Greece Government Confident About Lifting Capital Controls Soon
Assuming there is any truth to these rather optimistic claims, the next step will come in the form of the ECB giving Greek banks access to cheap funding. In an incredibly surprising turn of events, it looks as if Greece is getting ready to lift capital controls but the end of the year.After facing an economic disaster not too long ago, the country has tried to recover. For some unknown reason, things seem to be going a lot better than most people expected. Many people have been following the news about Greece and feared the situation in the country would only become worse over time.....
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The overnight implementation of capital controls in Greece, as the government looks set to default on its IMF loan repayment, has led citizens to explore other methods for moving their savings out of the country. The Greek government announced on June 28 that banks in the Mediterranean country would remain closed for the next week. The government also imposed capital controls to prevent the flight of money internationally. Let’s look at some of the ways Greeks may be able to exchange their funds for bitcoin, before the expected default on the repayment of the IMF loan on June 30. The BBC....
Greece has closed its banks and imposed capital controls to prevent financial chaos after the breakdown of bailout talks with its international creditors, The Financial Times reports. The decision comes at the end of a weekend that brought Greece closer to "Grexit" - the potential exit from the Eurozone and perhaps the European Union (EU) itself - and confronted Europe with a serious crisis. The banks in Greece and the Athene Stock Exchange will remain closed until at least July 6, the day after the referendum on the austerity measures demanded by the country's creditors. In the meantime,....
Yesterday, Bitcoin Magazine reported that Greece had closed its banks and imposed capital controls to prevent financial chaos after the breakdown of bailout talks with its international creditors. The decision came at the end of a weekend that brought Greece closer to "Grexit" - the potential exit from the Eurozone and perhaps the European Union (EU) itself - and confronted Europe with a serious crisis. Today, Jose Pagliery, the author of "Bitcoin - And the Future of Money," reports on CNN Money that Greeks are rushing to bitcoin. The article includes testimonials from top bitcoin....
Since the European Central Bank has declined to increase its emergency fund to Greece and the country has missed its debt deadline to the IMF, capital controls have already been put in place. This means that some banks are closed, stock market trading is halted, and withdrawal limits have been imposed. These controls are geared at preventing a bank run, wherein Greeks scrambling to get their money wind up draining the liquidity in the country's financial system. With the possibility of reverting to a potentially worthless drachma, majority of the Greek population is trying to move their....
As if everything to do with money is not bad enough, Greeks no longer have access to their PayPal accounts, reports Quartz. Capital controls imposed by the Greek government mean that Greek citizens can only withdraw 60 euros (effectively 50 euros after ATMs have run out of 20 euro notes) and online payment service, PayPal, has been left crippled, as a result. PayPal relies on the traditional banking sector and credit card industry for all its transactions to flow. Announced by a PayPal spokesman today: Due to the recent decisions of the Greek authorities on capital controls, funding of....