Greece’s banks reopen for the first time in three weeks

ACROSS Greece, locals formed orderly queues outside the nation’s banks that opened for business for the first time in three weeks but not everyone is happy.

The first customers, most of them pensioners, stand in a queue to enter a branch at National Bank of Greece headquarters in Athens, Monday, July 20, 2015. Greek banks reopen on Monday morning, but many restrictions on transactions, including cash withdrawals, will remain. Also, many goods and services will become more expensive as a result of a rise in Value Added Tax approved by Parliament last Thursday, among the first batch of austerity measures demanded by Greece's creditors. (AP Photo/Thanassis Stavrakis)

ACROSS Greece, locals formed orderly queues outside the nation’s banks that opened for business for the first time in three weeks to mixed emotions.

In cities and town, Greeks had grown as accustomed to the political graffiti and abuse sprayed on the roller shutters that had kept their banks shut as much as they had lining up at ATMs each day for their 60 euro withdrawal allowance.

But shortly after 8am, the roller doors were raised hiding the political messages but not their sentiment with millions of Greeks angrily doing their banking at a price.

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Lining up for money ... The first customers, most of them pensioners, stand in a queue to enter a branch at National Bank of Greece headquarters in Athens. Picture: AP/Thanassis Stavrakis

Capital controls on banking remained in place so there was resentment one could go into the bank to see their savings but still only be able to withdraw 60 euros a day, albeit up to 420 euros a week at a single transaction. They could still not send money offshore including to make purchases and many visiting their banks believed in the three weeks they were closed, suppliers and workers had grown accustomed to demanding cash-only payments and were unlikely to want to return to electronic money transfers.

“Nothing has changed, nothing, only instead of using machines to withdraw 60 euros a day we can now take a week’s worth in a day — well that won’t make our lives any better,” said Angelos, 38.

Most of those going into banks were pensioners.

Restrictions ... Greek banks reopen but place many restrictions on transactions, including cash withdrawals. Picture: AP/Thanassis Stavrakis

“I’m just old fashioned and I do have a card but can’t use the machines very well so I just went in to withdraw 60 euros,” retiree Anastasios.

“We’ve already been humiliated as a country but we are picking up the pieces, hopefully learn from our mistakes so the doors opening it just for confidence.”

Lawyer Maria said she went in to move money from account to account and also put money into the wages of her staff.

Others spoken to yesterday were less impressed that access to all their money was still restricted.

If the reopening of the banks — whose closure is estimated to have cost the economy AUD$4.4 billion — failed to restore confidence then the other great change that came into effect didn’t help either.

Monday also marked the first day for goods and services taxes on everything from food to funerals, tarts to taxis, lifted by an extra 10 per cent to a whopping 23 per cent.

The new taxes were a condition imposed by the Eurozone leaders for Greece to enact to unlock a third three-year bailout package worth more than AUD$100 billion.

As a slight trade-off, the tax on medicines, books and newspapers eased from 6.5 per cent to 6.0 per cent.

Greece’s stock exchange remains closed.