GREEK banks will re-open today with slightly relaxed withdrawal limits but bans on foreign transfers and other capital controls remain in place, according to a government decree published Saturday.

    The move follows the announcement by the European Central Bank that it would unblock emergency funding that the crippled Greek banking sector needs to stay afloat after Greece agreed to a tough package of bailout reforms.

    The 60-euro (US$78) daily withdrawal limit set when the banks were closed June 29 is adjusted to allow bank customers to take out up to 420 euros a week, while holders of Greek bank cards will be able to use them to make payments while they are out of the country.

    However, bans on moving money out of Greece remain in place along with restrictions on opening new accounts.

    International Monetary Fund (IMF) director Christine Lagarde said Friday the Fund could participate in a “complete” package to put the Greek economy back on track, make its debt sustainable and allow it to get its funding from financial markets.

    When asked on France’s Europe 1 whether the IMF would participate in a third bailout for the country, Lagarde said the Fund wanted to see a “complete” program for Greece and listed what that should involve.

    “This complete package has two legs, a Greek leg that entails an in-depth reform of the Greek economy. That means holding a budgetary position that is sound and gives the country solidity; and the second leg is that of the lenders, which entails supplying financing and restructuring the debt to ease its burden,” she said.(SD-Agencies)