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The  Commission decided  to  send a  reasoned  opinion to  Greece  concerning
movement  of  capital. The  reasoned  opinion  is  the  second  stage  of  an
infringement procedure under the terms of Article 169 of the EC Treaty.

Greece  imposes  restrictions on  the  transfer abroad  of money  of  a value
higher than ECU 20 000  and the obligation, for Greek residents, to reconvert
into  drachmas the product of the liquidation  of their investments abroad in
the event of non-reinvestment.

The Commission  considers that these  restrictions constitute an obstacle  to
the free movement of capital  and that they are incompatible with Article  73
B of the Treaty.

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