Greek banks have reopened this Monday



The week will be decisive for the country which must repay a deadline for the European Central Bank and also sees its VAT rate from 13% to 23%.

Sunday, Greece held its breath before a decisive week on the economic and political level. Banks, closed since June 29, should reopen Monday , under a decree published Saturday by the government, reshuffled to oust the slingers ministers. The restrictions and capital controls remain in place, with easing. Limiting cash withdrawals is set at 420 euros per week instead of 60 euros per day, to avoid the Greeks to redo every day queuing to the distributor. Exceptions are also created for those to pay for medical care or education abroad.

The country’s situation remains precarious

The situation remains very precarious. Athens will receive an emergency loan of € 7 billion which will be reimbursed quickly engulfed by Monday at the European Central Bank (4.2 billion euros) and the payment of arrears to the International Monetary Fund (2 billion).

Still, German Chancellor Angela Merkel reiterated Sunday its opposition to a reduction in “classic” of Greek debt, considering that such a “haircut” could take place “in the monetary union.” “Greece has already obtained relief,” she recalled. “If the program review to be negotiated is successful, we will again discuss the”.

For the first time in months, experts from the ECB, the IMF and the European Commission, before a training called “troika” and that symbolized for the Greeks a guardianship of their country, are expected in Athens this week next. They will assess the state of tried Greek economy by financial restrictions and will undergo a new shock, fiscal this time.

VAT to 23%

The Greek Parliament voted Wednesday in pain VAT increases, in line with commitments made at an EU summit in Brussels hectic. In exchange, partners have pledged new aid plan, the third since 2010. The VAT will spend Monday from 13% to 23% for a range of goods and services, sugar taxis racing through condoms, funerals, restaurants. The German supermarket chain Lidl has offered on Sunday advertisements in Greek newspapers to announce that it will not have repercussions on prices upward.

The government expects annual additional revenue of some 2.4 billion euros in 2016 and 795 million euros this year. But Alexis Tsipras, whose mother assured a Greek tabloid that he “could not sleep” nor “eat more” is not the end of his troubles. The Brussels agreement requires the vote next Wednesday for further reforms (Civil Justice, banking law). According to the newspaper Avgi , near Syriza, Alexis Tsipras wants to make this new vote a “crash test” and resign if the defections are increasing. Last Wednesday, he had lost 39 votes of the 149 deputies in his radical left party, some elected officials saying it had betrayed the July 5 referendum. The Greeks then overwhelmingly voted against a continuation of austerity.

Tsipras’s party has lost MPs

Alexis Tsipras even recorded critics of Nobel economist Paul Krugman, until now one of the most vocal detractors of the austerity measures imposed on Athens: “I may have overestimated the competence of the Greek government” . Creditors must in turn get on track a new aid plan for Greece, over 80 billion euros over three years, overcoming their differences.

Illustrating the frictions, the French finance minister sweeps in an interview published Sunday the idea dear to his German counterpart Wolfgang Schäuble temporary exit of Greece from the euro. “Either we leave the euro or we stay,” said Michel Sapin to the Greek weekly To Vima . For his part, President Francois Hollande has called for a “government” and a “Parliament” of the euro zone, which would include countries “at the forefront” (France, Germany, Italy).