Greek debt crisis: Key points of Athens bank controls

The decree – entitled Bank Holiday break – was signed by the Greek prime minister AlexTsipras and president Prokopis Pavlopoulos.

It cited “the extremely urgent and unforeseen need to protect the Greek financial system and the Greek economy due to the lack of liquidity caused by the Eurogroup’s decision on June 27 to refuse the extension of the loan agreement with Greece”.

Here are its key measures:

  • All Greek banks – including branches of foreign banks – will remain closed until after the referendum on the bailout proposals . The government says they will reopen on Tuesday July 7.
  • Cash machine withdrawals will be capped until July 6. Many machines are already reported to have run out of bank notes, although the government said ATMs should “operate normally again by Monday noon at the latest”.
  • The €60 limit is per bank card. The limit can be changed by the finance minister.
  • People using a credit or debit card issued in a foreign country will not be affected by the limits on ATM withdrawals. Thousands of foreign tourists currently staying in Greece could still be affected by cash machines running dry, however, and the finance minister could yet set withdrawal limits here too.
  • The Athens stock exchange will not open on Monday.
  • Pension payments will be exempt from the bank transaction restrictions, while there will be “no problem for wages paid electronically into bank accounts”, the statement said.
  • Paying by credit or debit card in shops and between Greek bank accounts should continue to work as normal. The government statement said online transactions inside Greece will not be affected.
  • Transfers of money to destinations outside Greece are prohibited and will require approval from a Ministry of Finance commission.
  • A new banking transactions approval committee will have to approve, on a case-by-case basis, any urgent transactions deemed “necessary to safeguard a public or social interest”, such as medical expenses or pharmaceutical imports.
  • Interest surcharges on due payments are prohibited during the period of closure.
  • Banks breaching the rules face fines of up to 10% of the amount of any transaction violating the control measures.

The statement allows for the “bank holiday period” to be extended – or shortened – by the finance minister.

Much will depend on the outcome of the referendum on July 5 . – © Guardian News & Media 2015

These are unprecedented times, and the role of media to tell and record the story of South Africa as it develops is more important than ever. But it comes at a cost. Advertisers are cancelling campaigns, and our live events have come to an abrupt halt. Our income has been slashed.

The Mail & Guardian is a proud news publisher with roots stretching back 35 years. We’ve survived thanks to the support of our readers, we will need you to help us get through this.

To help us ensure another 35 future years of fiercely independent journalism, please subscribe.

Advertising

Meet the doctor leading Africa’s fight to contain the coronavirus...

Dr Matshidiso Moeti’s father helped to eliminate smallpox. Now she’s leading Africa’s efforts against the coronavirus

Stella set to retain her perks

Communication minister will keep Cabinet perks during her two months of special leave

Covid-19 grounds Nigeria’s medical tourists

The country’s elites, including the president, travelled abroad for treatment but now they must use the country’s neglected health system

Press Releases

Rahima Moosa Hospital nursing college introduces no-touch facial recognition access system

The new system allows the hospital to enrol people’s faces immediately, using artificial intelligence, and integrates easily with existing access control infrastructure, including card readers and biometrics

Everyone’s talking about it. Even Kentucky

Earlier this year South African fried chicken fast-food chain, Chicken Licken®, launched a campaign for their wallet-friendly EasyBucks® meals, based on the idea of ‘Everyone’s talking about it.’

New energy mix on the cards

REI4P already has and will continue to yield thousands of employment opportunities

The online value of executive education in a Covid-19 world

Executive education courses further develop the skills of leaders in the workplace

Sisa Ntshona urges everyone to stay home, and consider travelling later

Sisa Ntshona has urged everyone to limit their movements in line with government’s request

SAB Zenzele’s special AGM postponed until further notice

An arrangement has been announced for shareholders and retailers to receive a 77.5% cash payout

20th Edition of the National Teaching Awards

Teachers are seldom recognised but they are indispensable to the country's education system

Awards affirm the vital work that teachers do

Government is committed to empowering South Africa’s teachers with skills, knowledge and techniques for a changing world