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Greece banks closed, citizens await rescue plans

Banks in Greece will stay closed for the rest of the week as the country makes its last attempt to head off an European crisis. The restrictions on banks were extended after Greece offered to start reforming its pension and tax systems next week,state television reported.

Athens promised the economic reforms as it announced a new bid for funds from the European Stability Mechanism (ESM), the E.U organisation that provides financial assistance for Euro zone members. The £60 daily limit on ATM machines will also remain in place until Monday, July 13.

The three-year loan would enable Greece to cover its obligations, preventing it from defaulting and ensuring it does not have to drop out of Euro.


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