Post-Eurozone Crisis: Greece to lift capital controls soon
More than 50 billion euros left banks from November 2014 to July last year
ATHENS:
Greece could lift most or all capital controls imposed at the height of the euro zone crisis by the end of the year, the head of the country’s banking association said on Saturday. The controls, which restricted the amount of cash that can be withdrawn from banks to 420 euros a week, were imposed last June to halt a flight of deposits that threatened to wreck the banking system as Greece was embroiled in acrimonious bailout talks with its international lenders. More than 50 billion euros left banks from November 2014 to July last year on fears that the country could crash out of the euro, forcing them to resort to emergency borrowing from the European Central Bank and the Bank of Greece.
Published in The Express Tribune, June 19th, 2016.
Greece could lift most or all capital controls imposed at the height of the euro zone crisis by the end of the year, the head of the country’s banking association said on Saturday. The controls, which restricted the amount of cash that can be withdrawn from banks to 420 euros a week, were imposed last June to halt a flight of deposits that threatened to wreck the banking system as Greece was embroiled in acrimonious bailout talks with its international lenders. More than 50 billion euros left banks from November 2014 to July last year on fears that the country could crash out of the euro, forcing them to resort to emergency borrowing from the European Central Bank and the Bank of Greece.
Published in The Express Tribune, June 19th, 2016.