bank holiday

A high ranking official  of the Bank of Greece (BoG) told Bloomberg that nearly 1 billion Euros returned to the Greek banking system after the bank holiday was lifted on July 20. Bloomberg reports that according to the same top BoG official the stress tests for the Greek banks will be completed by the end of October, while he says that no bail-ins will be imposed on depositors.

Due to the introduction of bank holiday and capital controls, 60 000 Greek firms have readiness to redirect their business to Bulgaria.

Although Greek banks re-opened on Monday after remaining closed for three weeks, the funds of firms remain blocked in banks, leaving them unable to make payments to foreign suppliers.

Capital controls imposed in Greece three weeks ago have made 60,000 companies to submit requests to move their headquarters to neighbouring Bulgaria, the head of a Greek employers' association has said.

The bank holiday and capital controls imposed three weeks ago have cost Greece some EUR 3 B, ekathimerini.com reported on Saturday.

The figure doesn't include the loss of revenue from tourism resulting from a drop in the number of new bookings at the peak of the crisis.

The spillover effect of the Greek crisis on global markets was relatively limited, an IMF report on the World Economic Outlook (WEO) asserts.

The reactions of markets were more or less patient, with a slight rise in government bond prices, which are still considered a safe investment.

Many citizens lined up at banks again on Thursday, mainly the elderly hoping to get the next 120-euro installment from their pensions. the unemployed and pensioners receiving payments from abroad will also be able to withdraw as much as 120 euros.

Greece will extend its bank holiday later on Wednesday as the cash-strapped government in Athens struggles to strike a new aid deal with its eurozone partners, Reuters reported.

Greek PM Alexis Tsipras will ask European partners for an immediate disbursement of seven billion euros within the next 48 hours, as cash is running out in the Greek banking system, despite a continuing “bank holiday” and capital controls limiting withdrawals to 60 euros per day, per account.

Hotels and restaurants in Greece have started taking payments in the Bulgarian currency lev (BGN) amid a bank holiday and in view of a Grexit scenario, Brussels-based EUObserver reports.

A Bulgarian businessman named Rumen Galabinov is quoted as saying that in Thessaloniki ATMs have run out of cash and "nobody could withdraw even five euros".

Preparation of last rival rallies is underway ahead of the referendum Greece is due to hold Sunday on bailout conditions proposed by international lenders.

Both the referendum itself and the "campaigns" led by Greek and EU officials have left Greeks divided, but many politicians, business leaders and academicians have started calling in the past few days for a "yes".