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Greece Eases Up on Capital Controls Again

Long queues formed outside banks when capital controls were imposed in 2015

Finance Minister Euclid Tsakalotos signed a decree easing capital controls in the country.

According to the new regulations, Greek residents will be able to withdraw 100 percent of money transferred from abroad to current accounts opened in Greek credit institutions, after December 1, 2017.

Currently, only 50 percent of the newly transferred funds are allowed to be withdrawn.

The decree also allows the opening of new bank accounts for those who do not have one.

In June 2015, the Greek government introduced capital controls due to an acute financial crisis, and massive amounts of money being withdrawn from the banks.

Initially, the withdrawal limits were  60 euros per day and 420 euros per week on cash withdrawals and with restrictions were imposed for the transfer of funds.