Holiday in Grrece - ecnomic issues
Discussion
I can imagine your concerns given the uncertainty. My guess is that if you are travelling with an ATOL protected company, then the bulk of the problem is their's. Holiday insurance are likely to have a Force-Majeur clauses and not pay out for problems you encounter.
If there is a sudden switch to dodgy Drachmas, then both Euros and Sterling are likely to be in high demand - you just need to get as many as you can for any transaction. Credit Card payments are unlikely to work as the banking system collapses; cash will be king.
As it is such a dread scenario, I still think that the Eurozone will continue to bail them out and take a huge haircut in the process. Greece becoming a medeteranian outpost for the Russian fleet is not an attractive proposition.
Good luck and make decisive moves at the last minute, you cannot second guess the actual outcome now.
If there is a sudden switch to dodgy Drachmas, then both Euros and Sterling are likely to be in high demand - you just need to get as many as you can for any transaction. Credit Card payments are unlikely to work as the banking system collapses; cash will be king.
As it is such a dread scenario, I still think that the Eurozone will continue to bail them out and take a huge haircut in the process. Greece becoming a medeteranian outpost for the Russian fleet is not an attractive proposition.
Good luck and make decisive moves at the last minute, you cannot second guess the actual outcome now.
We booked for Crete for 2 weeks at the end of August, beginning of September. I expect Greece will be given "a stay of execution" for another 3-6 months, at least, to restart local discussions.
The so-called Grexit won't be overnight. The Greek Govt can't suddenly pull out truckloads of old Drachma and say "Ta Da! We fixed it!".... the Eurosystem was created so there's no easy way out once in, and the former currency's dead, to all intents and purposes. A new currency is more than designing and minting cash.
The so-called Grexit won't be overnight. The Greek Govt can't suddenly pull out truckloads of old Drachma and say "Ta Da! We fixed it!".... the Eurosystem was created so there's no easy way out once in, and the former currency's dead, to all intents and purposes. A new currency is more than designing and minting cash.
5potTurbo said:
We booked for Crete for 2 weeks at the end of August, beginning of September. I expect Greece will be given "a stay of execution" for another 3-6 months, at least, to restart local discussions.
The so-called Grexit won't be overnight. The Greek Govt can't suddenly pull out truckloads of old Drachma and say "Ta Da! We fixed it!".... the Eurosystem was created so there's no easy way out once in, and the former currency's dead, to all intents and purposes. A new currency is more than designing and minting cash.
Oops! I'll take back this statement as, since I work in the banking world, we're now in crisis management mode for all cash and securities transactions in Greece. As you were! The so-called Grexit won't be overnight. The Greek Govt can't suddenly pull out truckloads of old Drachma and say "Ta Da! We fixed it!".... the Eurosystem was created so there's no easy way out once in, and the former currency's dead, to all intents and purposes. A new currency is more than designing and minting cash.
My brother has a Greek wife and they spend a significant period each summer in Greece at various locations. They are there now. I had a text exchange with him this morning. Seems that there is a lot of confusion now following the announcement of a referendum and the ending of support financing. ATMs are working, queues are long and he can get €60 per day at the moment. Banks will remain closed until middle of next week at least. Some are refusing any credit eg by card.
I think he suspects things will get worse not better once the situation is clearer by the middle of next week.
R.
I think he suspects things will get worse not better once the situation is clearer by the middle of next week.
R.
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