Greek banks re-open, urging restraint / Tsipras reshuffles Greek cabinet

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Series Details 20.07.15
Publication Date 20/07/2015
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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.

Source Link Link to Main Source http://www.politico.eu/article/greek-banks-re-open-crisis-cyprus-athens-capital-control/
Related Links
ESO: Background information: PM Alexis Tsipras faces fierce dissent on bailout deal / After marathon in Brussels, Tsipras faces Athens sprint http://www.europeansources.info/record/pm-alexis-tsipras-faces-fierce-dissent-on-bailout-deal-after-marathon-in-brussels-tsipras-faces-athens-sprint/
ESO: Background information: The Greek debt crisis: Key sources http://www.europeansources.info/record/the-greek-debt-crisis-key-sources/
Politico, 18.07.15: Tsipras reshuffles Greek cabinet http://www.politico.eu/article/tsipras-reshuffles-greek-cabinet-grexit-elections/
EUObserver, 20.07.15: Greek banks reopen with capital controls still in place https://euobserver.com/economic/129703
EurActiv, 20.07.15: Greek banks reopen, Merkel urges swift bailout talks http://www.euractiv.com/sections/euro-finance/greek-banks-reopen-merkel-urges-swift-bailout-talks-316442
Deutsche Welle, 17.07.15: Greece PM Tsipras reshuffles government after rebellion http://dw.com/p/1G0pb
Kathimerini, 18.07.15: New Greek ministers sworn in after reshuffle http://www.ekathimerini.com/199697/article/ekathimerini/news/new-greek-ministers-sworn-in-after-reshuffle
The Wall Street Journal, 17.07.15: Greek Government Shuffles Cabinet http://www.wsj.com/articles/greek-government-to-announce-cabinet-reshuffle-later-friday-1437129387
Politico, 18.07.15: Varoufakis says Greek reforms ‘will fail’ http://www.politico.eu/article/varoufakis-greek-reforms-fail-tsipras-grexit/
EurActiv, 22.07.15: Second bailout vote to test Tsipras’ authority http://www.euractiv.com/sections/euro-finance/second-bailout-vote-test-tsipras-authority-316493
EUObserver, 22.07.15: Greece to vote on second set of reforms https://euobserver.com/economic/129726
Politico, 23.07.15: Greek parliament passes second reform package http://www.politico.eu/article/tsipras-parliament-eurozone-potami-syriza/

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