After 3 years, Greece ends limits on bank cash withdrawals

People stand in a queue to use an ATM of a bank as a person begs for alms in Athens on Monday, July 13, 2015. AP FILE PHOTO/THANASSIS STAVRAKIS

ATHENS, Greece — Greek authorities said they will soon lift restrictions on domestic cash withdrawals imposed more than three years ago to prevent a bank run by depositors at the height of the country’s debt crisis.

The finance ministry said Thursday that from October 1 depositors will face no limits on withdrawals from bank accounts in Greece.

Greeks abroad will be able to withdraw up to 5,000 euros ($5,800) a month. Furthermore, the limit on carrying cash abroad will be increased from 3,000 euros to 10,000.

The restrictions were imposed in June 2015, to prevent banks from collapse as depositors tried to empty their accounts after talks between the government and bailout creditors appeared on the verge of collapse.

The moves come a month after the country formally ended its latest bailout program. /kga