Greek Fin Min Promises Easing of Capital Controls

tsakalotosGreek Finance Minister Euclid Tsakalotos announced the easing of capital controls as of next week and said that those who make new deposits in Greek banks would be allowed free capital movement.

Tsakalotos spoke on national broadcaster ERT on Monday night, saying that the capital controls are not as strict as they are presented to be. At the same time he promised that capital controls will be eased gradually on a monthly basis and the facilitation of exporters would be the government’s priority.

Asked when capital controls will be lifted altogether, Tsakalotos answered, “The more people believe that bank recapitalization was successful, the sooner.” He estimated that after the successful completion of the second bailout program review in the fall, capital controls will be eased further because it is a matter of return of trust in the economy.

Nevertheless, Tsakalotos said that the negotiations on the second review will be as tough as the talks of the first review. “There will be conflicts and differences again,” he said, but added that it would be to Greece’s interest to not delay in the negotiations.



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