Greece Relaxes Capital Controls For Tuition Fees

(RTTNews) - The Greek government has relaxed restrictions on sending money abroad by individuals and tuition fee payments by students, reports said Tuesday.

Citing a legislation published by the Finance Ministry late Monday, the Greek daily Kathimerini reported on its website that the government made seven changes to capital controls that included allowing the transfer of EUR 500 a month abroad.

The ceiling on the lump sum amount that parents can send to their children studying abroad to cover tuition fees and other expenses was also raised to EUR 8,000 from EUR 5,000, the report added.

Further, Greeks now can open bank accounts, but only for paying bills and loan repayments.

Greece was forced to close its banks and imposed capital controls on June 29 after the failure of debt talks with the EU.

Last week, Eurozone finance ministers approved a EUR 86-billion three-year bailout for Greece.