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Greek capital controls can be lifted when confidence is fully restored: Finance minister

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Greek Finance Minister Euclid Tsakalotos said on Monday the timing of fully easing capital controls on the country was contingent on when public confidence was fully restored in its banking system.

[ATHENS] Greek Finance Minister Euclid Tsakalotos said on Monday the timing of fully easing capital controls on the country was contingent on when public confidence was fully restored in its banking system.

"The more the public believes that the recapitalisation process was indeed a good one, that the banks are indeed very stable, that we are indeed taking the appropriate measures to deal with the bad loans, if ... money starts returning to the banks, this will help lift capital controls," Mr Tsakalotos told state TV. "It's a continuous process of liberalisation," he said.

Greece imposed capital controls a year ago to stem a flight of deposits from Greeks spooked at the ramifications of a financial crisis which almost cost the country its position in the euro zone.

REUTERS

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