Macedonian banks to pull money from Greece

Macedonia's central bank ordered all banks in the Balkan country to pull their deposits from banks in Greece

Macedonian banks to pull money from Greece

World Bulletin / News Desk 

Macedonia ordered its banks on Sunday to pull their money from Greek banks and imposed "preventive measures" to limit the outflow of capital to its southern neighbour, threatened by financial meltdown.

"These are protective measures of a temporary character, introduced in order to address the danger of an eventual more significant ouflow of capital from Macedonia towards our southern neighbour, that may cause significant disruption to the balance of payments and to the stability of the financial system," the central bank in Skopje said in a statement.

The move by Macedonia's central bank followed an announcement by Athens that it would introduce capital controls and keep banks shut on Monday after international creditors refused to extend the euro zone country's bailout and savers queued to withdraw cash.

It said the capital limits would apply only to future transactions, not to arrangements already in place between Macedonian and Greek entities.

It ordered banks in Macedonia to "withdraw all deposits and loans from banks situated in Greece and their branches around the world."

The statement was the first concrete sign of Greece's immediate neighbourhood moving to protect itself from the financial turmmoil threatening Athens.

Last Mod: 29 Haziran 2015, 12:00
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