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Greek Prime Minister Kyriakos Mitsotakis at a parliamentary session in Athens on August 26, 2019. REUTERS / Alkis Konstantinidis

Kyriakos Mitsotakis' Greek government announced on Monday (August 26th) the lifting of any restrictions on the control of capital placed in banks from 1 September after the adoption of an amendment to this effect. The measure was imposed four years ago. Having come to power in the legislative elections of 7 July 2019, Prime Minister Kyriakos Mitsotakis pledged to put an end to the control of capital.

This announcement is the logical continuation of the recovery of the Greek economy. Athens has come out of its third and last bailout of 86 billion euros in August 2018 with the hope of being able to finance futures on the financial markets. The government promised full lifting of capital controls in the near future.

Promise taken during his campaign by Kyriakos Mitsotakis that he quickly implemented. The measure will be effective from September 1st, it is the culmination of a work already started.

After having completed the second phase allowing the Greeks to withdraw their cash without ceiling and to open new bank accounts, the Greek government enters the third phase, that of the end of the restrictions on capital movements abroad.

These controls were decided on June 28, 2015 at the height of the debt crisis to prevent panic in the banking community after Alexis Tsipras's left-wing government failed to meet a deadline in the IMF.

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