| Author (Person) | Popper, Helen |
|---|---|
| Series Title | Politico |
| Series Details | 20.07.15 |
| Publication Date | 20/07/2015 |
| Content Type | News |
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On 17 July 2015, Greek prime minister had announced a government reshuffle, with nine cabinet changes taking place. The ever more apparent split in his Syriza party following the approval of the bailout deal by the Greek parliament was seen to have left Mr Tsipras in a vulnerable position, raising the odds for early elections to take place later in the year. Greece's banks reopened on 20 July 2015 after 3 weeks being closed as a result of the deteriorating economic situation of the country. Following the proposal of the European Commission to use the European Financial Stability Mechanism (EFSM) to provide a short-term loan and the European Central Bank's decision to increase the Emergency Liquidity Assistance (ELA) to Greek banks, a semblance of normality returned to the streets in Greece. For more information on these decisions, click here. Capital controls, including strict limits on withdrawals from ATMs, remained in place. Reports suggested that it would take time to restore confidence among savers and local businesses. A second parliamentary vote on further measures included in the agreement with Greece's creditors was scheduled to take place on 22 July 2015. |
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| Source Link | http://www.politico.eu/article/greek-banks-re-open-crisis-cyprus-athens-capital-control/ |
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| Countries / Regions | Europe, Greece |
