July 15, 2015 – The banking system of debt-ridden Greece is on the brink of collapse despite the recent financial rescue announcement, European Commission Vice-President for the Euro and Social Dialogue Valdis Dombrovskis said earlier today.
Earlier in the day, Greek media reported that the European Central Bank was ready to increase the amount of money Greek banks could borrow under the Emergency Liquidity Assistance program tomorrow, which would allow the financial institutions to reopen on July 20.
On Monday, Eurozone leaders reached an agreement on a third bailout package to Greece, estimated at $95 billion over the next three years, which includes an obligation by the Greek parliament to approve unpopular austerity measures, including pension reforms and VAT increases, by the end of today.