By Jonathan Davies

Greece has made an overdue payment of €2 billion to the International Monetary Fund (IMF), allowing itself to come out of arrears.

It comes as Greek banks reopened after being closed for three weeks as a result of the country's financial crisis.

Greece recently agreed a new deal with its international creditors and secured further emergency funding from the European Central Bank (ECB).

ATMs have restricted withdrawals to €60, leaving many empty for weeks. Any ATMs with cash in were the subject of huge queues.

From today, the daily withdrawal limit will be €420, meaning people will not have to queue every day for money.

Foreign bank transfers and cashing cheques is still banned, however.

Meanwhile, Germany has admitted that it could consider a concessions of the conditions of Greece's bailout, which Greece and the International Monetary Fund (IMF) have said is unsustainable.

German Chancellor Angela Merkel has ruled out a "classic haircut", meaning a markdown of Greece's debt. But certain economic reforms, like interest rates, could be eased.