Capital controls imposed in Greece three weeks ago have made 60,000 companies to submit requests to move their headquarters to neighbouring Bulgaria, the head of a Greek employers’ association has said.

A bank holiday and capital controls were introduced in Greece on 29 June to prevent the banking system collapsing under a flood of withdrawals following a government’s decision to break off bailout talks with the country’s international creditors. On Saturday, the government ordered banks to reopen Monday after it accepted a new bailout programme in exchange for pension cuts, tax hikes and increase in retirement age.

Capital transfers and a ban on the opening of new accounts and addition of new depositors to existing accounts, however, remain in force. Greece’s central bank can limit the amount of euro or other currency carried in cash out of the country.

According to the President of the National Confederation of Hellenic Commerce, Vasilis Korkidis, the Greek government has been unable to deal with the negative repercussions of capital controls, greekreporter.com reported on Monday.

The capital control committee that was set up has not helped either, the news outlet quoted Korkidis as saying in an interview with SKAI TV.

The spokesman of the parliamentary group of the governing radical left Syriza party, Nikos Filis, dismissed Korkidis’ statement and questioned his intentions, greekreporter.com said.

The bank holiday and capital controls imposed three weeks ago have cost Greece some EUR 3 B, ekathimerini.com reported on Saturday.

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