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Tag Archives: capital controls

Greece lifts cash withdrawal cap after 3.5 years of Capital Controls

After three years and three months, Greece lifted the cap on cash withdrawals on 1. October 2018. It herewith completes the so-called “second pillar” of Capital Controls imposed in the country on end June 2015. The Finance Ministry has issued the relevant decision on Thursday, Sept 27th 2018, the decision …

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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 …

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Speculation Turkey may seek IMF bailout, impose capital controls

Speculation is high that Turkey may seek a bailout from the International Monetary Fund and possibly also impose capital controls after the Turkish Lira lose big towards the US dollar. Recent fluctuations in foreign exchange markets, which cannot be explained on economic grounds, will ease sooner or later, ruling Justice …

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Greece loosens capital controls with spectacular up to €5,000 per month

Greece’s Finance Ministry has reportedly already prepared a new legislation that will further loosen capital controls and spectacularly raise the monthly cap of cash withdrawals for natural persons.  The new measure will allow bank account holders to withdraw up to 5,000 euros per month. Since 1. March 2018, the withdrawal …

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Capital controls: Greece considers to raise withdrawal cap, measures for businesses

Greece is considering further easing of capital controls with the increase of  the cap for cash withdrawing and limiting restrictions to businesses.  The new measures could be implemented as soon as 1. June, that is on the third year the restrictions were imposed. According to media reports, the new measures …

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Greece eases Capital Controls restrictions as of Mar 1st – All the changes

Greece has taken further steps to ease the capital control restrictions as of 1. March 2018. Euclid Tsakalotos has approved a series of measures that ease the restrictions, the decision has been already published in the official gazette. The measures raise among others the monthly withdrawal limit and allow the …

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Greece further eases Capital Controls to 1,800 per month as of Sept 1

Further easing for cash withdrawals under capital controls go into effect today, September 1st 2017, after the relevant legislation act was approved beginning of August. Effective from today, provisions for cash withdrawals in the context of capital controls, which had been announced in a legislative act since the beginning of …

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Capital controls: Finance Ministry publishes road map for further easing

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 …

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ECB Draghi keeps key interest rates at historic ultra-low level

European Central Bank president Mario Draghi keeps interest rates at historic low.The low interest rate cause a blow to million of deposits of ordinary people who trust their live savings to the banks. In a statement issued on Thursday, the ECB said: At today’s meeting the Governing Council of the …

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ECB Draghi had no right to close Greece’s banks

The decision of the European Central Bank to freeze the emergency liquidity in summer 2015 and force the Greek government to close the countries bank was possibly not legal. This is stated in the Italian daily Il Manifesto that quotes Fabio de Masi, member of German Die Linke in the …

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“Bank run” under Capital Controls: Greeks withdraw €2.5bn in 45 days

Delays in the talks between Greece and its lenders have brought back the ghost of Grexit.  The grave disagreement between the International Monetary Fund and the European lenders, Grexit bombshell flying around and Greece’s reluctance to accept additional austerity measures have increase uncertainty among citizens – for one more time. …

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BoG Stournaras: Greece to ease capital controls soon

Greece will soon ease capital controls further but full liberalization will depend on progress in easing the country’s debt burden, which is also a precondition for entering the ECB’s asset buying scheme, central bank chief Yannis Stournaras said. Propped up by three successive bailouts, Greece hopes to emerge from a …

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