Greece Could Remove Capital Flow Control by 2016

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Greece will likely lift capital controls in late 2015 or early 2016, the president of the Greek Banks Association said Thursday.

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MOSCOW (Sputnik) — Between 2008 and 2015, the outflow of funds from Greek banks amounted to about 118 billion euros (over $131 billion), Louka Katseli said as quoted by the Athens News Agency.

The head of the Greek Banks Association stressed the importance of returning funds to the country's banks.

To carry out additional capitalization, banks will borrow funds in the interbank market and through the European Stability Mechanism, Katseli said.

"For political and economic stability, liquidity should be directed to the real economy", she added.

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Greek banks took a three-week holiday beginning June 29, imposed to limit mass withdrawals after a nationwide referendum saw a majority vote against an agreement with international creditors.

Athens was able to use a European Commission short-term $7.6-billion bridge loan to pay its debt obligations, letting banks reopen in late July and easing restrictions on foreign bank transfers and payments abroad.

However, the 420-euros per week restriction on cash withdrawals in Greece remains in place.

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