Banks in Greece to reopen on Monday after shutdown

A line outside of a Greek bank.
(Image credit: Andreas Solar/AFP/Getty Images)

After a three-week shutdown, banks in Greece are preparing to reopen on Monday.

Last week, Greece reached an agreement with its creditors that kept the country in the eurozone, and several changes are coming to the country, including an increase in value added tax on food in restaurants and public transportation, up from 13 percent to 23 percent. On Monday, Greeks will be able to take €420 ($454) out of ATMs once a week instead of only €60 ($65) a day, which is basically the same amount of money but will make it so people don't have to wait in long lines on a daily basis.

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Catherine Garcia, The Week US

Catherine Garcia is night editor for TheWeek.com. Her writing and reporting has appeared in Entertainment Weekly and EW.com, The New York Times, The Book of Jezebel, and other publications. A Southern California native, Catherine is a graduate of the University of Redlands and the Columbia University Graduate School of Journalism.