Greece's capital controls... for how long?

Greek banks did not re-open on Monday, as the government imposed controls on capital, for one week, it said. Ordinary people queuing up at cash machines blamed the Eurogroup for refusing to prolong emergency assistance for Greece.

Prime Minister Tsipras, on Sunday, 28th June, told the nation:

“That Eurogroup decision has led to the European Central Bank curtailing the liquidity of the Greek banks, forcing the National Bank of Greece to suggest measures including a bank holiday and the restricting of withdrawals.”

The limit that can be taken out is 60 euros per day, per bank account.

This is restrictive in another sense: bank cards are not as common in Greece as in many other countries. Note that while debit cards are on a daily 60 euro cut-off, there is no limit on paying by credit cards. Payment is also possible by electronic transfer, but sending money out of Greece is suspended.

So far this year, 40 billion euros has been taken out of Greece’s banks — one quarter of total