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Capital Controls Greece

Capital controls partially lifted; ‘new money’ excluded

Friday, 22 July 2016 20:26
“Looser” capital controls will now allow the withdrawal of 840 euros per two weeks, up from 420 euros per week.

Greek government on Friday relaxed capital controls in the country, a little more than a year after the measure was imposed to prevent a “bank run” in the wake of a hurriedly called referendum in late June 2015.

The most important provision, and a precursor for the full abolition of capital controls, lifts any restriction on cash deposited in Greek banks after July 22, 2016 by either individuals or business and corporate entities.

 “Looser” capital controls will now allow the withdrawal of 840 euros per two weeks, up from 420 euros per week.

Additionally, the early, partial or full pay-off of whatever loan obligation is now again possible.

The measure covered, and still covers, deposits held in Greek banks, regardless of the type of currency.

Τhe ministerial decision was signed by Finance Minister Euclid Tsakalotos.

 

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