Macedonia moves to limit capital outflows to Greece

Macedonia's central bank ordered all banks in the Balkan country to pull their deposits from banks in Greece and said it was imposing 'preventive measures' to limit the future outflow of capital to its southern neighbour, according to Reuters.

'These are protective measures of a temporary character, introduced in order to address the danger of an eventual more significant ouflow of capital from Macedonia towards our southern neighbour, that may cause significant disruption to the balance of payments and to the stability of the financial system,' the central bank said in a statement.

It said the capital limits would apply only to future transactions, not to arrangements already in place between Macedonian and Greek entities.