Greek Banks Can’t Withdraw Assets From Macedonia

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Greek bank owners with assets in the Republic of Macedonia are unable to pull out their capital unless they offer their holdings for sale, former Yuogslav state’s central bank governor has said.

“Greek banks have no legal possibility to withdraw their founding capital, according to the Law on Banks … They can only sell their stake to another investor”, the former governor said.

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Swissinfo.ch reports:

Greek banks, which are under pressure in their own country as the risk of the country’s default and exit from the euro area grows, will have to weather a shaky political situation in neighboring Macedonia, which has called early elections in the worst political crisis in more than a decade.

Greek bank holdings account for about 22 percent of all banking assets in Macedonia.