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Bank closures a nightmare for business as Greeks face shortages


Bank closures a nightmare for business as Greeks face shortages


The decision by the Greek government to shut down the banks will have serious consequences for Greek business and trade.

The situation is a potential nightmare and complicates any kind of commercial exchange with the outside world and Greece needs to import or face shortages.

Kostas Mihalos is the President of the Chamber of Commerce in Athens: “The main worry is the everyday running of Greek business. We don’t have the right to carry out web transactions with foreign banks. Our economy does not have a broad production base and is not autonomous, so we need to import, there should be measures in place to allow enterprises to make transactions with foreign suppliers, so as not to block the supply chain.”

An eerie silence now pervades the usually hectic stock exchange in Athens.

Kostas Botopoulos is the President of the Hellenic Capital Market Commission
“To regain the trust of the creditors will depend on how quickly and under what circumstances the stock market reopens. The measures are temporary and as soon as things get back to normal, the stock market will go back to business as usual and then we will see how it moves. The circumstances under which it will reopen will determine if confidence has been or will be restored. We hope this will happen.”

As anxious Greeks queued to withdraw their alloted €60, the bulk of which will be spent on staples, Greek business is desperate for an end to the chaos.

Euronews correspondent Symela Touchtidou
is in the Greek capital:“The Greek business community has made a last-ditch appeal to the Greek government and institutions to behave responsibly, so that a way out can be found, even at this late stage, to avoid the worse for Greece.”

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