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#Greeks want Quicker #Easing of #Capital #Controls

Home Living In Crete Keeping a Cool Head – Crete Bureaucracy and Paperwork #Greeks want Quicker #Easing of #Capital #Controls

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        Easing of withdrawal limits on local Greek bank accounts is unlikely to be adjusted soon unless ECB relents

        Early last month the National Bank of Greece eased share buying on the Athens Stock Market for domestic bank account holders as part of capital controls imposed in June to stem currency outflows abroad.

        If you hold a local account as a resident you can however only buy shares with “new money” brought from abroad or cash you have at hand, etc.

        Of course many in Greece feel everything to do with money transactions especially of lifting ceilings on bank withdrawals is moving too slowly as mentioned in this extract from a redacted To Vima article:

        “Central Bank sources however, told Greek daily To Vima, that the ECB could move ahead with a number of “good will” gestures, which would improve the overall market climate, including increasing the weekly withdrawal limit from 420 euros to 500 euros, updating the said limit each month to include allowances that have not been withdrawn with a cut-off point of 1,680 euros, attracting new cash flows, boosting the limit for imports to 20,000 euros, being able to change banks that handle payrolls, and allowing the transfer of share, bonds and securities portfolios abroad.”

        Original article 

        According to the Greeks, then, it is the ECB again that is putting the spanner in the works.

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