Winnipeg Free Press

Winnipeg Free Press (Newspaper) - July 21, 2015, Winnipeg, Manitoba C M Y K PAGE B6 A THENS, Greece - Greek banks reopened Monday for the first time in three weeks, but strict limits on cash withdrawals and higher taxes on everything from coffee to diapers meant the economic outlook for the recession- battered country was far from back to normal. There were hopeful developments: the cash- strapped nation got a shortterm loan from European creditors to pay more than six billion euros ($ 8.5 billion) owed to the International Monetary Fund and the European Central Bank. Non- payment of either would have derailed Greece's latest bailout request. But for most Greeks, already buffeted by six years of recession, Monday was all about rising prices as tax hikes demanded by creditors took effect. Dimitris Chronis, who has run a small kebab shop in central Athens for 20 years, said the higher tax rates could push his business over the edge. " I can't put up my prices because I'll have no customers at all," lamented Chronis, who said sales have already slid by around 80 per cent since banking restrictions were imposed on June 29. " We used to deliver to offices nearby, but most of them have closed. People would order a lot and buy food for their colleagues on special occasions. That era is over." There are few parts of the Greek economy left untouched by the steep increase in the sales tax to 23 per cent from 13 per cent. The new rates have been imposed on basic goods, from cooking oil to condoms, as well as to popular services, such as taxi rides, eating out at restaurants and ferry transport to the Greek islands. The tax hikes are part of a package of austerity measures that also includes pension cuts and other reforms the Greek government had to introduce for negotiations to begin on a crucial third bailout. In response to last week's parliamentary vote backing the austerity measures, the ECB raised the amount of liquidity assistance on offer to Greek banks, paving the way for them to reopen Monday. But strict controls on cash flows, including a ban on chequecashing and payments abroad as well as limits on cash withdrawals, remained in effect. The European Union also sent a three- month loan to Athens, enabling the government to repay a 4.2- billion euro debt to the ECB on Monday and to clear its arrears of about 2 billion euros with the IMF. Both institutions confirmed they had been repaid. IMF spokesman Gerry Rice said the Fund " stands ready to continue assisting Greece in its efforts to return to financial stability and growth." The IMF is not directly involved in Greece's request for a third bailout as its previous rescue runs until early next year. But it has expressed doubts over the austerity measures that Greece's European creditors are demanding unless they also include significant debt relief. Greece has relied on bailout loans totalling 240 billion euros since 2010 after it was locked out of international money markets. In return for the cash, successive governments have had to enact harsh austerity measures to try to get public finances into shape. On Monday, the first easing saw banks open their doors for limited services that allowed customers to move money from one account to another, but barred them from opening new ones. The daily cash- withdrawal limit stayed at 60 euros, or about $ 85, but new rules permitting the withdrawal of up to 420 euros a week meant Greeks won't have to trudge to the ATM every day. - The Associated Press B 6 WINNIPEG FREE PRESS, TUESDAY, JULY 21, 2015 GREECE BAILOUT winnipegfreepress. com Are you Painfully Shy? Are you bothered by: Blushing? Sweating? Dry Mouth? Racing heart? 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