New de­cree eases cap­i­tal con­trols fur­ther

Kathimerini English - - Front Page -

Greeks can now trans­fer up to 500 eu­ros abroad and pay more to­ward tu­ition fees un­der a new in­cre­men­tal eas­ing of cap­i­tal con­trols im­posed in June to pre­vent an im­plo­sion of the coun­try’s bank­ing sys­tem.Un­der a min­is­te­rial de­cree is­sued in the Gov­ern­ment Gazette, bank ac­counts can be opened for debt re­pay­ments, while up to 8,000 eu­ros for stu­dent tu­ition and liv­ing ex­penses paid abroad are al­lowed per aca­demic quar­ter. How­ever, in­di­vid­u­als can still with­draw only 420 eu­ros in cash from their bank ac­counts a week. The de­cree, pub­lished on Mon­day, also said bank trans­ac­tions re­lated, among oth­ers, to for­eign ex­change spot trans­ac­tions, in­ter­bank lend­ing, de­riv­a­tives trad­ing, rollovers and trans­ac­tions which did not ma­te­ri­ally change the liq­uid­ity of the credit in­sti­tu­tion were per­mit­ted, and prior au- tho­riza­tion was not re­quired. Greece im­posed cap­i­tal con­trols and or­dered banks to shut tem­po­rar­ily on June 29, af­ter the Euro­pean Cen­tral Bank had re­fused to in­crease emer­gency fund­ing to the lenders fol­low­ing a break­down of bailout talks be­tween Athens and for­eign cred­i­tors. The coun­try has been grad­u­ally eas­ing the cap­i­tal con­trols since July, when raised lim­its on busi­ness pay­ments abroad to 150,000 eu­ros from 50,000.

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