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Monday, August 31, 2015

Greek banks must be recapitalised before capital controls go

Political stability and the successful recapitalisation of Greek banks are needed before Greece can lift capital controls imposed in June to avert a financial meltdown, the chairman of Greek lender Eurobank said on Monday. Greece was forced to shut its banks and impose limits on withdrawals and capital movements to keep them from collapsing, when its talks with lenders over a third bailout hit an impasse and Greece risked having to quit the euro. "The formation of political stability, the successful recapitalisation of the banks and the restoration of liquidity are the basic conditions which will enable the removal of restrictions on capital movements as soon as possible," Chairman Nikos Karamouzis was quoted by the bank as telling a meeting with Greek business federation SEV.