Greek banks reopen after three week shut down

International media confirm that Greek banks are reopening after three weeks of closures sparked by the deadlock over the country's debt.

Athens reached a cash-for-reforms deal aimed at avoiding a debt default and an exit from the Eurozone earlier this month. Germany has said it is prepared to consider further debt concessions to Greece.

Several restrictions remain in place despite the banks re-opening; including a block on capital transfers abroad, and price rises with an increase in VAT.

Queues at ATMs have been a feature of life in Greece for weeks, with people waiting in line each day to withdraw a maximum of €60 a day, a restriction imposed amid fears of a run on banks.

From Monday, the daily limit will become a weekly one, capped at €420, meaning Greeks will not have to queue every day.

The BBC points out however, that although banks reopening offer a glimmer of hope,  long-term problems remain, with unemployment remaining stubbornly high, and Greece's recession being comparable to one of history's most famous economic crashes.