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> Economy

Holy Synod defends exemptions from capital controls

Capital control exemptions for the church were not a "miracle" but common sense, according to the Holy Synod

Newsroom October 15 09:13

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Greece’s Orthodox Church had secured an exemption from capital controls allowing dioceses to have a monthly allowace of 10,000 euros and the archdiocese up to 20,000 euros a month. News of this privilege at a time when Greek taxpayers and cash-strapped businesses have had to bear the brunt of capital controls caused the Church to go on the defensive with a statement from the Holy Synod, the church’s executive body, that said that the measure was to avert “paralysis of charitable work.”

News of the church’s exemption from the harsh bank restrictions caused a number of sarcastic remarks to surface across Greek social media.

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CHURCH

The church believes that criticism is “irresponsible” and points out that the measure applied to institutions, not clerics. The Synod pointed out that the “monthly limit (for church organizations) increased because there was difficulty in paying regular and emergency benefits to Greek and foreign needy persons and families.”

The Finance Ministry also issued its own statement, clarifying that international organizations and foreign charity groups were also entitled to the same exemptions.

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