GREECE: How locals and tourists will be affected by the capital controls

By in

Account holders in Greece are only being allowed to withdraw €60 each day. Over the weekend, there were lengthy queues at cash machines around Greece as people attempted to take advantage of the last days before the capital controls took effect.
The supermarkets and petrol stations were filled with people over the weekend as they tried to stock up before the start of an uncertain week.Fund withdrawal in Greece has accelerated from a steady stream to huge amounts in recent weeks, with an estimated €1 billion a day leaving Greek banks last week, according to Citi bank.

What does this mean for tourists?

People travelling to Greece from outside the country should not be affected by the controls, and can withdraw the limit set by banks in their home countries, which should be higher than €60 a day, however this depends on whether there are enough notes left in cash machines. They are being told to take more cash than usual, spreading it between each party travelling, and to expect that there will be a low cash supply.

And Greeks?

Specialists at Teneo Intelligence released a statement claiming that the imposition of capital controls and its immediate visible effects on the country’s economy may go in favour of the opposition’s strategy by blaming Syriza for the chaos being caused. “If Mr Tsipras is defeated in the upcoming referendum, it is difficult to see how his party could remain in office, as the government would be unable to permit any new proposals from Brussels.”