On 28 June, the Greek Government imposed capital controls in the latest development in the country’s financial crisis. This has been imposed pending the referendum, scheduled to take place on 5 July, on whether people agree with the proposals of the European Commission, the European Central Bank and the IMF.

In summary, the legislative act on capital controls provides the following:

  • Banks will remain closed from 28 June until 6 July inclusive, with the period designated as a bank holiday.
  • The bank holiday period will apply to:
    • All banking institutions within Greece, including branches of foreign banking institutions.
    • Specific funds and institutions operating under Greek law.
    • E-money institutions legally operating in Greece.
  • The bank holiday period may be shortened or further extended by the Minister of Finance.
  • During the bank holiday period, the followings actions are permitted:
    • Cash withdrawals from ATMs up to a maximum of €60 per card, per day.
    • Transactions through e-banking, web-banking or tele-banking for payments to accounts within Greece, i.e. payments credited to an account kept in Greece.Transactions through e-banking, web-banking or tele-banking for payments to accounts within Greece, i.e. payments credited to an account kept in Greece.
    • Payments through pre-paid cards up to the balance on the card before the start of the bank holiday; new pre-paid cards may not be issued.
    • Transactions through e-banking, web-banking or tele-banking for payments to accounts within Greece, i.e. payments credited to an account kept in Greece.
    • Cash withdrawals from ATMs through cards that have been issued outside Greece may be made without limitation. Limits to these cash withdrawals may be imposed by the Minister of Finance.
  • During the bank holiday period, no other banking transactions may be performed.
  • The above mentioned limitations do not apply to:
    • Transactions with the Bank of Greece.
    • Trans-border payment instructions with credit to accounts kept in financial institutions operating in Greece.
    • Transaction clearances.
    • Specific transactions that are considered necessary by the Banking Transactions Approval Committee.
    • Transactions of the Hellenic Republic.
  • No default interest will apply to claims that become due during the bank holiday period.
  • Security instruments will not become due and payable during the bank holiday period.