ARCHIVESHISTORIQUES
DELACOMMISSION
COLLECTION RELIEEDES
DOCUMENTS "COM"
COM(79)197
Vol.1979/0083

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COMMISSION
OFTHE
EUROPEAN COMMUNITIES
GeneralSecretariatCOM(79)197final
Brussels,4April1979*
FOROFFICIAL USEONLY
FourthCommission communication totheCouncil
on
drawinguptheinstruments ofGreece'saccessiontotheCommunities
inthecontextofthenegotiations onGreece'saccession
Preliminary draftoftextsforTitleIII-Chapter2:
CAPITAL .MOVEMENTS ANDINVISIBLE TRANSACTIONS
PartFourof
theAct"concerning theConditionsofGreece'sAccession
andtheAdjustments oftheTreaties
CCM(79)197final
ν

SECTIONI
CAPITAL MOVEMENTS
Article(a)
1.Greecemay,undertheconditions andwithinthetimeLimitsin
ArticleCb)to(e),defertheliberalization ofcapitalmovements
providedforintheFirstCouncilDirectiveof11May1960forthe
implementation ofArticle67oftheEECTreatyandintheSecond
CouncilDirectiveof18December1962addingtoandamendingthe
FirstDirectivefortheimplementation ofArticle67ofthe
EECTreaty.
2.Appropriate consultations shalltakeplaceinduecoursebetween
GreeceandtheCommission aboutproceduresforapplyingmeasuresof
liberalization orrelaxation,theimplementation ofwhichmaybe
deferedunderthefollowingprovisions .
Article (b)
1.Greecemay,foraperiodoffiveyearsafteraccession,defer:
a)theliberalization ofdirectinvestments inMemberstatesof
theCommunitybypersonsresidentinGreece;
b)theliberalization ofthetransferoftheproductoftheliquidation
ofdirectinvestments inGreecemadebefore12June1975bypersons
residentintheCommunity .Duringtheperiodofapplication of
thistemporaryderogation,thegeneralorspecialfacilities
relatingtothefreetransferoftheproductoftheliquidation
oftheseinvestments andexistingbyvirtueofdomestic
arrangements orofagreements governingrelations betweenGreece
andanyMemberstateshallbemaintained andappliedinanon-.
discriminatory manner.
2.Recognizing thatitisdesirabletoproceed,fromthedateof
accession,toasubstantial relaxationintherulesconcerning the
operationsreferredtoinparagraph1(a),Greecewillendeavour
totakeappropriate measurestothisend.

Article(c)
a)Greecemay,foraperiodoffiveyearsafteraccession,defer:
-theliberalization ofrealestateinvestments inanotherMember
stateoftheCommunitybypersonsresidentinGreecewhodonotfall
withinthecategoryofresidentsoftheCommunity whoemigratein
thecontextoffreedomofmovementforworkersandself-employed
persons;
-theliberalization ofrealestateinvestmentbelongingtoself-
employedpersonswhoemigrateotherthanrealestateinvestments
connectedwiththeirestablishment ;.
b)Therepatriation oftheproductoftheliquidation ofrealestate
investmentssituatedinGreeceandacquiredbeforeaccessionby
personsresidentintheCommunityshallbethesubjectofagradual
liberalization throughtheinclusionoftheoperationsinquestion
intheliberalization systemsetupforthefundsblockedinGreece
whichissetoutinArticleCd).
Article(d)
FundsblockedinGreecebelongingtopersonsresidentintheEEC
shallbeprogressively releasedbyequalannualinstalments over
atransitional periodoffiveyears,namelyinsixstages,thefirst
ofwhichshallbeginonthedateofaccession.
ν
Capitaldepositedineachblockedfundatthedateofaccessionor
paidintoblockedfundsduringthetransitional periodshallbe
released,atthebeginningofeachstageoftheelimination ofsuch
funds,successsivelybyone-sixth,one-fifth,aquarter,athird
andahalfofthedepositedamountinthesefundsatthebeginning
ofeachstage.

-3-
Article(e)
Greecemay,foraperiodoffiveyearsafteraccession,deferthe
Liberilazation oftheoperationssetoutinListBannexedtothe
DirectivesreferredtoinArticle(a),andcarriedoutbypersons
residentinGreece.
However,operationsinsecuritiesissuedbytheCommunities andby
theEIBcarriedoutbypersonsresidentinGreeceshallbethesubject
ofprogressiveliberalization overthisperiodasfollows:
a)forthefirstyearofthetransitional periodtheseoperations
maybelimitedto20millionEUA;
b)thisceilingshallthenberaised,atthebeginningofeachyear
by20%inrelationtotheceilingsetforthefirstyear.

SECTIONII
INVISIBLE TRANSACTIONS
Article(f)
Greecemay,foraperiodoffiveyearsafteraccession,underthe
conditionssetoutinArticle(g),maintainrestrictions ontransfers
relatingtotourism.
Article(g)
Atthedateofaccession,theannualtouristallowanceperperson
shallnotbelessthan400EUA»
Fromthebeginningofthesecondyearofthefive-yearperiod,this
allowanceshallbeincreasedeachyearbyatleast20$inrelation
totheannualamountfixedforthefirstyear.
SECTIONIII
GENERALPROVISIONS
Article(h)
Greecewill,circumstances permitting,carryouttheliberalization
ofcapitalmovementsandinvisibletransactions referredtoinArticle
(b)to(g)beforetheexpiryofthetimelimitslaiddowninthose
Articles-
Article(i)
4'
Forthepurposeof.implementing the
CommissionmayconsulttheMonetary
proposalstotheCoucil,provisionsofthisTitle,the
Committeeandsubmitappropriate