Market Watch – by Silvia Ascarelli
Here’s what it looks like in Greece today, after a weekend in which the government walked away from negotiations with creditors and declared a referendum on debt-holder demands for this Sunday: Banks are closed, and there are lines outside ATMs, where withdrawals from a Greek account are limited to just 60 euros.
That’s if there is still money in the ATM.
Both banks and the stock market are expected to remain closed all week.
As tourists, too, scramble for cash amid the new capital controls, the Culture Ministry said individuals and tour groups visiting the Acropolis will now be able to pay for their tickets by credit card, the Associated Press reported.
Meanwhile, an association of Greek hotels warned Monday that the tourism industry is already suffering because of the weekend measures.
Some gas stations are out of fuel. The Greek government is making rides on metro, tram, bus and trolley-bus services free in the greater Athens area, where about 40% of the population lives, while the banks are closed, the AP reported. That will cost the government about 4 million euros per week, Transport Minister Christos Spirtzis said.
Services in Thessaloniki, Greece’s second-largest city, are partially privatized, so the government can’t waive fares there, the AP reported.
No cash means no customers for this vendor at the central fish market in Athens.
People in Athens are getting the news on the street. Greek referendum: A ‘no’ vote means no to Europe, Juncker says
Pensions were paid last week, and now pensioners are trying to get cash. Some banks will open by Thursday, possibly even Wednesday, for those who don’t have debit or credit cards, so they can withdraw cash, Dow Jones Newswires reported, citing a Greek government official.
Many elderly Greeks don’t have bank cards and make their withdrawals in person, the AP reported.
Success! An ATM that still has cash.
Intelligent people don’t keep their fiat ‘money’ in banks.
My Fiat “money” comes into my bank once a month from SS. The day it comes in I withdraw all but that which has to cover rent and bills.
. . .
Same here, Cathleen.
The key word being “keep”.
Why They are broke in Greece.
1. They do not want to work . Most only work 2 or three hours a day. In fact a American Corporation went to Greece and backed out cause the people did not want to work
2. They want everything free Just like Obama is doing in the USA now.
They did it to themselves
I’m curious. Why do Greek soldiers wear skirts? Is everything gay now?
They’ve always been ‘that’ way, NC.
Yea I know all about Socrates and his love life as well as the history of the Greek army. 😉 Just didn’t think they would be so openly gay about it when it comes to the uniform.
They’ve never been very subtle about it, have they. 🙄