Greece's Banks Are Next in Line for a European Bailout

The Governing Council's decision on Monday means that Greek banks may not reopen this week as planned and could soon run out of cash. The Greek government said Monday that banks would remain closed through Wednesday. Analysts expect them to stay closed much longer.

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Greek banks have probably used up all of the 89 billion euros, or nearly $99 billion, in emergency loans authorized so far by the central bank. A further increase might allow the banks to reopen next week, Mr. Iscaro said. And it might allow the banks to raise the limit on cash withdrawals, which the government has capped at €60 per day... restrictions on international money transfers and some other transactions, so-called capital controls, are likely to remain in place until there has been a more thorough bank cleanup.

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According to the statement issued by eurozone leaders in Brussels that outlined the agreement, a new rescue fund for Greece would include at least €10 billion, and perhaps as much as €25 billion, that would be used to replenish the capital of Greek banks or to shut them down if they were insolvent.