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capital controls

Greek Banks Get Back 800 Million Euros in Deposits

More than 800 million euros in deposits have returned to Greek banks after the latest relaxing of capital controls, almost a month ago. According to exclusive information obtained by the Athens-Macedonian News Agency (ANA) from domestic banking sources, this money...

Bank Officials Say Depositors Still Wary Due to Capital Controls

Greeks are still not convinced that they can trust banks with their earnings, according to a recent report from the Bank of Greece (BoG). Not only are Greeks still stashing away their money under mattresses or in home safety boxes, the...

Greek Exports Down 8% in First Half of 2016

Greece’s exports recorded an 8 percent drop in the first half of 2016, with exporters attributing the slump to exhaustion after continuing recession and capital controls. The 8 percent decrease is the third largest among the 28 European Union member...

Greek Police Crack Down Credit Card Scam

Hellenic Police have arrested 24 people over a scam involving wireless credit card terminals registered abroad, used to dodge capital controls and transfer money abroad. A company based in Luxembourg supplied Greek businesses with special wireless point-of-sale (POS) terminals that...

Greek Exports Down by 8 Percent in 2016

There is a notable decrease in exported goods from Greece, thought to be influenced by financial restraints the economic crisis is putting on Greek companies, according to the Panhellenic Exporters Association. “Greek exporters continue to pay a heavy price for...

Standard and Poor’s Upgrades Greek Banks with Cautious Optimism

Greek banks have been dealt an upgrade by the ratings agency Standard and Poor’s (S&P) on Tuesday. The upgrade from the agency for Greek banks Alpha, Eurobank, National and Piraeus Bank from selective default (SD) to CCC+, came after a "significant"...

4.5 Bln Euro Deposited in Greek Banks in Two Months

Deposit inflows to Greek banks reached 4.5 billion euros over the last two months, namely after May 24 – the date of the Eurogroup that approved the Greek program evaluation - until late July. According to the Greek newspaper Kathimerini,...

Cash Transactions Falling While Greeks Use Credit Cards Causing Retail Food Prices to Rise

For decades now it is an undisputed fact that in Greece, cash is king. People have been using cash across the country to cut better deals at markets as well as your average clothing store and even buying food in cash...

Greek Finance Minister Further Relaxes Capital Controls

Greek Finance Minister Euclid Tsakalotos has further relaxed capital controls with a decision published in the government gazette on Friday. This was the 11th ministerial decision referring to capital controls, in addition to two Acts of Legislative Content, issued...

Ease of Capital Controls Could Bring €2-3 Bln Cash Inflow to Greek Banks

The proposed plan to ease capital controls could bring an immediate 2-3 billion euros cash inflow to Greek banks if implemented, bank officials estimate. Creditors on Monday agreed provisionally on the proposal submitted by the Bank of Greece for the...