850 Greek banks could re-open on Thursday -- but only for one specific reason

Greek bank lineREUTERS/Alexandros AvramidisPeople line up to withdraw cash from a National Bank ATM in Thessaloniki, Greece June 27, 2015. Greek Prime Minister Alexis Tsipras called a referendum on austerity demands from foreign creditors on Saturday, rejecting an ‘ultimatum’ from lenders and putting a deal that could determine Greece’s future in Europe to a risky popular vote.

Greek banks are closed until July 5.

But according to Reuters, 850 Greek banks could open as soon as Thursday, but only for one specific reason: pension withdrawals.

Citing a Greek government official, Reuters reports that the bank branches will be open only for the payment of pensions and added that if banks continue to be supported by the European Central Bank’s emergency liquidity assistance, the €60 per day withdrawal limit could be raised.

On Sunday, the ECB announced that it had capped its ELA to Greece.

Recall that on Sunday, Greek prime minister Alexis Tsipras told the citizens of Greece in an address that Greek bank deposits, as well as wages and pensions, remained totally safe.

Early Monday morning Greek time, Greece announced that it closed banks through the announced July 5 referendum and had put in place capital controls.

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