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Banks Reopen, Taxes Hiked as Greece Seeks to Reboot Economy

Greek banks reopened Monday after a three-week shutdown imposed to stop a run on ATMs from crashing the financial system, but citizens woke up to widespread price hikes as part of a cash-for-reform deal with the country's creditors.

The bank shutdown since June 29 is estimated to have cost Greece's crisis-hit economy 3.0 billion euros ($3.3 billion) in market shortages and export disruption.

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German Economy Minister Due in Iran with Business Leaders

German Economy Minister Sigmar Gabriel flew to Iran Sunday, becoming the first top Western official to visit the country since world powers and Tehran reached a historic nuclear deal.

Gabriel, who is also Chancellor Angela Merkel's deputy and energy minister, embarked on the three-day trip with a "small delegation of representatives from companies, industry groups and the sciences", his ministry said in a statement.

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Banks to Reopen, Taxes Hiked as Greece Prepares to Reboot Economy

Greece prepared Sunday to restart its struggling economy with a revamped government, a bank reboot and a new round of tax hikes agreed after months of fraught confrontation with its creditors.

Banks are set to reopen Monday after a three-week shutdown estimated to have cost the economy some 3.0 billion euros ($3.3 billion) in market shortages and export disruption.

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Boeing Warns of Aircraft Issue after Panel Falls on Shanghai

U.S. aviation giant Boeing said Saturday it has asked airlines to address a maintenance issue after a passenger jet's landing gear panel fell after takeoff and fell on a Shanghai suburb.

The sheet of metal weighing 130 pounds (60 kilograms) plunged to the ground shortly after Air France Flight 111 took off from Shanghai headed for Paris on Monday, Boeing said.

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Greek Banks to Reopen Monday but Capital Controls Remain

Greek banks will reopen Monday after a three-week closure and withdrawal limits have been relaxed, but capital controls remain in place, a government decree said Saturday.

The decree sets a new cumulative weekly withdrawal limit of 420 euros ($458), with the daily limit remaining at 60 euros.

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Reshuffled Greek Cabinet Takes over to Enact Unpopular Reforms

A revamped Greek government took over Saturday in an effort to enforce a third bailout accompanied by tough fiscal reforms opposed by a sizable section of the ruling Syriza party.

Prime Minister Alexis Tsipras on Friday reshuffled his administration to fill the vacancies left by three cabinet members who were sacked after voting against the reforms in parliament last week.

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Report: Greek Bank Shutdown Cost Economy 3 Billion Euros

The three-week shutdown of Greek banks has cost the country's struggling economy some 3.0 billion euros ($3.3 billion) not counting lost tourism revenue, a report said Saturday.

Citing commerce groups, the Kathimerini daily said the retail trade alone had suffered a 600-million-euro loss, with apparel taking the main blow.

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U.S. Bank Profits Withstand Trading Hit from China, Greece

Large U.S. banks reported mostly higher second-quarter earnings this week even as a pullback in trading revenues due to crises in Greece and China dented results.

The biggest hit came at Goldman Sachs, where revenues in bonds, foreign exchange and commodities trading fell 28 percent in the second quarter.

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Greek PM Reshuffles Government after Parliament Mutiny

Greek Prime Minister Alexis Tsipras on Friday reshuffled his government, a day after a major lawmaker mutiny in his radical left Syriza party over a draconian bailout deal.

In a bid to show international creditors he is in control of his cabinet, Tsipras ditched energy minister Panagiotis Lafazanis, the head of Syriza's hardline faction that has consistently demanded an exit from the eurozone.

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EU Approves Emergency Short-Term Loan to Greece

The EU approved a short-term loan of 7.16 billion euros ($7.8 billion) to Greece allowing it to meet a huge payment to the ECB and repay the IMF while a new bailout is still being ratified, the EU's top official for the euro said Friday.

"We have an agreement on bridge financing.... This agreement is backed by the 28 member states," Commission Vice President Valdis Dombrovskis told reporters.

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