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Greece’s PM Mitsotakis announces full lifting of capital controls

“Capita controls belong now in the past,” Greek Prime Minister, Kyriakos Mitsotakis said announcing the full lifting of capital controls on Monday. “After 50 months, a cycle of insecurity finally closes,” Mitsotakis said during his speech in the Parliament.

“A new cycle os opening for the Greece we want and the Greece we deserve,” he added criticizing the Tsipras government for the adventure that led the country imposing the capital controls in summer 2015.

The Prime Minister said that the full lifting of capital controls was recommended by the governor of the Bank of Greece who realized an increase in bank deposits.

The Prime Minister did not reveal details like the exact date the decision of lifting the capital controls will be implemented.

Earlier today, media hinted on September 1st 2019.

Finance Minister Christos Staikouras is also expected to address the parliament today.

According to sources, the institutions ratified the relevant amendment last Saturday, state news agency amna reported.

According to capital.gr, the decision needs a legislation as well as the approval of the country’s institutional lenders and the banking sector.

The lifting of capital controls is expected to be implemented as of September 1st, the economic news website notes

The full lifting of capital controls is an important development in order to attract investors to Greece, the government believes.

Lifting the cap for withdrawals took place in spring, the remaining restrictions concerned mostly businesses, payment of medical expenses abroad. students’ expenses abroad as well as electronic payments abroad.

The full lifting was scheduled for late autumn.

The good news did not influence the Athens Stock Exchange, though, that is recording losses of 0.62%  still an hour after the announcement.

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One comment

  1. what about the restrictions on cash transactions? until those are lifted it is still capital controls, and very ugly ones at that. the freedom of people to exchange with privacy and without a middleman is violated as long as those restrictions continue.