Greek banks reopen after three-week shutdown

Greek banks have reopened their branches across the country after a three-week shutdown, but many restrictions, including cash withdrawals, will remain, officials said. The reopening of the banks at 8am local time on Monday, along with the implementation of austerity measures such as a significant increase in value added tax (VAT) on basic food products and services, came after an aid-for-reforms deal last week averted bankruptcy. Bank customers will still not be able to cash checks, only deposit them into their accounts, and will not be able to get cash abroad with their credit or cash cards, only make purchases. There are also restrictions on opening new accounts or reactivating dormant ones.