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Athens Macedonian News Agency: News in English, 16-09-06
CONTENTS
[01] More than 800 mln euros return to Greek banks as capital controls
ease
[01] More than 800 mln euros return to Greek banks as capital controls
ease
More than 800 million euros in deposits have returned to Greek banks
after the latest relaxing of capital controls, almost a month ago.
According to exclusive information obtained by the Athens-Macedonian News
Agency (ANA) from domestic banking sources, this money was cash being held
by households. They attributed the return of 800 million euros to the
banks to a decision taken by Finance Minister Euclid Tsakalotos, which
eliminated a 420-euro per week limit on withdrawals for new deposits,
since they were new money and not subject to any limitation. Bank IT
systems automatically recognise the new deposits. The same decision
allowed depositors to withdraw up to 840 euros in cash every two weeks,
or make an early (partial or whole) repayment of a loan.
Domestic banking sources said that the return of more than 800 million
euros in deposits to Greek banks - the Bank of Greece is expected to
release official figures soon - was a boosting injection which combined
with a resolution of non-performing loans, would allow the funding of the
real economy and enterprises. Repayment of state arrears to the private
sector is also expected to boost liquidity in the market. Finance ministry
sources told ANA that from the 2.8-bln-euro sub-tranche, a sum of around
1.7 billion earmarked for the repayment of state arrears to the private
sector was expected to be disbursed regardless of the implementation of
the 15 milestones of the first review of the Greek programme.
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