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capital controls

Tourists Unaffected by Capital Controls in Greece

The capital controls imposed by the Greek government do not apply to tourists and visitors who wish to make transactions or ATM withdrawals using debit or credit cards issued in their country, says an official announcement by the Greek...

Euro Nightmare Unfolds in Greece as ECB Punishes Greeks Ahead of Referendum

By Panicos O. Demetriades, University of Leicester As ECB froze the level of emergency liquidity assistance (ELA) it is providing to Greek banks, the nightmare scenario for Greece is already beginning to unfold. Capital controls are on the way, with all the...

Tsipras' Dramatic Call to Europe: "Restore the ELA to Greek Banks"

Greek Prime Minister Alexis Tsipras made a dramatic call to Europe to increase its Emergency Liquidity Assistance (ELA) to Greek Banks, in order for Greece not to turn to chaos. The European Central Bank (ECB) did not kept the financial...

Greece Shuts Banks; Capital Controls Imposed Amidst Crisis

Capital controls have being imposed in Greece, as without the ECB's help the financial crisis deepens. Greek Finance Minister Yanis Varoufakis announced that banks will stay closed until July 6, while citizens be allowed to withdraw €60 per day maximum from each...

Where Do Greeks Keep Their Money Instead of the Bank?

The threat of bankruptcy and  aGrexit after the failed negotiations between Greece and lenders and the scenarios of potential capital controls has led many Greeks running to the banks to withdraw deposits and savings. In the last four days, 3...

German Press: Eurozone to Impose Capital Controls on Greece if No Deal Is Reached

A new summit of EU leaders will be held next Friday if Greece and its international creditors do not reach an agreement during the Thursday Eurogroup. According to German newspaper Süddeutsche Zeitung, there will be no solution on Greece, once again, in the new...

Moody's and JP Morgan Talk About Capital Controls Due to Large Outflows

Moody's and JP Morgan warned that the continuing outflow of deposits from Greek banks has significantly increased the risk of Greek authorities imposing capital controls to limit them. Indeed this would be a credit negative event for Greek banks. According...

Foreign Media Reports After Tsipras-Juncker Meeting

The risk of imposing capital controls in Greece has increased considerably, according to a CNBC article which explains the reasons that led to this development. “Greece's economy and its banking sector are feeling the strain of the reforms-for-rescue deadlock...

ECB Maintains Greek Banks' Liquidity Limit Amid Talk of Capital Controls

The European Central Bank (ECB) board of directors decided on Wednesday to maintain the limit through the emergency liquidity assistance (ELA) scheme to 80.2 billion euros. In the past few weeks, the ECB kept providing liquidity to Greek banks through ELA. Last week,...

New Democracy MP Bakoyiannis Fears Capital Controls in Greece

New Democracy MP Dora Bakoyiannis said she fears that Greece may be forced to enforce capital controls if no deal is reached by the coming three-day Pentecost weekend. Speaking on Greek national television on Monday, the New Democracy lawmaker said the Greek...