ATHENS (Reuters) - Greece imposed capital controls and ordered banks to close temporarily after the European Central Bank froze a vital financial lifeline following the breakdown of bailout talks between Athens and foreign creditors.
Here are the main measures adopted by the government:
- Banks will close until to July 6. All credit institutions in Greece, including branches of foreign banks, are affected.
- The finance minister may shorten or extend the bank holiday period.
- ATMs will open from Monday afternoon. Daily cash withdrawals will be limited to 60 euros. The limit can be changed by the finance minister.
- Payments via debit or credit cards to accounts within Greece and online banking transactions within Greece will be allowed but payments and transfers to accounts outside Greece are prohibited.
- Cash withdrawals at ATMs with bank cards that have been issued by foreign banks will be allowed. Withdrawal limits may be set by the finance minister.
- All other transactions will not be permitted.
- A special committee will approve banking transactions deemed necessary to safeguard a public or social interest, including medical expenses or pharmaceutical imports.
- Pension payments will be exempt from capital controls.
- Interest surcharges on due payments will not be allowed during the bank holiday period.
- Banks breaching the rules face fines of up to 10 percent of the amount of any transaction violating the control measures.
Reporting by George Georgiopoulos; Editing by Toni Reinhold