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Capital controls: Greece to lift cash withdrawal cap, says Tsakalotos

Greece plans to further loosen capital controls and to lift restrictions with regards to cash withdrawals and opening bank accounts. This is what Finance Minister Euclid Tsakalotos said in an interview on Saturday.

“We will have new easing [of capital controls] very soon,” Tsakalotos told newspaper Naftemporiki , however, he refrained from specifying the exact time period.

“As you know we move on a published road map consisting of three pillars,” he said.

“With this new easing we will complete the second pillar of restrictions concerning cash withdrawals and the opening of bank accounts, and we will enter the final phase for the full lifting of capital controls, the third and final pillar… concerning restrictions on transferring   capital abroad,” he added.

Last May, the Finance Ministry increased the monthly withdrawal cap to 5,000 euros and proceeded to easing some other restrictions as well. The previous easing was to 2,300 euros per month since March 2018.

Lifting capital controls restrictions is something many waiting for after the country exited the last bailout program in August.

Capital controls were imposed in summer 2015, after the European Central Bank and creditors drained the liquidity of the banks in an effort to blackmail the Greek government to surrender to their demands and sign a third bailout program.

According to latest media information (Sept 19), the lifting of the above mentioned restrictions is planned for 1. October 2018.

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