Greece to scrap last capital restrictions dating from crisis

Pedestrians walk in front of a bank in central Athens, Monday, Aug. 26, 2017. Greece's prime minister Kyriakos Mitsotakis says the country will soon lift the last remaining restrictions imposed on bank depositors more than four years ago at the height of the country's financial crisis. (AP Photo/Thanassis Stavrakis)
People use the ATMs of a bank in central Athens, Monday, Aug. 26, 2017. Greece's prime minister Kyriakos Mitsotakis says the country will soon lift the last remaining restrictions imposed on bank depositors more than four years ago at the height of the country's financial crisis. (AP Photo/Thanassis Stavrakis)

ATHENS, Greece — Greece's prime minister says the country will soon lift the last remaining restrictions imposed on bank depositors more than four years ago at the height of the country's financial crisis.

Kyriakos Mitsotakis said Monday the removal of the restrictions, known as capital controls, next week will end a long "cycle of insecurity." The restrictions mostly concern movement of funds abroad, for both individuals and businesses.

Greek authorities imposed the measures in June 2015 to stop a developing bank run as depositors panicked by the government's escalating clash with its bailout creditors made mass cash withdrawals.

At first, depositors were only allowed to withdraw 60 euros ($66) a day, but the limit was gradually relaxed and then scrapped.

Greece was kept afloat by international bailouts from 2010-2018.

You may also interested in

Bolivian president, opposition spar over official's killing

Aug 26, 2016

President Evo Morales and his political opponents trade recriminations over the shocking beating death of a high-ranking government official by protesting miners who had blockaded a rural highway

Global stocks lower, except for Tokyo, on Yellen speech

Aug 29, 2016

Most global stocks slipped Monday on remarks from the U.S. Federal Reserve late last week that the case has strengthened for raising interest rates, but the Tokyo market was an exception and gained on prospects for a strong dollar

Global stocks rise as investors weigh future of US rates

Aug 30, 2016

Global stock markets mostly rose on Tuesday as investors weighed the possibility and timing of another U.S. interest rate increase this year

Broaden News
Search

Manage The Numbers is the world’s fastest-growing finance news website, featuring the latest money and market news, along with in-depth analysis so you can make the best decision.

Contact us: sales@managethenumbers.com

Subscribe to our newsletter!

Name

Email