Greece’s neighbors protect economies
GREECE’S regional neighbors took measures yesterday to protect their banks and economies from the escalating financial crisis there and the possibility of a Greek exit from the euro.
Athens on Sunday announced capital controls following a collapse in bailout negotiations with its creditors, which will see banks closed temporarily and international transfers vetted.
In Serbia, the central bank said it had put into place temporary measures on banks with Greek owners.
The measures include “additional controls and transaction limits between branches in Serbia and their parent banks in Greece,” it said in a statement.
“The goal of these measures is to prevent negative effects on the Serbian banking sector” from the crisis in Greece, the National Bank of Serbia said.
It declined to provide details on the measures, including their duration.
Meanwhile, Macedonia ordered its banks to pull back their deposits from Greek banks. The Macedonian central bank also imposed restrictions limiting the outflow of capital to Greece.
“Macedonian banks are required to withdraw all loans and deposits from banks based in the Republic of Greece and their branches and subsidiaries in the Republic of Greece or abroad,” a Macedonian central bank (NBRM) statement issued on Sunday said.
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