The Greek government has announced that citizens will start having greater access to their money following the approval of easing of capital controls imposed on the country since June 2015.
Greece’s Finance Ministry announced the further relaxation of capital controls and with the Bank of Greece have drafted a roadmap noting the five stages of the process.
The basic points of the process include:
- the right of individuals or businesses to set up new accounts
- efforts to facilitate the movement of capital at home and abroad
- improved access to liquidity for households and businesses
- cash withdrawals that can reach 2,000 euros per month
- a further increase in the limits for the transfer of capital abroad
- cash withdrawals without restrictions by businesses or individuals
from funds transferred abroad.
The final stage will be to restore the free movement of capital abroad and lift all restrictions on trade transactions.
What money?