Wednesday, October 14, 2015

Following Greek elections, government imposes new capital controls on public workers and retirees

Less than three weeks ago, the people of Greece willingly voted to keep the Syriza party in power, despite the fact they had to know that this would mean further austerity measures already crushing the economy after five years of such measures.  But for those who chose to take one taskmaster (austerity) in exchange for another (default), the consequences of this choice is now beginning to emerge.
Civil servants, or those working for the government, along with retirees receiving pensions will now experience a program of capital controls which will limit their ability to withdrawal large amounts of cash from banks or ATMS.  In fact, this new policy will only affect public workers and retirees as regular citizens will be able to withdrawal greater amounts than what is being proscribed to civil servants.

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