Markets

Greek banks to reopen Monday with restrictions

  • A bank employee distributes tags with queue positions to pensioners.

    A bank employee distributes tags with queue positions to pensioners.  (AP)

  • Protesters scuffle with each other to tear down a Greek flag with a writing reading ''Greece we love you'' during a rally outside the Greek Parliament in Athens, Wednesday, July 15, 2015. Greece's prime minister was fighting to keep his government intact in the face of outrage over an austerity bill that parliament must pass Wednesday night if the country is to start negotiations on a new bailout and avoid financial collapse. (AP Photo/Emilio Morenatti)

    Protesters scuffle with each other to tear down a Greek flag with a writing reading ''Greece we love you'' during a rally outside the Greek Parliament in Athens, Wednesday, July 15, 2015. Greece's prime minister was fighting to keep his government intact in the face of outrage over an austerity bill that parliament must pass Wednesday night if the country is to start negotiations on a new bailout and avoid financial collapse. (AP Photo/Emilio Morenatti)  (The Associated Press)

  • Riot police try to avoid petrol bombs thrown by anti-austerity protesters in Athens, Wednesday, July 15, 2015. Greece has a tentative rescue deal, but relief that it is not falling out of the euro is unlikely to last long: its economy has taken a huge hit. Months of political brinkmanship, uncertainty and bank closures have hurt companies and brought everyday business to a standstill. (AP Photo/Petros Giannakouris)

    Riot police try to avoid petrol bombs thrown by anti-austerity protesters in Athens, Wednesday, July 15, 2015. Greece has a tentative rescue deal, but relief that it is not falling out of the euro is unlikely to last long: its economy has taken a huge hit. Months of political brinkmanship, uncertainty and bank closures have hurt companies and brought everyday business to a standstill. (AP Photo/Petros Giannakouris)  (The Associated Press)

Greece's government says the country's banks will reopen Monday after being closed for three weeks but cautioned that restrictions on withdrawals would only be lifted gradually. Deputy Finance Minister Dimitris Mardas made in the announcement Thursday evening on state-run ERT television.

Banks were closed June 29 to stop mass cash withdrawals from triggering their collapse. The decision to reopen them was announced hours after the European Central Bank increased its emergency cash support to Greek lenders. Mardas said banks would likely to switch to a more relaxed weekly limit after reopening, instead of imposing a daily ATM withdrawal cap. Greeks now can only take out 60 euros ($67) a day.