Katseli: Greece could Lift Capital Controls by End of the Year

Greece may raise most or all capital controls imposed on financial institution deposits by the top of the 12 months, beneath sure situations, Hellenic Financial institution Affiliation head Louka Katseli mentioned on Saturday. Ms Katseli can also be the chairman of the Nationwide Financial institution Board.

In June 2015, the Greek authorities launched controls on financial institution withdrawals and abroad transactions in worry of a financial institution run amid the nation’s financial disaster.

Chatting with Greece’s state broadcaster ERT, Ms. Katseli mentioned that “many of the restrictions, if not all, could be eliminated within the autumn and in the direction of the top of the 12 months.”

She added that one of many situations for eradicating the capital controls has already been fulfilled, with the completion of the primary analysis of Greek reforms by worldwide collectors.

In accordance with Ms. Katseli, the subsequent step could be for the ECB to present Greek banks entry to low cost funding by accepting Greek bonds as collateral.

Nonetheless, she admitted that the 2 remaining situations for the complete lifting of capital controls — the efficient administration of non-performing loans (recognized in Greece as “pink loans”) and the return of deposits in Greek banks — weren’t simple to attain.

“The return of deposits is probably the most tough situation, which suggests that it’ll take time, as a result of individuals stay skeptical,” Ms Katseli underlined.