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Things In Greece Looking Up, But Not Too Far Up

So that's...sort of good news?
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Now only a once-a-week chore.

Greece has reopened its banks, withdrawn more than €6 billion to pay a few bills and even gotten the Germans firmly, if grudgingly, on board. Now, no one can say it is in arrears anymore, and Greeks can get their weekly allowance all at once now instead of having to make weekly trips to the ATM. Of course, it wouldn’t be Greece if everything were moving smoothly.

Monday was shaping up as the beginning of what could be a long economic slog. Even though Chancellor Angela Merkel of Germany called over the weekend for a swift resumption of the bailout negotiations, the talks could take months.

The Athens stock exchange, which stopped trading on June 29, remained closed on Monday, with no word of when it might reopen.

And a rejiggered system of value-added taxes — hastily put in place on Monday as part of Greece’s efforts to meet creditors’ demands — seemed to be sowing confusion in its early stages. Some merchants said that, for now, they would simply absorb the higher taxes, rather than pass them on to customers.

As Banks in Greece Reopen, New Sales Tax Adds to Confusion [NYT]
Greece reopens banks, starts repaying some debts [Reuters]
Greece repays about 4.2 billion euros to ECB [Reuters]
IMF says Greece repaid arrears worth two billion euros [Reuters]
Germany Votes to Move Ahead With Greek Bailout, but Opposition Grows [NYT]


By Carole Raddato from FRANKFURT, Germany [CC BY-SA 2.0], via Wikimedia Commons

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