Capital controls: Greeks can more money be remitted abroad – ZEIT ONLINE

Updated 18th August 2015 16:03 clock

A woman looks out from the Acropolis in Greece capital Athens. | © Ronen Zvulun / Reuters

The Greek government has slightly eased the financial controls for its citizens. Greeks can now for the first time since the imposition of capital controls in late June remit monthly up to 500 euros abroad, without being obliged to produce for a permit from the authorities. In future also higher amounts of up to 8,000 Euros per quarter can be transferred to Greeks who study abroad. To date, the upper limit was for 5,000 euros. Some requirements for banks have been relaxed.

Limits remain the cash withdrawals. As before Greeks can withdraw more than 420 euros per week from their accounts. The country had the capital controls introduced on June 29 in order to stabilize its financial system and to gain some air beleaguered banks.

Meanwhile, the vote in several European countries via a third rescue package for Greece. On Wednesday, the Bundestag decides. In long sessions Chancellor Angela Merkel (CDU) and Union parliamentary leader Volker Kauder courted the approval of the new aid package. It is expected that the vast majority of those 60 dissenters, while No remains within the Union faction who had voted a month ago to the start of negotiations on services.

According to the Ministry of Finance

The recovery program includes up to 86 billion Euro and will Notwithstanding any other media reports is not further increased. The sum at issue in the Bundestag, is to the comprehensive financial needs of Greece, it said in a statement the Ministry of Finance. The additionally listed in the Government for 6.2 billion would be achieved through privatization. If it were funds that could muster Greece itself immediately. The approximately 92 billion euros, which would result from the addition of the two sums are the gross financing needs of Greece.

The money for the aid package comes mainly from the European Stability Mechanism ESM. The German share of financing amounts to just under 27 percent, the maximum liability risk German 190 billion euros. Greece needs in return for the money extensive reform and austerity commitments meet.

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