Since today, July 20th, Greece has finally reopened its banks. This happened after the banks were close for 3 weeks. At the same time, the VAT and consumer prices are expected to be increased.
This means that the local banks are going to function under supervision. However, this is not going to prevent depositors and other clients from making major types of financial transactions, including withdrawal of savings.
As for the VAT, this is going to increase by 23% and is definitely expected to trigger price hikes in many aspects including foodstuffs and transportation fees.
At the same time, Market Leader reports that the Greek parliament is going to vote for a new package o reforms required by the troika of lenders in exchange for further financial support. The thing is that the Greek government has already proved the reforms and now it is up to the parliament to decide the financial and economic future of Greece. Meanwhile, the European Commission expects the 3rd tranche of financial aid to Greece to be ready by mid August.
Masterforex-V Academy reports that Angela Merkel is now ready for a new round of Greek talks. She says that the current situation in Greece is abnormal and requires an urgent solution. Angle Merkel admits that there are chances of extending the period and cutting the interest rates for the Greek debt. However, she completely denies any complete write-off. Still, such debt concession will only be made if Greece does practice the required austerity while introducing the structural reforms.
