onto the European tax payer by making private debt sovereign debt issue then and therefore a problem of the whole E.U. falling apart.
Austerity was brought in for this, to look after the financial system using politics to cause LEVERAGE BUYOUT SENARIOS. Remember at the beginning of the Euro that the ECB made countries borrow Euros cheaply at low interest rates to banks that caused a boom and a rise in the value of the Euro and yet the ECB knew the financial make up of every country in the Eurozone in tax intake and debt.
Yet these same people knew that AUSTERITY causes debt to rise, to cause job losses and therefore countries to borrow more as jobs create taxes, imports and less borrowing on the international markets but the Troika forced Austerity as it looks now to create LEVERAGE BUYOUT SCENARIOS.
The TROIKA played us, they fed us, they pretended to look after us and when they are ready they will slaughter us like a butcher and that is what the E.U. is.
After Greece then who else as there is Italy, Portugal, Spain and us before they start on Eastern Europe? We have been fattened like farmyard PIGS for Farmer Merkel and friends.
What is left will be used to make TTIP soup with and the only thing that won’t be used is our squeal as no one is listening.
So Greece has got 84 billion in loans over 3 years and Greece in return has to put 50 billion worth of assets into a segregated account that will later be sold off to the global community and when they are sold off by the Troika to banks and to hedge funds. It is estimated that it will make the Troika under 200 billion minus the 84 billion.
These assets will collateralise the loan but is a LEVERAGE BUYOUT by the global community, banks and Hedge funders.
Yet banks and the E.U. knew everything before loaning the money to these countries especially Greece, Many who were in Goldman Sachs are employed in the E.U. civil service like Dragi and it was Goldman Sachs who cooked the books for Greece joining the E.U. in the first place.
Yet only the Troika are the only ones who can sell Greece’s Income Producing Assets and make a profit from them to the Hedge Fund Community.
Evil I tell you Evil. Always good to reduce a complex argument to a black and white hat scenario so the little people can understand and choose sides. Very helpful thanks.
Greed that destroys the poor is evil especially done in order for selfish purposes where money means more than lives?
I have a date with a German girl next week. Not gonna go now. (Not!)
Which one of you was desperate?
Will the Greeks be boycotting Germany’s money then?
or their arms
To call a spade a spade here, these activists typically aren’t usually earning the big bucks or providing employment to anyone. However, they are an expert opinion on those things… apparently.
Honestly, this Third Bailout is a spectacular climb down for Germany. It just shows the alternative reality that many of these twitteratti inhabit.
Fascist economic terrorism and Kenny and Noonan are lovin it ! Guess thats why their called blueshirts. Bend over boys Merkel is coming
Time for me to go home from work in my German made car :D
…or, the car you think is made in Germany…..
my car was assembled in Rüsselsheim, Germany :)
Might buy another Porsche…
#kickgreeceout
Damn – was just about to buy a sausage.
Soliciting is illegal.
Haha.. Idiots! As if they’ll stop buying expensive mercs and bimmers and audis as part of their balkan syndrome.
Speaking as a fellow balkanian myself…
The end is near for the €€€
yes boycott the Bullies !!!
Feck I drive a bmw …. I’ll be stoned….. Christ it was made in South Africa……..the factory will close down in port Elizabeth……boycott aldi and Lidl….oh lord the farmers will loose out…..what nonsense….
I cannot help but think how prophetic the penultimate stanza of Keat’s Ode on a Grecian Urn sounds now:
Who are these coming to the sacrifice?
To what green altar, O mysterious priest,
Lead’st thou that heifer lowing at the skies,
And all her silken flanks with garlands drest?
What little town by river or sea shore,
Or mountain-built with peaceful citadel,
Is emptied of this folk, this pious morn?
And, little town, thy streets for evermore
Will silent be; and not a soul to tell
Why thou art desolate, can e’er return
Beauty is Truth – Truth Beauty indeed!
Merkal is head of the Christian democrats, So why not forgive Greece.
That would be an ecumenical matter.
The Christian idea of forgiveness traditionally requires the alleged sinner to repent and seek forgiveness first.
But it was the ECB who closed them and controlled how much they gave out in order to effect the vote and bail out and not their government, when will people understand this?
The Bundestag in Berlin is voting this morning on the principle of taking part in the third bailout of Greece and will vote again on the detail later in the summer. Other countries are doing so as well.
Why don’t we get a vote on taking part and contributing to it?
Because we’d rather just get on with our lives and not spend another five years arguing with Europe about loans.
There goes my mullet
have your say