Greek banks are reopening after three weeks of closures sparked by the deadlock over the country’s debt. While banks throwing open their doors marks the return of some normality to the Greek economy, long-term problems remain.
Unemployment is stubbornly high and Greece’s recession is comparable to one of history’s most famous economic crashes. Athens reached a cash-for-reforms deal aimed at avoiding a debt default and an exit from the eurozone.
But several restrictions remain in place, including a block on capital transfers abroad, and Greeks also face price rises with an increase in VAT. Meanwhile, Germany has said it is prepared to consider further debt concessions to Greece.
