Greek Government Imposes Capital Controls

On 28 June, the Greek Government imposed capital controls in the latest development in the country's financial crisis. This has been imposed pending the referendum, scheduled to take place on 5 July, on whether people agree with the proposals of the European Commission, the European Central Bank and the IMF.

In summary, the legislative act on capital controls provides the following:

• Banks will remain closed from 28 June until 6 July inclusive, with the period designated as a bank holiday.
• The bank holiday period will apply to:
  
  
  • All banking institutions within Greece, including branches of foreign banking institutions.
  • Specific funds and institutions operating under Greek law.