Greece ends crisis crisis capital control | News

Greece has formally ended the last remaining banking restrictions that were introduced four years ago during a financial crisis that caused the country to almost crash out of the eurozone.

The decision, announced last week, came into force on Monday when the limits were set for international business transactions, foreign cash withdrawals and money sent to students studying abroad, among other cash.

Capital controls were introduced in 2015 amid opposition between international bailiffs and the previous Greek government that triggered a three-week closure of Greek banks and severe cash withdrawal limits.

Greece gradually entered into a third bailout agreement in a row and the bank restrictions were gradually phased out.

Conservative Prime Minister Kyriakos Mitsotakis tweeted that "the abolition of capital controls is a necessary condition for attracting investment and growth."

[AP]