Greek Finance Ministry Lifts Restrictions on Cash Withdrawals

ATHENS (Sputnik) – Greek Finance Minister Euclid Tsakalotos decided on Thursday to lift all the restrictions on cash withdrawals in the country and raised the monthly cash withdrawal limit abroad, the Finance Ministry said.

"Starting from October 1, cash withdrawals without any restrictions are permitted. Starting from October 1, cash withdrawals amounting up to 5,000 euros [over $5,800] abroad are permitted. The decision also envisages the increase of the sum, which can be removed from Greece, from 3,000 to 10,000 euros," the Finance Ministry announced in a statement.

In addition, the sum that can be transferred by entities is increased from 40,000 to 100,000 euros per day.

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In June 2015, the capital control restrictions were introduced due to the sharp economic crisis and mass cash withdrawals in the country.

The Greek debt crisis erupted in 2010, followed by a number of austerity packages adopted by the parliament, and several bailout payments provided by the European Commission, the European Central Bank and the International Monetary Fund.