Greece fully lifts capital controls

by Kerin Hope

Financial Times
August 26, 2019

Greece will fully lift capital controls on September 1, ending four years of restrictions on transfers abroad by companies and individuals, finance minister Christos Staikouras told parliament on Monday.

The move, which was proposed last month by the country’s central bank, was agreed with the Single Supervisory Mechanism, the European Central Bank’s banking supervisory agency, Mr Staikouras said.

“Restoring free movement of capital will contribute significantly to strengthening confidence [in Greece] and attracting investments . . . and will lead to further upgrades of the country’s credit rating,” he said.

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Greece’s new finance minister vows to prioritise tax reforms

by Kerin Hope

Financial Times
August 18, 2019

Greece’s new finance minister has said that implementing sweeping tax reforms will be his “key priority” as his country seeks to boost growth and rebuild credibility with investors following a decade of international bailouts backed by the EU and IMF.

Christos Staikouras told the Financial Times that the centre-right New Democracy government is planning “a comprehensive tax reform that will have a four-year horizon and will accelerate growth”.

The overhaul will focus on reducing income and corporation tax, cutting VAT, streamlining tax incentives for investors and abolishing emergency levies imposed during the Greek debt crisis to meet conditions set by bailout creditors.

“The fundamental objective is to achieve sustainable high growth rates so as to gradually restore the country’s lost wealth,” Mr Staikouras said in his first interview with a foreign media outlet since he took office after last month’s election.

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