Modification of capital controls, rather than relaxation, set for Friday

31 August 2017
998 Views

A further modification of capital controls in Euro zone member Greece – a continuing “byproduct” from shambolic negotiations with creditors in the first half of 2015 – will come on Friday, Sept. 1

The further “loosening” in the regime was previously announced earlier this month, as such depositors will be able to withdraw 1,800 euros of their own money every month, with one or more transactions.

Nevertheless, critics have pointed out that the annual ceiling will stand at 21,600 euros, as opposed from the current 21,840 euros per year, essentially a reduction of 240 euros.

New deposits in Greek banks are not included in capital controls, and consumers can use debit cards without any restrictions.

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