Capital Controls in Greece – All you need to know!

Greece/June 2015

The European Central Bank’s Sunday decision not to increase the amount of emergency liquidity to Greek banks forced the Greek government to impose emergency capital controls.

The reaction from Greece came with shutting down its banking system, ordering lenders to stay closed for six days starting Monday June 29, 2015 until Monday, July 6, 2015 included. The Athens stock exchange will be closed on Monday as well.

The main measures (capital controls) that have been decided are:

ATM withdrawals will be limited to €60 from an account in one day. The €60 limit is per bank card. Credit and bank cards issued abroad can be used at cash machines freely. Strict limits on bank withdrawals will not apply to foreign credit cards.

Transfers of money to destinations outside Greece are prohibited and will require approval from a Ministry of Finance commission.

There are not also capital controls for the foreigners that use Greek-issued cards.

Some specific bank branches will be opened for people that do not possess any type of bank card, but the withdrawals will be also limited to €60.

In consideration of the referendum on Sunday, July 5, 2015, Greece and Europe are waiting the upcoming result and the changes that it will cause.

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