- Title: Greece to fully lift capital controls imposed during bailout chaos
- Date: 26th August 2019
- Summary: ATHENS, GREECE (FILE - JUNE 2015) (REUTERS) MAN WALKING BY SHUTTERED BANK BRANCHES CLOSED NATIONAL BANK OF GREECE BRANCH QUEUE OUTSIDE ATM WOMAN AT ATM 60 EUROS, THE DAILY WITHDRAWAL LIMIT WHEN CAPITAL CONTROLS WERE IMPOSED, COMING OUT OF ATM VARIOUS OF PENSIONERS QUEUING OUTSIDE CLOSED BANK TO BE GIVEN THEIR PENSIONS ATHENS, GREECE (FILE - JULY 1, 2015) (REUTERS) VARIOUS OF A LARGE CROWD OF PENSIONERS WAITING FOR BANK BRANCH TO OPEN SIGN OUTSIDE BANK READING: (English) 'NATIONAL BANK OF GREECE' VARIOUS OF MAN AT BANK, FLANKED BY POLICE, ALLOWING A FEW PENSIONERS AT A TIME TO ENTER AND RECEIVE THEIR PENSIONS CROWD OF PENSIONERS OUTSIDE BANK
- Embargoed: 9th September 2019 13:21
- Keywords: Greek Prime Minister Kyriakos Mitsotakis Greek financial crisis Greek bailout Central Bank of Greece capital controls
- Location: ATHENS, GREECE
- City: ATHENS, GREECE
- Country: Greece
- Topics: Budget/Taxation/Revenue,Government/Politics
- Reuters ID: LVA002ATUVQ6F
- Aspect Ratio: 16:9
- Story Text: Greece is fully lifting its remaining capital controls, Prime Minister Kyriakos Mitsotakis said on Monday (August 26), in a move signalling the economy's continuing return to stability after the tumult of three international bailouts since 2010.
"From today, capital controls are a thing of the past," Mitsotakis told lawmakers in parliament.
Athens imposed capital controls in June 2015, when Greece was embroiled in a dispute with lenders over how to prop up an economy overwhelmed by a mountain of debt and its banks were bleeding cash.
At the time, the European Central Bank decided to pull the plug on emergency funding to Greek lenders, forcing a three week shutdown of banks and a 60 euro per day cap on cash machine withdrawals.
The restrictions have been gradually eased since then. The cap on cash withdrawals was fully lifted in October 2018. But limits on money transfers abroad still remained.
Restoring the free movement of capital will help to strengthen trust, attract investment and open the way for a further upgrade of the Greek economy's credit ratings.
Greece is still rated in the sub-investment category by ratings agencies.
Mitsotakis' new conservative government elected last month has been keen to move swiftly to reassure markets that it intends to adopt business-friendly policies to attract investment, key to boost Greece's economic recovery.
Greece emerged from its third and last bailout in August last year and has been restoring its access to international bond markets.
(Production: Phoebe Fronista)
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