Arab Today, arab today greek capital controls key measures explained
Last Updated : GMT 11:59:19
Arab Today, arab today
Arab Today, arab today

Greek capital controls: key measures explained

Arab Today, arab today

Arab Today, arab today Greek capital controls: key measures explained

If Greece is forced to exit the Eurozone
Athens - AFP

Greece has imposed capital controls and shut its banks temporarily after failing to reach a rescue deal with international creditors or get additional emergency funds from the European Central Bank.

Here are the measures that have been implemented:

Bank holiday

All bank branches to remain closed until after a referendum on the terms of the proffered EU-IMF cash-for-reforms bailout deal, scheduled for July 5. The government says banks will open again on July 7 but it reserves the right to shorten or length the holiday.

Many Greeks use their local banks to pay their electricity, telephone and water bills. Those who are not able to pay them online will not face penalties for delayed payments.

Cash withdrawals

Customers are restricted to withdrawing 60 euros ($66.65) a day from ATMs for every bank card. Joint account owners can take out 120 euros.

In a bid not to damage the country's vital tourism sector, foreign bank cards are exempt from controls.

Bank cards/Online payments

Customers will, in principle, be able to pay by credit or debit card as usual and Internet transactions should not be affected.

Foreign transfers

Anyone trying to send money out of Greece will have to get approval from the Ministry of Finance, which has promised to bear in mind the "public and social interest" in granting requests, with exemptions likely for medical expenses or pharmaceutical imports.

Pensions

The 60 euro limit does not apply to pension withdrawals, and the retired are being advised they can take cash out from certain banks. The details are still hazy, but the government has said over 170 banks across the country will soon be open for pension withdrawals.

 

 

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