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Greece Lessens Student & Overseas Payment Capital Controls

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Greek citizens are now able to transfer as much as 500 euros overseas and disburse more money to school tuition costs, under a new capital control mandate.

As authorized by the Official Gazette under a ministerial directive, accounts can be activated for debt pay backs, and as much as 8,000 euros in tuition and international living fees each academic quarter, are permitted. Yet each person can only take out 420 euros each week from their accounts.

Greece inflicted capital controls and temporary banks freezes back on June 29th, following the European Central Bank's refusal to offer a larger amount of emergency funds to its lenders, after a gridlock occurred in discussions by the country and its global creditors.

An 86 billion euro bailout agreement has been ratified and banks have been reactivated, but in a limited context. Greece has been progressively lessening capital controls since last month, when it heightened the cap on international business payments from 50,000 to 150,000 euros.

(Source: Reuters)