Greece to lift remaining restrictions on bank depositors

Greece to lift remaining restrictions on bank depositors

Greece’s prime minister has said the country will soon lift the last remaining restrictions imposed on bank depositors more than four years ago at the height of the country’s financial crisis.

Kyriakos Mitsotakis said on Monday the removal of the restrictions, known as capital controls, next week will end a long “cycle of insecurity”.

The restrictions mostly concern movement of funds abroad, for both individuals and businesses.

Greek authorities imposed the measures in June 2015 to stop a developing bank run as depositors panicked by the government’s escalating clash with its bailout creditors made mass cash withdrawals.

At first, depositors were only allowed to withdraw 60 euros (66 US dollars) a day, but the limit was gradually relaxed and then scrapped.

Greece was kept afloat by international bailouts from 2010-2018.

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