Arab Today, arab today the morning after cheers fade as greeks face reality
Last Updated : GMT 05:35:14
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.

 

arabstoday
arabstoday

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

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 Designer prepared new set of ornaments

GMT 02:45 2017 Wednesday ,28 June

Designer prepared new set of ornaments
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
Arab Today, arab today
Arab Today, arab today

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 11:09 2017 Sunday ,25 June

HUAWEI P10 the ‘guru’ of portrait shots

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new 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