NEWS

Commission: End of capital controls 'important milestone' for Greece

TAGS: EU, Banking, Economy

The European Commission on Tuesday hailed a decision by the Greek government to lift the remaining barriers to the movement of capital in the country as of September, calling it an “important milestone.”

“It is up to the Greek authorities to decide and take measures to safeguard financial stability, in cooperation with international organizations and in accordance with the agreed roadmap,” Commission spokeswoman Mina Andreeva said.

“This is an important milestone and yet another sign that confidence continues to build on Greece's economic recovery.”

Prime Minister Kyriakos Mitsotakis on Monday announced the full lifting of capital controls, aiming at Greece's upgrade by credit agencies, a move that will bolster investor interest.

The prime minister’s announcement came after officials of the Finance Ministry met with members of the country’s banks and the Capital Markets Commission earlier in the day.

Bank of Greece Governor Yannis Stournaras had recommended in July that the final restrictions be lifted after observing a continuing increase in bank deposits.

The restrictions had been imposed in June 2015 as a result of SYRIZA-led government's confrontation with the country's lenders, which resulted in the flight of millions of euros from bank deposits.

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