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Sunday, 28 June 2015

Greek Banks: To reopen from 7 July (after referendum)? - Restrictions on Capital Movements; Advice to Tourists on ATMs and Credit Cards

From Kathimerini - Οι τράπεζες αναμένεται να επαναλειτουργήσουν από τη Τρίτη 7 Ιουλίου αφού επιβληθούν περιορισμοί στην κίνηση κεφαλαίων. Αύριο Δευτέρα εκτός από τα καταστήματα δεν θα λειτουργήσουν τα ΑΤΜ ούτε τα άλλα ηλεκτρονικά δίκτυα συναλλαγών.

"Banks are expected to reopen by Tuesday, July 7, after imposing restrictions on capital movements. Tomorrow, Monday,  ATMs or other electronic trading networks will not function, except for the shops"- Kathimerini.

NB "Final decisions and details of capital restrictions will be known later". 

Kathimerini English report - "Banks will remain shut until at least after a July 5 referendum called by Prime Minister Alexis Tsipras on whether to accept austerity in exchange for a European bailout, Kathimerini newspaper reported, citing unnamed sources".

Huffington Post, Greece - Κλειστές θα παραμείνουν από αύριο και για μία εβδομάδα οι ελληνικές τράπεζες ενώ αναμένεται να επιβληθεί όριο στις αναλήψεις που θα γίνονται από τα ATM το οποίο φέρεται να είναι σύμφωνα με πληροφορίες στα 100 ευρώ ανά ημέρα, ενώ φέρεται να υπάρχει και πρόταση για 200 ευρώ ανά ημέρα, αλλά δεν φαίνεται να κερδίζει.

- Banks will remain closed for one week. ATM withdrawals will be limited to 60 Euros per card per day.

DisclaimerI am not able to verify the accuracy of all these reports.


The Guardian report Greek debt crisis: the key points of Athens bank controls -
All banks closed for at least a week, cash withdrawals capped at €60 a day and foreign money transfers banned ahead of referendum on bailout terms

The Pappas Post: Tsipras' TV announcement (video).

BBC Report - "Greek banks are to remain closed and capital controls will be imposed, Prime Minister Alexis Tsipras says. - Mr Tsipras did not give details of how long banks would stay shut, or exactly what controls on capital would be imposed".

EU Observer report - "Greece is to become the second eurozone country to impose capital controls on Monday, in a bid to prevent the collapse of the country’s financial system. The decision was taken at a meeting of Greece’s financial stability council on Sunday (28 June), another tumultuous day for the eurozone...He appealed for calm from the Greek people and assured them their salaries and pensions would be paid. The Greek banking sector and stock market will also remain closed on Monday, while speculation mounted they could stay closed all week ahead of a referendum next Sunday which could decide the country’s fate as a member of the eurozone".

Telegraph : advice to holidaymakers - What holidaymakers need to know about a Greek exit from the euro, with tips on carrying cash, using ATMs, credit cards, booking late deals and civil unrest.

Greek Government, London Press Office:

"Greeks can take out only €60 per day, with tourists' withdrawals unlimited" - but what if the cash machines have been emptied of cash??

Swedish Advice to Tourists (Svenska Dagbladet) - Sedan beskedet om att bankerna skulle hålla stängt till och med den 6 juli råder resebolaget sina resenärer att ta med sig extra kontanter. Enligt den grekiska regeringen ska turister fortsättningsvis kunna använda bankomaterna fritt, men enligt resebolaget Apollo är det osäkert om så verkligen kommer bli fallet.

– Vi får motstridiga uppgifter om man kommer fylla på bankomaterna. Vårt råd är att ändå ta med extra kontanter. Det går att betala med kort men i Grekland är det inte alla som accepterar kort som betalningsmedel, säger Kajsa Moström, som själv befinner sig på grekiska Karpathos där det i går fanns pengar i bankomaterna.

Google (slightly edited) automatic translation: "According to the Greek government, tourists continue to be able to use the ATMs freely, but according to the travel company Apollo, it is uncertain if this will continue to be the case. 'We get conflicting information about the replenishment of ATMs. Our advice is still to bring extra cash. It is possible to pay by card, but in Greece, not everyone will accept cards as payment...'"

UK, Chancellor's Statement - "Britain’s attitude to the developing Greek crisis is clear: we hope for the best; but we prepare for the worst.

Let me address some immediate issues that will concern people.

First, our view on the overall state of the relationship between Greece and its fellow Eurozone members is this: whether or not Greece should ever have joined the euro, it is now part of that single currency, and an exit will be traumatic.

It was the Greek government’s decision to hold a referendum which was the immediate trigger for the events over the weekend and the bank closures today.

And we should plan on the assumption that this referendum will effectively be a choice for the Greek people about whether their country now leaves the euro.

This is a matter for the Greek people to decide – and we respect their democratic right to decide their country’s future. We also respect the right of the Eurozone to set conditions of membership...

I remind people, credit and debit cards are of course accepted only at the discretion of the business you’re paying".

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