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The abolition of capital controls relatively quickly is therefore unlikely, even though they may be somewhat alleviated, as the first example was a partial lifting of restrictions on Friday for companies, on foreign money transfers.
“Actually control capital flows will be possible only if the banks will have sufficient capitalization,” – said the head of the Bundesbank, Jens Weidmann. This is what the Bundesbank has put pressure on the European Central Bank to freeze emergency funding for the banking sector to Greece, which led to the closure of banks.
The problem with the Greek rescue financial institutions lies in the fact that you have to decide whether the euro zone should be recapitalised, including shares in them and – at the beginning – forcing bondholders or even owners of large deposits that have suffered losses – Reuters explains.
The answer to this question will certainly complicate talks on the third bailout package for Greece, which started on Monday and should end before 20 August. Athens does not want to agree to load the owners of deposits bailing out banks.
In the assessment of Greece’s creditors to recapitalize its banks, meanwhile, need about 25 billion euros.
Berlin is not ready to accede to the proposal quickly shedding that kind of money to Athens, or even the first tranche of the amount. Berlin will probably pushed a solution similar to the restructuring of the banking sector in Cyprus, hoping that Athens will decide to impose a one-off tax on deposits in excess of 100 thousand. euro or will force shareholders of banks to finance losses.
The difference between Greece and Cyprus, however, lies in the fact that deposits in excess of 100 thousand. Euros are in Greece to small local companies, not wealthy individual clients. And it is these small businesses offer hope to revive the Greek economy.
“There is not, as in Cyprus, where it could be said that it takes money Russian oligarchs” – he told Reuters lawyer specializing in bankruptcy law and bankruptcies.
Touring Berlin, Paris does not share. You must provide Greek banks with an injection of cash and fast, without waiting for the results of stress tests of the European Central Bank to stabilize the Greek banking sector – said Governor of the Bank of France Christian Noyer in Friday’s interview with “Le Monde”.
According to the head of the French central bank, which belongs to the Governing Council of the ECB, the first tranche of such aid for banks should be transferred “shortly after signing the aid plan” for Greece and the creditors, which “should take place on August 11″.
The head of the Bank of France added that many other members of the Governing Council of the ECB share his opinion. However, the position of Berlin is radically different and it is even willing to lobby for the fact that the European Stability Mechanism refrained from rescuing Greek banks, leaving the whole problem Athens.
Despite the unclear situation of Greek banks Western Union announced on Monday that 270 out of a thousand of Greek institutions will be open, and customers will be able to download there money sent from abroad and not subject to any restrictions under the control of capital flows.
The Western Union suspended its services in Greece for a week, starting June 29, when it closed banks. Then you can download the company’s 60 outlets per day.
The stock market remains closed in Athens; on Sunday there were rumors that can be opened on Tuesday. So far, however, it has no official information about when it will resume trading. (PAP)
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