released by finance ministry

16 May 2017
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The finance ministry, as expected, unveiled its “road map” for a further loosening of capital controls in the country, nearly two years after the Tsipras government imposed the unprecedented measure immediately after declaring a contentious referendum in the country.

The goal, as repeated on Monday, is for a complete lifting of capital controls in Greece.

The “road map” was prepared in cooperation with the Bank of Greece (BoG) and is non-binding, in a legal sense, but was demanded by creditors.

Some of the envisioned steps are general in nature or to be expected, like improving macro-economic conditions, adhering to the current adjustment program, raising depositors’ confidence and increasing deposits, which will, in turn, improve the economic climate in the country.

Other steps in the “road map” are more specific and contingent, such as analyzing Greek banks’ liquidity and a return to the markets for borrowing by the still bailout-dependent Greek state and the country’s banks.

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