Galery

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From today at least until next Monday, 6 July, Greek banks will be on a compulsory holiday. Currently, ATMs are not functioning either since adapting them to the capital controls system takes time. It is however expected that they will start operating in the afternoon and the daily limit of withdrawals will be 60 euro.

It is not yet clear whether banks will open even after a week since the legal order that the government issued at 02:00 am states that "the banks' closure may be of a longer or shorter duration."

In all cases, foreign visitors to Greece are able to withdraw money from ATMs if their cards are issued by foreign banks and the limit of 60 euro per day is not valid for them.

During the forced bank holiday, the accrual of interests on the obligations due in this period will be suspended. Maturity terms, submissions and payments of cheques and the terms for the payment of financial obligations ordered by court will be also postponed for the period after banks resume their operations. A decision of the Court of Audit allows the approval of payments related to the protection of subjects of public or social interest, such as payments for medical services abroad or for importing medicines.

Pensions

The legal order states that the imposition of capital controls will not affect pensions, "banks' managements will announce the method of payment of pensions and which of their branches will operate for this purpose."

The branches of foreign banks in Greece will be closed until 6 July as well.

What transactions can be carried out:

- There are no limits on debit and credit card transactions (depending on the card limit) for payments in Greece, i.e. to accounts in Greek banks.

- Prepaid card transactions are allowed but are limited to the sum available on the card at the time of the beginning of the bank holiday.

- Online banking or telephone payment transactions inside Greece.

- Withdrawal of sums from ATMs with cards issued by foreign banks. By decision of the Minister of Finance, restrictions on the limit of amounts may be imposed.

No other banking transactions can be carried out except for those mentioned previously.

The Bank of Greece has announced that from Monday, 29 June until next Monday, 6 July, it will serve only bank account transactions of the Greek state, state companies and insurance funds.