Greek markets to reopen on Monday

Emma Haslett
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The Greek stock exchange has been closed since the end of June (Source: Getty)

After a five-week shutdown, the Greek stock market will reopen on Monday, it has been reported.

CNBC said Costas Botopoulos, the head of the Hellenic Capital Market Commission, confirmed the Athens Stock Exchange will open on Monday.

The exchange has been closed since 29 June, when the government imposed strict capital controls limiting people to withdrawals of €60.

Although it has been rumoured the bourse will reopen several times during the period, so far it has remained closed.

However, AFP reported that domestic investors will still have restrictions imposed on them.

Although conditions have improved in Greece since Prime Minister Alexis Tsipras agreed to preliminary conditions for a third bailout, he still faces an uphill battle.

Yesterday the FT reported that the International Monetary Fund (IMF), one of its biggest lenders, may be prevented from joining a bailout because of Greece's high debt levels and poor record of implementing reforms.

Earlier this week IMF chief Christine Lagarde said "significant debt restructuring" would need to take place for a bailout to fly.

However, German officials have vehemently opposed any cut to Greece's debt.

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