Guidance for Business

The Government is keen to keep business informed of the situation with Greece and these are the latest key points

 

 

 

 

 

 

KEY POINTS

•  Greece announced the introduction of capital controls on the movement of currency on 29 June.
• Following the “No” vote in the Greek referendum on Sunday 5 July, these controls remain in place. We have no information on when the capital controls will be lifted, but the Bank Holiday period has been extended until midnight on Monday 13 July.
• The Greek government has imposed temporary capital controls to prevent the outflow of large amounts of currency from the country. Capital controls are measures designed to limit the flow of money /capital / funds in and out of a country.
• It is unclear how long it will take for the Greek financial system to become fully operational again and operate without delays once the period of bank holidays has ended, or how long restrictions on the supply of cash will remain in place.
• Greece’s position as a member of the European Union is not affected by the outcome of the referendum, nor the introduction of capital controls.
• Whilst trade and investment are exempt from these controls, there may be significant disruption to trade and investment in Greece.
• Business Support Helpline staff can provide lists of Greek commercial lawyers who correspond in English and of British law firms that operate in Greece. (Disclaimer – This is just a list of lawyers and does not imply endorsement of any of them by the UK Government in any way.)

Further details can be found at:

Guidance for businesses: Gov.uk

Advice for UK citizens and businesses: Gov.Uk

The Chancellor’s Statement

or by calling the Business Support Helpline:

Business Support Helpline
Telephone: 0300 456 3565
Textphone: 0191 5810052