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capital controls

Greek App Shows Which ATMs Have Cash During Capital Controls

A new mobile app was released on Thursday, informing Greeks which ATMs are convenient to them, if they have available cash at the moment and if they dispense 50 or the now scarce 20 euro bills. Dimitris Chatzieleftheriou, who developed the...

Cypriot Elderly Man Donates His Pension to Greece

An elderly Greek-Cypriot decided to teach a lesson of generosity to Europe. According to Huffington Post, Onoufrios Michaelides took it upon himself to help his fellow pensioners in Greece, after watching Greeks line up outside banks to withdraw part...

Third Bank Holiday Keeps Greek Banks Closed Until Monday – ECB Maintains ELA Levels

After the Greek government had promised that banks would open on Tuesday, July 7, a second bank holiday extension was officially announced on Wednesday and the European Central Bank (ECB) will keep the Emergency Liquidity Assistance (ELA) to Greece at the...

Tourism Businesses Warn Greek PM Tsipras of No Deal Consequences

With the economy slowing down as the imposed capital controls are now well into the second week, Greece’s most profitable industry, tourism, could be at risk. According to the Associated Press, five associations sent a letter to Greek Prime Minister Alexis Tsipras warning...

Greek-Australian Businessman Helps Greek Pensioner in Need

A photograph picturing an elderly Greek man crying because he was not able to withdraw his pension after the imposition of capital controls has made news headlines last week, showing the world the situation that exists in the country. The photograph...

Numerous Greeks Applying for Passports

Several wealthy Greek families in the northern and southern suburbs of Athens started preparing to leave the country, as soon as the capital controls were imposed. Over the last few days, the passport issuing offices of the Greek police have...

Greek Minister Warns Banks Are Unlikely to Open this Week

The extension of the bank holiday until Wednesday, July 8, which was decided on Monday, is likely to carry on for the rest of the week. In an interview to Greek radio on Tuesday, Alternate Administrative Reform Minister Giorgos Katrougalos warned that banks are unlikely to open...

Basic Necessities and Luxury Goods Purchases Show Increase

Greeks have already suffered through seven days of capital controls, imposed after the government's decision to call a referendum. The controls prohibit citizens from withdrawing more than 60 euros per day and making any transactions with foreign companies and...

Two Large Greek Companies Pay Employees in Cash

Two large Greek companies have decided to pay their employees in cash now that banks are closed and capital controls are imposed. The Sklavenitis super market chain was the first to take the initiative. A company announcement stated that the...

Greek Bank Holiday Extended Until July 8

Greek banks will be closed until Wednesday, July 8, after a meeting among Greece's banks and the Greek Finance Ministry led to the decision to extend the capital controls that have been imposed since June 28. The decision comes before Monday's European Central...