20.12.90 OfficialJournaloftheEuropeanCommunities NoL357/47
II
(Actswhosepublicationisnotobligatory)
COMMISSION
COMMISSION DECISION
of19December 1990
renewingDecision85/594/EECauthorizingtheHellenicRepublictotakecertain
protectivemeasuresunderArticle108(3)oftheEECTreaty
(OnlytheGreektextisauthentic)
(90/663/EEC)
THECOMMISSION OFTHEEUROPEAN COMMUNITIES ,
HavingregardtotheTreatyestablishingtheEuropean
EconomicCommunity ,andinparticularArticle108(3)
thereof,
Whereas,byDecision85/594/EEC('),theCommission
onatemporarybasisauthorizedtheHellenicRepublicto
takecertainprotectivemeasuresinsupportofa
programmeofeconomicstabilizationimplemented by
theGreekGovernment fromtheendof1985inorderto
dealwithseriousbalanceofpaymentsdifficultiesandto
restoreanacceptablesituation;
Whereassincethen,andinlinewiththeimprovementin
theexternalequilibriumofGreece,severalofthese
protectivemeasureshavebeenrevokedoramendedin
accordancewiththeprovisionsofDecision85/594/EEC;
whereasthisDecisionwasamendedbyCommission
Decisions86/614/EEC(2),87/152/EEC(3),88/438/EEC(4),
88/600/EEC89/644/EEC(6)andlastlyrenewedand
amendedbyDecision90/348/EECQ;
WhereastheHellenicRepublichasclaimedthatalthough
thedeterioration oftheeconomicsituationhasbeen
containedbalanceofpaymentsproblemspersist;whereas
ithasadoptedastabilizationandeconomicrecoveryprogrammeaimingatthereductionofmacroeconomic
imbalances ;whereasithasrequestedanextensionof
certainprotectivemeasuresinrespectofthemovementof
capitalandtransfersrelatingtotouristexpenditureof
Greekresidentsabroad,inaccordancewiththeprovisions
ofArticle9(5)ofDecision85/594/EEC;whereas,never­
theless,theGreekauthoritieshaverelaxedtherestrictions
originallyauthorizedinthisarea;whereastheyintendto
removetheremainingprotectivemeasuresassoonasthe
situationinthebalanceofpaymentsimproves;
Whereasitemergesfromtheexaminationoftheoverall
economicsituationofGreeceundertakenbytheCommis­
sionthattheexternalpositionofGreecedeterioratedin
1990;whereasthisdeterioration isexpectedtobemore
pronouncedduringthefirstmonthsof1991;whereasthe
authoritiesareimplementing astabilizationandeconomic
recoveryprogrammeinordertoreducetheinternaland
externalimbalances ;whereasuntilthesituationinthe
balanceofpaymentsisredressedtheretentionofcertain
protectivemeasuresinthisareaisjustified;
Whereastherearegrounds,inparticularonaccountof
theexpectedpressureonbalanceofpayments,forre­
newingwithoutmodificationstheauthorizationtoapply
theseprotectivemeasures;whereas,however,theevolu­
tionoftheeconomicsituationinGreeceshouldbemoni­
toredattentivelysothatthemeasuresauthorizedmay
possiblybeamendedorrepealediftheconditionsjusti­
fyingthemwerenolongertoobtain;
Whereas,forthesakeoftransparencyitisappropriateto
presentinasingletextthecompleteenactingtermsof
Decision85/594/EECaslastamendedbythisDecision,(')OJNoL373,31.12.1985,p.9.
(2)OJNoL357,18.12.1986,p.28.(jOJNoL63,6.3.1987,p.38.
(4)OJNoL218,9.8.1988,p.19.(jOJNoL325,29.11.1988,p.58.
(«)OJNoL372,21.12.1989,p.39.f)OJNoL170,3.7.1990,p.51.

NoL357/48 OfficialJournaloftheEuropeanCommunities 20.12.90
HASADOPTED THISDECISION
Article1Article2
1.TheCommissionshallattentivelymonitorthe
evolutionoftheeconomicsituationinGreece.The
Commissionreservestherighttoamendorrepealall
orpartofthisDecision,afterconsultingtheMember
Stateconcerned,particularlyifitfindsthatthecircum­
stanceswhichledtoitsadoptionhavechangedorthat
itseffectsaremorerestrictivethantheyneedbein
ordertoachievetheirobjectives.
2.If,beforethedateofexpiryofthederogations
permittedupto30June1991underArticle1,Greece
claimsthatbalanceofpaymentsdifficultiespersist,or
thatthereisaseriouslikelihoodoftheirrecurring,the
Commission shallexaminetheoveralleconomicsitua­
tioninordertodeterminewhetheranextensionofall
orpartoftheprotectivemeasuresinforceisappro­
priate.
Article3
ThisDecisionisaddressedtotheHellenicRepublic.TheenactingtermsofDecision85/594/EECshallbe
replacedbythefollowingtext:
Article1
1.Greeceisherebyauthorized,temporarilyand
withinthelimitsandconditionslaiddowninthe
AnnextothisDecision,toprohibitortomakesubject
topriorauthorizationtheconclusionorexecutionof
transactionsandtransfersrelatingtocapitalmove­
mentsliberalizedinaccordancewiththeprovisionsof
theCouncilDirectiveinforcefortheimplementation
ofArticle67oftheTreaty(').
2.Greeceisherebytemporarilyauthorizedtolimit
transfersrelatingtothetouristexpenditureofGreek
residentstoECU1200perpersonandperjourney.In
additiontothisbasicallowance,residentsshall,
however,beallowedtousepaymentorcreditcards
abroadforthepurposesofholidayexpensestothe
amountofECU300perpersonperyear.
3.WithoutprejudicetotheprovisionsofArticle2,
theauthorizations containedinthisArticleshallbe
validuntil30June1991.(')CouncilDirective88/361/EEC(OJNo178,8.7.
1988,p.5).
ANNEX
OperationTypeofrestrictionauthorizedbywayofderogation
fromCommunityobligations
Investment
inrealestate
Operations
insecuritiesInvestmentsinrealestateabroadmadebyresidentsmaybesubjectto
priorauthorization .Thisshallbegrantedtoresidentsemigratingunder
theheadingofthefreemovementofemployedandself-employedpersons
inrespectofinvestmentsrelatedtotheirinstallationorestablishment .
Theacquisitionbyresidentsofforeignsecurities,orofdomesticsecurities
issuedonaforeignmarket,maybeprohibitedormadesubjecttoprior
authorization .However :
—residentsshallbeauthorizedtoacquiresecuritiesissuedbythe
CommunitiesandbytheEuropeanInvestmentBankuptothelimit
ofaglobalannualamountofECU75million;
—residentcollectiveinvestmentundertakingsshallbeauthorizedto
investinforeignsecuritiesupto25%oftheirnetassets,inthecaseof
unittrustfundsand25%oftheirpaid-upcapitalinthecaseof
investmentcompanies.'
Article2
ThisDecisionisaddressedtotheHellenicRepublic.
DoneatBrussels,19December1990.
FortheCommission
HenningCHRISTOPHERSEN
Vice-President