It bears the name 'Dubai' in Arabic and dates back to the 1960s
uae5 hours ago
Greece could lift most or all capital controls imposed at the height of the eurozone crisis by the end of the year, the head of the country's banking association said on Saturday.
"Personally, I believe that the biggest part of the restrictions, if not all of them, can be lifted this autumn and towards the end of the year," Louka Katseli, who also chairs National Bank, Greece's second-biggest lender, told Greek state TV.
Katseli said one of the conditions for this to happen had already been met after Greece succesfully concluded a first review of its bailout reforms this month, helping to restore investor confidence in the country.
The next immediate step would be for the European Central Bank to give Greek banks access to cheap funding by accepting Greek bonds as collateral, she said.
The controls, which restricted the amount of cash that can be withdrawn from banks to 420 euros a week, were imposed last June to halt a flight of deposits that threatened to wreck the banking system as Greece was embroiled in acrimonious bailout talks with its international lenders.
More than 50 billion euros left banks from November 2014 to July last year on fears that the country could crash out of the euro, forcing them to resort to emergency borrowing from the European Central Bank and the Bank of Greece.
While Greece is rated "junk" by credit agencies, the ECB is almost certain to waive its investment-grade credit rating requirement at its June 22 Governing Council meeting, allowing Greek banks to start coming off an emergency liquidity lifeline and tap into the ECB's regular and cheaper funding.
Katseli said that two remaining conditions for fully removing capital controls - an effective management of a loan of non-performing loans and a return of deposits to Greek banks - were not easy to achieve.
"A return in deposits is the most difficult part, meaning it will take time, because people are still wary," Katseli said.
It bears the name 'Dubai' in Arabic and dates back to the 1960s
uae5 hours ago
The quake occurred at 3.03am local time
uae6 hours ago
Debutant and |Dubai amateur Oscar Craig makes the cut on a tough day dominated by warm winds
sports10 hours ago
In a packed leaderboard the tied second place was decided on a card countback with the Emirates Golf Federation 2 Team prevailing
golf11 hours ago
Chief organiser Tony Estanguet says the goal is to organise a 'spectacular but also more responsible Games which will contribute towards a more inclusive society'
sports12 hours ago
Hag will hopeful Luke Shaw, Anthony Martial and Lisandro Martinez will return before the season's end
sports12 hours ago
The menu is designed to showcase a diverse array of India's most popular snacks
kt network12 hours ago
Nadal scores crushing straight-set win over American teenager Darwin Blanch as Rublev ends four-match losing streak
sports12 hours ago