2015 is turning out to be the Olympic Games of … Eurogroup sessions and an unprecedented “gab fest” for European leaders engaged in the “Greek crisis saga”. Apparently, the Grecian “custom” of incessant political chatter and debate — from coffee shop, to kitchen tables to Parliament’s aisles — is infectious.
Yet, as the Guardian points outs, a bank “holiday” in crisis-stricken Greece and simultaneous “capital controls” have “robbed” permanent residents in the country of at least 10 economic freedoms enjoyed in much of the developed world.
Here they are, courtesy of the Guardian, which isn’t usually confused with British media accused of being “neo-liberal” lackeys….
1 Cash
Greeks cannot withdraw more than €60 – about £43 – a day from cash machines. Cash is running out, with shortages of €5, €10 and €20 notes and €1 coins. Queues at cash machines are long.
2 Credit cards
Technically, cards are still accepted but many retailers only want cash; some offer discounts for cash. Greeks travelling abroad say they are having problems using cards issued by Greek banks, especially for big bills.
3 Money transfers
Transfers of money outside the country are banned without approval from a special committee, restricting imports and payments to exporters.
4 iPhone apps
People with iPhones report a block on downloading apps. Others who have subscription accounts to pay for iCloud storage received error messages when monthly direct debit fees were due.
5 PayPal
Greeks can receive Paypal payments but cannot spend. The company said capital controls meant funding of PayPal wallets from Greek bank accounts was currently not available.
6 Buy online
The ability to order goods and book services from websites that are based outside Greece – including Amazon.com or airlines such as easyJet – has become limited.
7 Buy or sell shares
The Athens stock exchange has been closed for seven days. It is scheduled to reopen on Thursday – but that prospect seems unlikely unless the banks are also able to resume trading.
8 Pay the rent
Restrictions on cash are making rent and bill payments difficult. Direct debit payments are apparently slowing and e-banking is creaking.
9 Shortages looming
Greek shoppers have been stocking up on staple items – such as coffee, pulses, rice, batteries and soap. Eggs and meat are also becoming more difficult to obtain, according to reports.
10 Pharmaceuticals
Almost all Greek drug supplies are imported and shortages of some essential drugs are reported. Greece owes international drug companies more than €1.1bn, according to an industry body.
