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Tag Archives: capital controls

BoG Stournaras: Greece to ease capital controls soon

November 10, 2016 Economy 1

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 …

Greek authorities investigate imposition of “capital controls”, offenses might end up in “high treason”

October 22, 2016 Economy 1

Authorities investigate the capital controls imposed end of June 2015 in Greece. The investigation has been ongoing for the last two months and is being conducted “secretly” [sic]. Dozens of citizens have reportedly filed complaints claiming “economic hardship” due to capital controls as they were unable to cover basic needs …

ECB approves easing of Capital Controls – Details

July 19, 2016 Economy 2

The European Central Bank gave the “green light” to Greece to further ease the capital controls imposed in June 2015. The ECB decision follows a request submitted by governor of Bank of Greece, Yiannis Stournaras, last week. The ECB decision was made public by the governor of BoG, who, however, …

One year Capital Controls in Greece – Was it worth it?

June 28, 2016 Editor 66

Remember that Sunday, on June 28th, a year ago? Remember the queues outside ATMs growing in a quick and non-stop pace? It was a day after Prime Minister Alexis Tsipras had announced a Referendum amid suffocating pressure from the European Union, financial dry out by the European Central Bank and …

Fitch: Greece’s 4 systemic banks would default if Capital Controls are lifted

June 22, 2016 Economy 6

Man! One day after the President of Greek Banks Association, Louka Katseli, said that Capital controls would be lifted by end of the year, there comes Fitch-ratings agency and warns that Greek systemic banks would default if the deposit restrictions are lifted. Fitch Ratings affirmed the Long-Term Issuer Default Ratings …

Greek FinMin: Once QE for Greek bonds, Grexit will be off the table

June 8, 2016 Economy Comments Off on Greek FinMin: Once QE for Greek bonds, Grexit will be off the table

Greek bonds will soon become eligible for the European Central Bank’s asset-purchase program, paving the way for an easing of capital controls, and the gradual recovery of investor confidence, Finance Minister Euclid Tsakalotos said. In an interview to Bloomberg, the Greek Finance Minister said also that once Greece is part …

Posh tax evasion with POS? Greek entrepreneurs send money abroad bypassing capital controls

May 13, 2016 Economy 4

Whoever thought he could tame the Greek businessmen’ talent to tax evasion and thus amid economic crisis, recession and overtaxation will have to look into new ways to bring the issue under control. A new posh fraud with POS devices seems to be the proof that Greek inventiveness has reached …

ECB’s Draghi fired his bazooka and brought rates down to ZERO%

March 10, 2016 Economy 1

A shock for the little man who still had some money in the bank and used to get something in exchange. A couple of euros to pay the fuel or the bus ticket in order to go to the bank and fix a new date for his deposit. Central European …

Homeless wins 300K in lottery: the drag to get the money when country has Capital Controls

March 10, 2016 Society 1

The man could not believe his eyes. With a lottery ticket of 5 euros, he won 300,000 euro in the Joker game. When the 38-year-old went to cash the money, the problems started. First of all, local lottery branches do not pay wins over 100 euro. The man had to …

Varoufakis: Capital controls introduced Two Parallel Currencies in Greece

January 8, 2016 Economy Comments Off on Varoufakis: Capital controls introduced Two Parallel Currencies in Greece

Former Finance Minister Yanis Varoufakis reveals that the capital controls imposed in June 2015 in fact created two parallel currencies in Greec, the bank euros imprisoned in the lational banking system and the currency euros in form of banknotes and coins. “Once euro deposits are imprisoned within a national banking …

Greek banks charge higher commission for cards payments than in other EU countries

December 21, 2015 Economy 5

The Greek government wants to boost the use of plastic money as a means to combat tax evasion. But the banks do not share the government enthusiasm and keep their charging rates high. A vendor, a restaurant owner or a lawyer has to pay 3% or even higher commission to …

Bank of Greece “sees” political consensus on creditors’ agreement when opposition down votes Austerity bills

December 4, 2015 Economy 1

The Bank of Greece released its Monetary Policy interim report 2015. Although the detailed analysis is 159 pages long, the essence can be summarized in one sentence: Greece must apply the Agreement with the creditors in full detail. Stressing that “recapitalisation of the four significant Greek banks has been successfully …

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

October 21, 2015 Economy 1

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 …

Capital controls in Greece to be lifted by end of 2015? Economists don’t think so

October 20, 2015 Economy Comments Off on Capital controls in Greece to be lifted by end of 2015? Economists don’t think so

Every once in a while we hear about it: that capital controls will soon be lifted, that is when the banks recapitalization concludes. I have no idea who circulates these news but such the option ‘to lift the capital control by -let’s say – end of the year’ seems rather …

Greece is shock! Permanent & stricter “Capital controls” for public servants and pensioners

October 12, 2015 Economy 24

A shock-measure: civil servants and pensioners will be subject to stricter capital controls than the rest of the Greeks. They will be able to withdraw only €150 per week – with the cash withdrawal cap being €420 per week – that is a total of €600 per month. The rest …

ECB Vice Constancio: Grexit threat was “never for real”

September 16, 2015 Economy 2

Vice President of the European Central Bank Vitor Constancio openly admitted that the threat of kicking Greece out of the euro zone during the spring negotiations was “never for real” because it would not be legal. So simple. So cynical. So unabashed. So real. In an interview to Reuters, Vitor …

Ex deputy PM admits Tsipras gov’t was unable to borrow “from third countries”

September 9, 2015 Economy 15

High-ranking SYRIZA official and one of the party’s top economist, former deputy Prime Minister Yannis Dragasakis, admitted that the SYRIZA-led coalition government was unable to borrow money from third countries and that therefore it was obliged to sign the July 13th agreement. At the same time, he revealed that before …

Greeks suffered wages losses of -28.16% from 2010 to 2015

August 25, 2015 Economy 1

Five years of loan agreements, memoranda of understanding, austerity measures and internal devaluation. And here is the bill for Greece’s employees: a decrease of 28.16% within five years. According to data from the Hellenic Statistical Authority (ELSTAT) salaries were cut by 28.16% in the period of the first memorandum of …

Bypassing Capital Controls: 1,000 Bitcoin ATMs to be installed in Greece

August 19, 2015 Economy 10

Have you lost trust to Greek banks? Do you hate the Euro? Do you feel the capital controls restrict your business and private activities?No problem. There are alternatives. The Bitcoins, for example, the web-based digital currency. In order to facilitate business activities free of capital controls and the €uro and …

Prosecutor investigates “violations of capital controls” by citizens & politicians

August 7, 2015 Economy 4

Greece is full of many little “cunning Odysseus” who manage everything once they have the right connections, are in the right position at the right time. Allegedly, they can even violate the capital controls and send money abroad or withdraw large sums from the banks despite bank holidays and other …

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