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Greece Eases Capital Control Restrictions to Aid Students and Soldiers

capital-controlsThe Greek Finance Ministry has decided to ease the restrictions imposed on Greek citizens due to capital controls that were put in effect a few months ago. According to the official ministerial decision published in the government gazette, each applicant can now transfer up to 500 euros abroad each month through Greek banks. The same applies to transfers of up to 500 euros via the Greek Post, payment institutions and money transfer services.

The same decision eases the restrictions in regards to opening bank accounts. This applies to students and soldiers, who will be able to open new accounts, under certain conditions. Greek first-year students travelling to cities away from their hometown in order to study for the academic year 2015-16, will be able to open new bank accounts or become beneficiaries to already existing accounts. The same applies for soldiers serving away from their place of residence, starting September 25. In both categories, individuals should not already have bank accounts under their name.
Moreover, the ministry has also decided to make a few more changes relating to people with serious health problems, as well as in cases of serious social issues, for example: payments abroad. These transactions will allow the transfer of up to 2,000 euros per month, if the individual is able to produce the appropriate documents. Finally, the Greek Finance Ministry will allow the partial premature termination of a term deposit so that the account holder can cover living expenses, amounting up to 1,800 euros per month, provided that the individual has inadequate funds in any other savings or current account.
 

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