Includes how foreign exchange is managed and implications for U.S. business
Greece's foreign exchange market conforms to EU rules on the free movement of capital.  Controls only existed to facilitate the enforcement of money laundering and terrorist financing laws.  As of January 1, 2001, Greece became part of the Eurozone and all transactions have been conducted in Euros since March 1, 2002. Until June 2015, receipts from productive investments could be repatriated freely at market exchange rates and there were no restrictions on, or difficulties with, converting, repatriating, or transferring funds associated with an investment.  In late June 2015, the government declared a bank holiday, during which banks were closed for two weeks, and imposed capital controls which remain in force as of May 2017 .  Capital controls placed a limit on weekly cash withdrawal amounts and restricted the transfer of capital abroad.  Although capital controls have been partially lifted since the August ESM 2015 agreement which calmed fear of a national bankruptcy and financial system collapse, several restrictions still apply.  A five-member “Banking Transaction Approval Committee” was established by the Finance Ministry and is the competent authority to approve transactions abroad, in coordination with the Bank of Greece.  Currently, the daily limit for commercial payments abroad stands at €250,000.  Additionally, capital controls imposed on stock exchange transactions were lifted in December 2015.

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