Capital Controls In Greece

On 28 June the Greek government imposed capital controls and introduced a bank holiday period, during which the banks remained closed. On 18 July 2015 a new legislative act was passed, with which the bank holiday period ended and banks re-opened. However, certain restrictions on cash withdrawals and transfers of funds remained. Since then, a number of ministerial decisions and a legislative act have been issued and have softened these restrictions.

The current legal frame with regard to financial instruments, cash withdrawal and capital movement is summarised below:

1. Drawdowns are allowed for up to €60 per day, per account holder, and per bank. Alternatively, drawdowns may take place once a week for up to €420 per week, with Friday counting as the last day of each week. The same applies for withdrawals in foreign currencies.