More 'fresh' money returns to Greek banks
- Written by E.Tsiliopoulos
More than 1.0 billion euros of “fresh” money has returned to Greek banks as deposits following the latest relaxation of capital controls last month, offering clear evidence of a restored climate of confidence in the domestic banking system.
Domestic banking sources have said that the return rate of cash in Greek systemic banks continued to be strong, and noted that this money was mostly cash held by Greek households.
The sources attributed this development to the fact that, following a decision taken by Finance Minister Euclid Tsakalotos on July 22, a 420-euro per week limit on cash withdrawals does not apply to deposits of “fresh” money. They also stressed the fact that the Greek economy was stabilising and was currently on the verge of recovery, a development which combined with promoted reforms and anticipated short-term debt relief measures will give the “green light” for the return of large-scale investments in the country.
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