Greek Banks Reopen, As Some Austerity Measures Take Effect

Published July 20, 2015 at 12:33 PM CDT

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A policeman stands guard as people queue to get money from ATMs as Greek banks reopened on Monday morning after three weeks of closure on July 20, 2015 in Athens, Greece. (Milos Bicanski/Getty Images)

Greek bank branches reopened today after being closed for three weeks in an effort to prevent a collapse of its banking system. But there are still many banking restrictions in place.

Meanwhile, some of the austerity measures enacted as a condition for a new bailout are taking effect this week. For instance, today Greeks are being hit by increases in the value-added tax on goods and services.

Jill Schlesinger of CBS News joins Here & Now’s Meghna Chakrabarti to explain the specifics of the new austerity measures for the Greek economy, as well as the bank restrictions that are still in effect.

Guest

Jill Schlesinger, business analyst at CBS News. She tweets @jillonmoney.