Controls/Restrictions On Business

Foreign Exchange

Any foreign exchange control restrictions which had not been abolished in recent years have been completely lifted during 1994.

Importation of foreign currency into Greece is unrestricted and the exportation of foreign currency is also no longer subject to restrictions, however, all exportations of foreign exchange must still be effected through the commercial banks who will check the authenticity of the transaction, requesting supporting documentation. Receivables may be used to offset payables in foreign exchange. In accordance with the relevant legislation, with the exception of specific cases, all contracts which give rise to rights or obligations to pay a price or rent for property or a fee for any service or work in favour of a person residing in Greece may only be concluded in drachmae. Any provision in a contract in contravention of the above will be void. In this case a fair price may be set by the courts. Such price may not exceed the drachma