Monday, 29 June 2015

Capital controls have come to Greece

From Business Insider –

“According to a report by Greek newspaper Kathimerini, Greece's government has formally issued a legislative decree instituting capital controls.

Capital controls are restrictions on how money can be moved out of a banking system and are typically put in place to avoid a bank run.

According to Kathimerini, Greek banks will remain closed until at least July 6 and capital controls — which will limit the amount of money that can be withdrawn at an ATM to 60 euros per day — will be in place until then as well.

Reports also indicated that the Athens Stock Exchange would remain closed while banks are closed.”

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