Greece to ease restrictions of bank withdrawals for individuals
New regulations that are set to come into force on September 1st will allow individuals to withdraw a maximum of up to €1,800 per month instead of the current €1,680, which has been in place since capital controls were introduced in 2015. Although the new amount is not a significant increase, it is somewhat welcome news for many.
According to the Finance Ministry, the changes will also allow companies and individuals to open new bank accounts, which will further boost the economy as the government seeks to capitalise on recent growth to the economy. A return to the bond market after three years has also been a cause for optimism.
Capital controls first came into force with the closure of banks during the height of the debt crisis, which saw Greece brought to the brink of bankruptcy by prime minister Alexis Tsipras and then finance minister Yanis Varoufakis.