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AICEP
Agência para o Investimento e Comércio Externo de Portugal

CABEÇALHO

The amendment lifting capital controls passed with the votes of all parties except the Communist Party, which voted "present" on Monday.

Capital controls, introduced in July 2015, will be abolished as of September 1.

The amendment for the motion had been tabled as a rider to the Justice Ministry draft bill that incorporates EU directives on privacy, which is being voted on Monday evening under fast-track procedures.

 

PM Mitsotakis announces the lifting of capital controls

Prime Minister Kyriakos Mitsotakis announced the lifting of capital controls during his speech in parliament on Monday.

"Capital controls are now in the past," he stressed, adding that this was done in collaboration with the Bank of Greece.

According to sources, the institutions ratified the relevant amendment last Saturday.

 

Lifting of capital controls a decisive step toward normalising Greece's economy, Staikouras says

The decision to fully lift capital controls was a "decisive step for the normalisation of the Greek economy," Finance Minister Christos Staikouras said in parliament on Monday, after tabling the relevant amendment earlier announced by the prime minister.

 

"The government, via its economic team, is proceeding with the complete lifting of capital controls as of September 1...The country must and will become a normal country," he said, addressing parliament during the plenary debate on a draft bill introducing EU regulations on data privacy.

 

The amendment abolishes the statutes of the Act of Legislative Content that imposed capital controls on July 18, 2015.

Staikouras said the decision was taken in collaboration with the Bank of Greece and with the agreement of banks and European supervisory authorities.

 

He said capital controls were the result of a "chaotic, clumsy, opportunist and dangerous negotiation" conducted by the SYRIZA government of that time, while their lifting ended a "destabilising factor of insecurity" for Greece. Staikouras noted that the country's economic indices were already improving and that there were clear signs of recovery, stability and strengthening of the Greek economy.

 

"Restoring the free movement of capital is a decisive step forward and steadily contributes to a further improvement of the country's credit rating," he added.

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