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Greece’s Finance Ministry “sees” lifting of capital controls by end of Q2 2016

Greece’s Finance Ministry ‘sees’ the lifting of capital controls in the second half of 2016. Speaking to the Greek Parliament Budget Committee, deputy finance minister Giorgos Chouliarakis said that the capitals controls were expected to be lifted by the end of the second quarter of 2016 – which is in about nine months from now. Almost a year after they were imposed on June 29th 2016.

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     Capital controls: 29. June 2015 – 29. June 2016?

Chouliarakis also forecast “milder recession” for 2015 and 2016. “The projection for 2015 is now 1.4% from original 2.3%, while for 2016 is now 1.3% in contrast to the original of 1.5%,” Chouliarakis said.

Fine! The Greek finance Ministry seems to agree more or less with 81% of economists polled by Bloomberg who see that capital controls are here to stay until at least the second half of 2016. 

A difference of one or two or three months would not harm anyone, would it?

What is odd is that last week Chouliarakis told German daily Sueddeutsche Zeitung that he was expecting capital controls to be lifted in the first quarter of 2016, so by end of March.

I wonder what forced the Greek Finance Ministry’s reality landing.

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One comment

  1. KTG, you and your people are not alone. The arrogance of high finance in Greece has interesting developments in Portugal.

    From “The Telegraph”, today:
    The delayed fuse on the eurozone’s debt-deflation policies has finally detonated in a second country. Portugal has joined the revolt against austerity.
    The rickety scaffolding of fiscal discipline and economic surveillance imposed on southern Europe by Germany is falling apart on its most vulnerable front.