Greece banks reopen, creditors' loan being repaid

Athens: Greece reopened its banks and ordered 2 billions of euros owed to international creditors to be repaid on Monday in the first signs of a return to normal after last week's deal to agree a tough new package of bailout reforms.

Customers queued up as bank branches opened for the first time in three weeks after they were closed to save the system from collapsing under a flood of withdrawals. Increases in value added tax agreed under the bailout terms also took effect, with VAT on processed food and public transport jumping to 23 per cent from 13 per cent.