The government insisting that people hand over some of their money? Nah, that couldn’t happen.
Actually I flew home (to Europe) from Minneapolis once, around 2008 or so, and there were customs officers inside the jet bridge asking everyone if we were carrying $10k or more in cash (or foreign equivalent). Me: “I wish!” She: “Not today, huh? Have a nice flight.”
Yes it may happen over a weekend and yes it would mean the immediate closure of ATMs, banks and any other “official” means of getting currency.
There will probably be a lot of angry Greek citizens around and it would be better to avoid city centres for a while.
Greeks are reknown for their financial ingenuity - I am sure that if you did need ‘New Drachmas’ there would be someone willing to sell you some for any hard currency you have. Of course, if you buy a $4 cup of coffee with a $5 note, you will get Drachmas as change that are only useful as souvenirs.
Travel restrictions will only apply to Greek citizens unless they suspect that you are carrying a lot of cash (possibly on behalf of a local). This would be frowned on.
Will it happen? - Journos and others are amusing themselves with speculation and the ‘Powers that be’ are negotiating. We will wait and see, but my money (were I a betting man) would be on ‘No’.
I have no doubt that US dollars or euros, in cash, will be spendable in Greece regardless of any financial crisis. My only warning is for you to be careful carrying large amounts of cash. I was in Athens last month, and lost a wallet containing about €200 and £50 there – almost certainly taken by a pickpocket on a crowded metro train, who was so good that I didn’t realise the money had gone until I reached my hotel. In a financial crisis, I suspect that pickpockets will be even more active.
A good best practice is to keep your emergency money in small stashes in various places-- on your person, hidden in the seams of your luggage, in a secure part of your day pack, in your shoes, etc. The idea is that if you lose any one part of it, you’ll still have most of it.
You can use Euros even in some places in London, where they’re not a national currency, so I have no doubts that you’d still be able to use Euros in Greece if it leaves the Euro.
And keep most of your money hidden, then, when you go to the toilet or something, move the amount of money you’re likely to need before the next bathroom break to a more accessible place. Even your pocket, if you like. A pickpocket will watch out for where you take money from and then take money from there - they’re unlikely to hang around looking for extra storage spots unless you’re asleep or otherwise unable to notice them.
Having a very small amount of ready cash in your pocket can actually be helpful in areas with tons of pickpocketing because it means you’re more likely to lose that money but less likely to lose a sum that would actually bother you.
If you spend Euros or Dollars in London you will get ripped off. Even a legitimate bureau de change will rip you off.
In a Greece going through the upheaval that a switch back to the Drachma would cause, you can be sure that any Drachma/Euro/Dollar swap will not be in your favour. That said, I am pretty confident that Euros at least will still be gratefully received. Any Drachmas you got as change should be treated as worthless outside Greece.
Possibly the opposite - the stability of a hard currency (dollars, pounds, euros) probably generates a premium; they’ll sell you extra drachmas on the theory a dollar in their pocket could be worth quite a few more drachmas tomorrow… and people they deal with will likely give them the same premium, a discount for “real” money.
After several months of “don’t worry”, meeting organizers are finally acknowledging that the financial crisis may “affect certain events” in regards to the conference.
Good thing my tickets from Germany to Greece were refundable. Looks like I may have a german vacation coming up…
Well if their currency tanks, at least Ouzo will be a bargain.:eek:
There is no bargain, including free or even being paid to drink it, that would make that worthwhile ;).
Greek banks will be closed on Monday to prevent runs. Default may occur on Tuesday, although a last-minute deal is always possible.
Check out the ATM lines in Greece. I believe most ATMs are empty now.
So:
If you’re going to Greece, stock up in euros before you go there.
If you’re in Greece, either use your credit card or offer other hard currencies (e.g., US dollars or sterling) if you’re running short on euros.
In either case, take extra precautions against pickpockets, since they are likely to be out in greater numbers.
But if the banks are closed, who will service merchant credit card accounts?
I’d definitely stay out at this point, even if there is some sort of last minute deal (which looks unlikely to me, since I don’t know if one would be politically acceptable to either side). This looks to me to be an excellent time to vacation in Germany (I always liked Neuschwanstein in Bavaria, to be honest)…
If there is a default and Greece starts paying vital services with IOUs, then a lot of the problems Argentina faced are going to start cropping up as well. Even private hospitals are going to have trouble getting supplies, and forget about going to a public hospital even if you’ve got insurance. There isn’t going to be a breakdown of law and order overnight, but eventually the police won’t be able to buy gas for their cars even if they stay on the job after not getting paid with hard currency for weeks on end- they might start extorting bribes just to feed their families. Riots were happening even before this point, they’ll definitely increase in size and potential for serious damage, especially if food distribution gets mucked up or stores won’t take IOUs or Drachmas, which could cause food riots.
I really hope Syriza has been planning this months in advance and using the ECB funding to prepare for the worst, but even then it’s going to be a bumpy ride.
They also limited ATM withdrawals to the equivalent of $65/day for at least a week.
PLANNING?? This is Greece we are discussing. The main planning that most officials will be doing is on how to get their capital safely out of the country or what to buy that will still have value if the worst happens. Polls suggest that the referendum will bring a No vote. What will happen then is anyone’s guess.
The above advice to carry currency (safely) is fine. If you are going to an island, it will pretty much be business as usual, although there are rumours of price hikes to tourists. In Athens, the tourist places are operating normally. Don’t be put off, the ordinary Greeks want and depend on your business.
And merchants are not taking credit cards according to report on this morning’s news. They might make an exception for foreign credit cards. But I wouldn’t go to Greece without a lot of dollars or Euros. Swiss Francs should be good too.