Greek Finance Ministry Announces Changes to Capital Controls

capital708_6Greek finance Minister Euclid Tsakalotos announced new adjustments to the capital controls on the Greek economy.

Capital controls have restricted transactions and liquidity in Greece since June 28, a day after the July 5 referendum was officially announced. Since then, the government has eased certain restrictions but the bulk of limitations remain.

According to the latest changes, debt-holders can now repay old loans with either cash and funds that are currently abroad or by taking out a new loan from a bank.

The new decree also allows individuals to open new bank accounts but without the ability to withdraw funds from that account. The account can be used to pay money owed to the Greek state and social insurance agencies which have the option of setting up new bank accounts to receive such payments.

An additional new bank account, also without the option of withdrawal, is permitted if that account is used to repay loans in Greece.

According to the new decree, Greek students studying abroad can receive 5,000 euros per trimester. The announcement does not clarify the relationship of the sender to the student. In certain cases the permitted amount could be up to 8,000 euros.

Finally, each individual bank depositor can transfer 500 euros per month to a foreign account.


  • Phil

    Our communist government got their wish. They hurt the “evil” banks. . Unfortunately the leftist geniuses are now learning the hard way that by damaging our banks they also harmed our economy. Capital controls harm trade.

    The leftists were forced to put capital controls in place because the EU cut off funding to our banks (something leftists claimed they were all for… until they realized the negative effects on themselves). This could have been avoided entirely if Samaras had been in power. Unfortunately Syriza. and pseudo-right ANEL, ridiculously assured everyone they would roll back cuts.

    The voters that claim they want “change”… are actually the segment of Greece society that refuses to change. They are still sill selling their vote to whomever they think is most likely to give them government handouts.. Anel supporters are mostly former ND. Syriza supporters are mostly former Pasok. They may be voting for different named parties but their supporters are still behaving the same as they did under Pasok and ND in terms of policy goals.

    The real change was Samaras. It was not only a change in economic policy but a change in attitude. Unfortunately about half the Greek population are morons that refuse to change. Even now with a Marxist in power they continue to irrationally rant about Samaras even though he has turned out to be right about nearly every major policy issue. They would rather harm Greece for their egos than acknowledge their mistakes and change their views so we can fix it.

  • Spartans

    Spoken for truth.