 | This article's factual accuracy may be compromised due to out-of-date information. (August 2019) |
Capital controls were introduced in Greece in June 2015, when Greece's government came to the end of its bailout extension period without having come to an agreement on a further extension with its creditors and the European Central Bank decided not to further increase the level of its Emergency Liquidity Assistance for Greek banks.
As a result, the Greek government was forced to immediately close Greek banks for almost 20 days and to implement controls on bank transfers from Greek banks to foreign banks, and limits on cash withdrawals (only €60 per day permitted), to avoid an uncontrolled bank run and a complete collapse of the Greek banking system. The capital controls were gradually minimized until their complete removal on the 1st of September 2019.