Banks to submit proposals for further relaxation of capital controls this month

Monday, 14 May 2018 22:00
UPD:22:15
Eurokinissi/ΠΑΝΑΓΟΠΟΥΛΟΣ ΓΙΑΝΝΗΣ
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By E. Sakelli
esak@naftemporiki.gr

Greece's systemic banks are expected to table a series of proposals to the Bank of Greece within the month to further relax capital controls in the country, an issue that again reportedly dominated talks on Friday between the relevant deputy prime minister, Yannis Dragassakis, and banks' leadership.

Nevertheless, the upcoming exit from the third bailout (August 2018) has underlined the need for Greece's banks to borrow cheaply, something that depends, to a large extent, on their ratings. However, Greek banks still score low in terms of international ratings, despite recent progress, as evidenced by results of the most recent stress tests.

According to domestic banking analysts, low ratings are the result of still imposed capital controls. One "scenario" on the horizon is a loosening of restrictions before a June 21 Eurogroup and in August 2018, before the bailout officially concludes.

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