Bloomberg: What are Greece's Capital Controls?
29 June 2015
Greece has imposed capital controls. Here's a translated official document of what the government has to say about the situation.
Greece's government has imposed capital controls and closed banks until after a July 5 referendum on a deal with European creditors.
The following is a translation of a document provided by the Greek government, giving details on the capital controls and responding to possible questions about the situation.
Capital Controls
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From Monday, June 29, 2015, banks will remain closed up to and including Monday, July 6
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Deposits are fully safeguarded
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The payment of pensions is exempted from the restrictions on banking transactions. Management of credit institutions will announce how these will be paid
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Electronic transactions within the country won’t be affected. All transactions with credit or debit cards and other electronic forms (web banking, phone banking) can be conducted as normal
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Prepaid cards may be used to the limit existing before the beginning of the bank holiday
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From midday June 29, ATMs will operate with a daily cash withdrawal limit of 60 euros per card, which is equivalent to 1,800 euros a month
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Foreign tourists can make cash withdrawals from ATMs with their cards without restrictions provided these have been issued abroad
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A special Committee to Approve Bank Transactions has been established at the State General Accounting Office in cooperation with the Finance Ministry, the Bank of Greece, the Union of Greek Banks and the Capital Markets Commission. This committee will deal with applications for urgent and imperative payments that can’t be satisfied through the cash withdrawal limits or by electronic transactions (e.g. payments abroad for health reasons). Wages paid electronically to bank accounts aren’t affected.
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