The overnight implementation of capital controls in Greece, as the government looks set to default on its IMF loan repayment, has led citizens to explore other methods for moving their savings out of the country.
The Greek government announced on June 28 that banks in the Mediterranean country would remain closed for the next week. The government also imposed capital controls to prevent the flight of money internationally. Let’s look at some of the ways Greeks may be able to exchange their funds for bitcoin, before the expected default on the repayment of the IMF loan on June 30.
The BBC news service explains what these capital controls mean for those trying to live day-to-day in Greece, including a 60 euro limit on daily ATM withdrawals, and a ban on overseas money transfer, except for important business transactions. The BBC defined these as follows:
- A maximum of €60 (£42; $66) can be withdrawn from an account in one day
- Overseas transfers of cash prohibited, except for vital, pre-approved commercial transactions.
Additional unconfirmed reports suggest that up 40% of Greek ATMs may already have been emptied of their supply of euros by concerned savers,