Arab Today, arab today the morning after cheers fade as greeks face reality
Last Updated : GMT 06:57:50
Arab Today, arab today
Arab Today, arab today

The morning after: Cheers fade as Greeks face reality

Arab Today, arab today

Arab Today, arab today The morning after: Cheers fade as Greeks face reality

People queue outside a bank ATM in Athens
Athens - AFP

After jubilant celebrations by 'No' voters, Athens returned to a reality of ATM queues on Monday and the shock news that the finance minister, champion of the victorious anti-austerity camp, had quit.

Sunday's scenes of cheering outside parliament faded as fears spread that the country's banks could run dry within hours or days, forcing untold numbers of companies to go bust.

Those out for a coffee in the morning sunshine were worried that new efforts to strike a deal with the country's international creditors may not come in time to prevent Greece running out of cash -- or the talks could fail entirely.

"I'm very afraid we will get no cash any more in the coming days. They really have to fix it, end of this week at the latest, otherwise it's collapsing," pharmacist Lambros Vritios said of the banking system.

Capital controls imposed by the government last week mean locals can only withdraw 60 euros ($67) a day, but even that restriction aimed at averting financial disaster -- has not stopped a run on money.

Vritios said he had been to several ATMs but found them empty. "It's really crushing me," he said.

- Cash running short -
The banks are now reportedly almost depleted of cash after panicked customers rushed to hoard money in the lead-up to the referendum, which was called by Prime Minister Alexis Tsipras in a bid to break an impasse with the austerity-hungry creditors.

The Greek Banking Association said last week its members had just enough liquidity until Tuesday, when the government had promised the banks would reopen.

But Giorgos Stathakis, Greece's economy minister, told the BBC the capital controls could stay in place until Friday.

Greek banks were on the verge of collapse, he said, with its future in the euro being determined in the next 48 hours.

Greeks were divided over whether the European Central Bank would inject emergency euros into the country's banks -- or whether the country's perceived nemesis, Germany, would make them suffer.

"The situation is very confusing. I really don't know what is going to happen," said Nikos, 47, who works in a luxury watch shop and fears the referendum result may be "misunderstood" by Europe as a vote to leave the eurozone.

- 'He told the truth' -
"I don't think the banks will open tomorrow... we owe money to our suppliers and we can't pay them. As long as we have stocks, we can sell, but we cannot pay salaries," he said.

The news that Finance Minister Yanis Varoufakis's head had rolled to appease the country's international creditors was welcomed by some, who said his flamboyant and unorthodox ways had not helped bailout negotiations.

"Varoufakis is a revolutionary, someone very dynamic with a very important university background. But he is not a politician. He doesn't know how to negotiate," said Irene Roka.

"He had good ideas but he wasn't very diplomatic... he was very cavalier in negotiations," she said.

Sofia, 37, said she thought his exit "is going to help" reboot negotiations, despite a 'Nein' from Germany which saw the bailout referendum as a nail in the coffin of debt talks.

"I think he's a bit arrogant. He should have been more balanced. I hope there is going to be an agreement that is the best for everybody," she said.
But Charalampos Aroutzidis, 30, said he was sorry because he liked Varoufakis. "He is not like the ones before him. He is different and he wanted the best for Greece."

Kiosk owner Miltiadis, 30, who was passing the time debating Greece's future with his customers, agreed: "I liked Varoufakis, he always told the truth."

"He told them we have no money left, and that's the way it is. Now that he's gone, probably they'll fix it -- and kill us," he said with a bitter laugh, adding: "I'm very nervous regarding the eurozone summit tomorrow."

Tuesday's extraordinary summit in Brussels is expected to draw up the roadmap for Greece -- but might see it driving the country off the eurozone cliff in a Greek exit, or 'Grexit'.

Doctor Elizabeth Drakopoulou, who works at one of the city's hospitals, said the bank closures were squeezing a population already ground down by five years of austerity.

"I don't think banks will open this week. It's very bad for the economy because nothing runs."

Her main concern, though, was the effect the capital controls were having on the elderly and vulnerable, with alarming shortages of vital medicines in some pharmacies.

 

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today the morning after cheers fade as greeks face reality Arab Today, arab today the morning after cheers fade as greeks face reality

 



Arab Today, arab today
Arab Today, arab today Jordan airline suggests flyers 'talk'

GMT 11:59 2017 Friday ,24 March

Jordan airline suggests flyers 'talk'
Arab Today, arab today 5 Crafty Must-Have Limited-Budget Ideas

GMT 17:03 2017 Saturday ,25 March

5 Crafty Must-Have Limited-Budget Ideas
Arab Today, arab today Rebel supporters flood Yemen streets

GMT 06:39 2017 Monday ,27 March

Rebel supporters flood Yemen streets
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Yemen children dream of school

GMT 07:25 2017 Friday ,24 March

Yemen children dream of school
Arab Today, arab today MP submits a petition to dismiss university head

GMT 06:21 2017 Friday ,24 March

MP submits a petition to dismiss university head
Arab Today, arab today Salvage of South Korea's Sewol ferry

GMT 04:51 2017 Friday ,24 March

Salvage of South Korea's Sewol ferry
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Audi RS 5 Coupe acquires new design

GMT 13:22 2017 Thursday ,23 March

Audi RS 5 Coupe acquires new design
Arab Today, arab today Renault Trezor wins design award

GMT 11:56 2017 Tuesday ,21 March

Renault Trezor wins design award
Arab Today, arab today Actress Mervat Amin reveals her role in new series
Arab Today, arab today 2017 already marked

GMT 15:25 2017 Tuesday ,21 March

2017 already marked

GMT 06:04 2017 Thursday ,23 March

Haifa Wahby bets on her new drama show

GMT 22:00 2017 Thursday ,23 March

Number of unwedded girls amounts to 2.5m

GMT 18:57 2017 Tuesday ,21 March

Accessories designer reveals her new collection

GMT 10:34 2017 Tuesday ,21 March

Mexico threatens to ditch US corn imports

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures

GMT 20:03 2017 Saturday ,25 March

Health expert warns from dust sensitivity

GMT 07:36 2017 Wednesday ,22 March

US, Britain ban laptops on flights

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 19:27 2017 Saturday ,11 March

Boualsof launches "Priestess Kahina" collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday