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Greece’s Finance Ministry announces further easing of Capital Controls

Greece’s finance Ministry announced the further easing of capital controls, however, the monthly limit of cash withdrawals will remain the same.

The three major changes refer to individuals and they are:

  • people to open a bank acocunt provided they do not have one in any bank.
  • another person will be allowed to be added to an existing account
  • Inactive accounts will not be frozen

According to kathimerini, for new bank clients to open an account, they will need to produce a declaration that they do not have an account at another credit institution, so that a new customer ID can be created.

The unfreezing of inactive accounts means that the time resumes counting toward the 20-year landmark, after which the contents of an account become property of the state. This means that holders of such accounts will need to reactivate their accounts at their bank.

The decision, published on Tuesday in the Government Gazette, also allows for the withdrawal of the entire amount of money deposited in a local bank from abroad, against 50 percent of it today.

The easing measures also include increasing the limit of international transactions that an enterprise can make per day from 10,000 to 20,000 euros.

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  1. I don’t get how this is lifting capital controls since you cannot withdraw more money and you cannot send more money abroad (people!)

  2. Martin Baldwin-Edwards

    It is a significant easing of capital controls because any new money brought into Greece through banks can be removed in cash in its entirety. It can also be re-exported.

    Generally, experts on capital controls believe that they should be instituted rapidly and in their entirety, but later removed slowly and piece by piece.