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Greece ends crisis-era capital controls

PM Mitsotakis, abolition is necessary condition for investments

02 September, 17:46
(ANSA-AP) - ATHENS, SEPTEMBER 2 - Greece has formally ended the last remain ing banking restrictions imposed four years ago during a financ ial crisis that saw the country nearly crash out of the eurozone. The decision announced last week took full effect Monday as limits were lifted on international business transactions, overseas cash withdrawals and money sent to students studying abroad, among other cash curbs. Capital controls were imposed in 2015 during a standoff between international bailout lenders and the previous Greek government that triggered a three-week closure of Greek banks and severe limits placed on cash withdrawals. Greece eventually signed up to a third consecutive bailout agreement and the banking restr ictions were later gradually dismantled. Conservative Prime Minister Kyriakos Mitsotakis tweeted that "the abolition of capital controls is a necessary condition to at tracting investment and growth." (ANSA-AP).

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