Capital controls set to expire in September

A first step toward the final abolition of capital controls in Greece after four years was made last week. On Wednesday, Finance Minister Christos Staikouras sent Greece's creditors (the European Commission, the European Stability Mechanism and the International Monetary Fund) the draft text of the regulation abolishing the last controls on the free flow of capital, and the response is expected to be positive.

The exit from the capital controls, which were introduced in late June 2015, is seen happening in September. Prime Minister Kyriakos Mitsotakis is expected to announce the move at the Thessaloniki International Fair, customarily where the premier of the day talks about the following year's major economic policies.

Greek central banker Yannis Stournaras had already proposed the abolition of capital controls in July, based on rising deposits, and retail bankers...