The Greek Finance Ministry revealed the next steps it plans to take in order to proceed with further easing of the capital controls that have been imposed since end of June 2015.
According to the finance ministry road map the next steps will include:
- increase of withdrawal limit to 500 euros per week from 420 since 2015.
- opening bank accounts to natural persons who have no account at other Greek bank
- transfer of money abroad
Easing the capital controls is the result of the recent positive economic developments in Greece, the ministry noted.
The road map has been drafted together with the Bank of Greece. The ministry notes that the road map is not binding in legal terms. The easing will be implemented gradually.
When will the easing of Capital Controls will be implemented? As soon as possible, the ministry stresses adding, however:
“The implementation of easing of capital controls is projected to be gradual, taking into account the developments in the economic environment and atmosphere [incl the stand of bank deposits], while the sequence of actions is not bound to time limits – there are no time limits on the duration of each stage.”
Full road map in pdf in Greek here
So what’s the point of publishing a full-detailed 12-page long road map, when it is extraordinary vague when it can be implemented? Given the upcoming voting of the new austerity measures 4.9 billion euros for 2018-2021, the government has been rallying to stress positive economic indicators, the unemployment decrease due to seasonal hiring, the social measures that will be implemented to counter the austerity measures.
It was indicative that the state broadcaster opened the noon news bulletin on Monday with the government’s countermeasures – social measures, while the audience was dying to see how the new austerity wave will strike their pockets and lives. The new package was tabled to the Parliament on Saturday night.
Given the recent government emphasis on a positive narrative, my impression would be -under normal circumstance that Greece would be heading to elections or even to a referendum.
Alas! It’s just a strategy to sweeten the bitter pill of austerity. Or not?