Greece’s stock market will reopen on Monday after a five-week shutdown caused by capital controls, but local investors will face restrictions aimed at stemming capital flight, a bourse spokeswoman said on Friday.
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“After the finance minister signed the relevant decree earlier today, the Athens Stock Exchange board … decided to reopen the markets of Athens Stock Exchange on Monday, August 3”, the spokeswoman said.
According to financial media, the resumption of trading on the exchange, shut down on June 26, will be accompanied by restrictions for investors based in Greece. The order went on to state that the 60 euro limit on cash machines withdrawal will remain in place.
The Greek government has begun talks with its worldwide creditors in the hope of agreeing a third bailout for the country. Visit MarketWatch.com for more information on this news.
Tsakalotos said the talks are focused on how to recapitalize Greece’s battered banking system, whose deposit base was badly hit in recent months as Greeks fearing a euro exit emptied their accounts. The Athex Composite was halted for trade in late June after Prime Minister Alexis Tsipras called a referendum on the country’s bailout terms.
“As you can understand, there was convergence on some points, and less convergence on others”, he said.
“We will implement them, yes, because we are forced to”, he said in parliament Friday.
“Of course, I personally gave the order to prepare a team to prepare a defence plan in case of emergency”, Tsipras told lawmakers, without going into detail on what the plan entailed.
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The Supreme Court has forwarded the case to parliament, which has the sole power to determine whether Varoufakis, as a government lawmaker and former minister, can be formally charged.
