For four years, Greeks could only withdraw €60 per day from their own bank accounts. Banks were closed for weeks. ATMs ran dry. This is what happens when a country’s banking system loses the trust of the world.
The Lockdown
🔴 June 28, 2015: Banks closed with no warning
🔴 €60/day: Maximum ATM withdrawal for Greeks
🔴 3 weeks: Banks stayed shut
🔴 4 years: Until capital controls were fully lifted (September 2019)
How It Started
Greece had been in bailout negotiations with European lenders. When talks broke down, the European Central Bank refused to increase emergency funding to Greek banks. Without that lifeline, the banks would collapse.
On Saturday, June 27, 2015, the Greek government announced:
- Banks would close the following Monday
- ATM withdrawals limited to €60/day
- No transfers to foreign banks
- Stock exchange closed
Daily Life Under Capital Controls
- Pensioners queued for hours to get €120/week
- Businesses couldn’t pay suppliers abroad
- Companies couldn’t import goods
- Tourists were exempt – Greeks watched foreigners withdraw freely
- Credit cards worked for purchases but cash was scarce
⚠️ After 4 months: The limit was raised to €420/week in one withdrawal instead of €60/day. Still, Greeks couldn’t freely access their own money for years.
An Unexpected Consequence
Because cash withdrawals were limited but card payments weren’t, Greeks shifted to electronic payments:
- Card usage jumped from 4.5% to 19.5% of transactions
- Supermarket card transactions hit 35%
- Tax evasion became harder (an unintended benefit)
Four Years to Freedom
Capital controls were gradually loosened over four years:
- 2015: €60/day, €420/week
- 2016-2018: Gradual increases for businesses and individuals
- September 1, 2019: Full lifting of capital controls
For ordinary Greeks, it meant four years of not fully controlling their own money.
Related Banking Crises
Banks have failed their customers around the world. Learn from other countries’ experiences:
- Cyprus: 47.5% of deposits seized
- Myanmar: ATMs empty by 11 AM
- Lebanon: $93 billion frozen
- Argentina: Deposits frozen, 40 died in riots
📚 More Banking Crises: See all banking crises around the world — learn from history before it repeats.
Frequently Asked Questions
Why did Greece impose capital controls?
When bailout negotiations failed, the ECB stopped increasing emergency funding to Greek banks. Without that support, the banks would have collapsed from a run. Capital controls were imposed to prevent complete banking system failure.
How long were Greeks limited to €60/day?
The strictest limits lasted several months. Controls were gradually eased over 4 years, with full liberalization only in September 2019.
Were tourists affected?
No. People with foreign credit cards could withdraw normally from ATMs, creating a two-tier system where Greeks watched tourists access cash freely while they were limited.
Could Greeks still use their money?
For domestic card purchases, yes. For cash, ATM withdrawals, or foreign transfers, no. Many businesses couldn’t pay foreign suppliers, imports stopped, and the economy contracted further.
Did anyone see this coming?
Some did. In the weeks before controls, Greeks withdrew billions from banks. Those who moved money abroad or converted to cash before the announcement were protected. Those who trusted the system lost access.
Could Greece have left the Euro?
It was seriously discussed. The alternative to accepting EU bailout terms was potentially leaving the Eurozone and returning to the drachma. The government ultimately accepted the bailout.
What’s the lesson for other countries?
Banking systems depend on confidence. When confidence breaks, governments will sacrifice depositor access to prevent collapse. Have some savings outside any single banking system.
Is Greece’s banking system stable now?
It has improved significantly since 2019. Capital controls are gone, banks are recapitalized, and the economy has recovered. But the trauma of 2015 remains in public memory.
Last Updated on November 29, 2025
URL: https://log-in.me/greece-capital-controls-bank-withdrawal-limits/