Capital Controls taken – What it means for ATMs, credit cards!

Until July 6th

The now embattled Tsipras government has decided to implement a a bank holiday … all of next week!
Under that decision, the next open day for banks will be Monday, July 6, a day after an unprecedented call for a referendum. The government said the decision came after a request by the Bank of Greece.

According to reports, the bank holiday will last throughout the week, with the maximum daily withdrawal reportedly set at a … princely 60 euros.

Another unconfirmed report deal with whether ATMs will function on Monday at all, given that technical modifications are necessary to cap withdrawals.

The BoG governor’s request for the unprecedented measures was accepted and approved by a top government body, called, in soothing terms, the Council for Systemic Stability. The request was later forwarded to the Cabinet for its official approval.
The measure will take effect via a ministerial decree, the form of governance heatedly criticized by the SYRIZA party when it was in the opposition.

Capital controls will reportedly also affect credit cards issued by Greek banks, regardless if they are part of an international credit corporation, like Mastercard or Visa. If this measure goes into effect, cards will be useless both in Greece and … abroad. So much for Greek travelers without a lot of cash on hand.
Conversely, credit cards issued by foreign banks will not be affected, welcome news amid the ongoing “readjustment period” for tourists in the country.

“We will take any measures required to make sure there is no problem to the every day life of every Greek”, stated Yanis Varoufakis, surrounded by dozens of Greek citizens and foreign reporters while arriving to the Finance Ministry in order to attend a Systemic Stability conference.


The world’s largest news providers were camped outside of Finance Ministry. Even Japanese reporters have arrived in Athens to report on the latest developments.

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