Capital Controls in Greece


22.07.2015

Read this very interesting article from Bloomberg about Greece's Capital Controls

"From Monday, June 29, 2015, banks will remain closed up to and including Monday, July 6
Deposits are fully safeguarded
The payment of pensions is exempted from the restrictions on banking transactions. Management of credit institutions will announce how these will be paid
Electronic transactions within the country won’t be affected. All transactions with credit or debit cards and other electronic forms (web banking, phone banking) can be conducted as normal
Prepaid cards may be used to the limit existing before the beginning of the bank holiday
From midday June 29, ATMs will operate with a daily cash withdrawal limit of 60 euros per card, which is equivalent to 1,800 euros a month
Foreign tourists can make cash withdrawals from ATMs with their cards without restrictions provided these have been issued abroad
A special Committee to Approve Bank Transactions has been established at the State General Accounting Office in cooperation with the Finance Ministry, the Bank of Greece, the Union of Greek Banks and the Capital Markets Commission. This committee will deal with applications for urgent and imperative payments that can’t be satisfied through the cash withdrawal limits or by electronic transactions (e.g. payments abroad for health reasons). Wages paid electronically to bank accounts aren’t affected"

TO READ THE FULL ARTICLE, FOLLOW THE LINK HEREUNDER:

http://www.bloomberg.com/news/articles/2015-06-29/what-are-greece-s-capital-controls-

 



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