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Wednesday, August 19, 2015

Changes to Capital Controls in Greece, Remittances centers need to update their computer system and reopen

Greek finance Minister Euclid Tsakalotos announced new adjustments to the capital controls on the Greek economy. Government Gazette (V'1721) (Published late yesterday 18-8-2015 at 3 am) and allowed to send 500 euro per person outside Greece, in a month
Capital controls have restricted transactions and liquidity in Greece since June 28, a day after the July 5 referendum was officially announced. Since then, the government has eased certain restrictions but the bulk of limitations remain.
Remittances centers in Greece MUST send their lawyers to take the Government Gazette (V'1721) (Published late yesterday 18-8-2015 at 3 am) and start business again.
According to the latest changes, debt-holders can now repay old loans with either cash and funds that are currently abroad or by taking out a new loan from a bank.
The new decree also allows individuals to open new bank accounts but without the ability to withdraw funds from that account. The account can be used to pay money owed to the Greek state and social insurance agencies which have the option of setting up new bank accounts to receive such payments.
An additional new bank account, also without the option of withdrawal, is permitted if that account is used to repay loans in Greece.
According to the new decree, Greek students studying abroad can receive 5,000 euros per trimester. The announcement does not clarify the relationship of the sender to the student. In certain cases the permitted amount could be up to 8,000 euros.
Finally, each individual bank depositor can transfer 500 euros per month to a foreign account.
Greece's parliament on Friday approved the country's third international bailout after an all-night debate, hours ahead of a critical meeting by European finance ministers.
A majority of 222 lawmakers approved the 400-page document over 64 who voted against and 11 abstentions.
Prime Minister Alexis Tsipras had earlier urged the chamber to approve the deal "to assure the country's ability to survive and keep on fighting."
Over 40 lawmakers from Tsipras' radical leftist Syriza party including ex-finance minister Yanis Varoufakis and other senior cadres refused to support the three-year deal, a factor which the PM had previously warned would force him to call early elections.
Greece's parliament had to approve the deal before the Eurogroup of finance ministers meets later Friday in Brussels to decide whether to rubber stamp the 85-billion-euro ($94-billion) rescue plan.
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