The Greeks have figured out the hard way in one week that you need cash to run an economy. Despite a big win for the left-wing Syriza government and Prime Minister Alexis Tsipras just last Sunday, the harsh reality of socialism needing other people’s money has the Greek people bankless and cashless.
Faced with extreme uncertainty, the economy here has gone topsy-turvy. Greeks are limited to ATM withdrawals of 60 euros — about $66 — a day. But they can use their bank debit cards to spend more, up to their daily limit, at stores that accept them. Some Greeks fear that the money in their accounts could be seized and devalued into a new currency if no deal is reached with Europe, so they are rushing to spend what’s there. That means a buying spree of big-ticket, imported items such as washing machines, computers, even Chanel bags.
But Greeks are largely forgoing more run-of-the-mill purchases — leaving stores such as Paul Papanikolaou’s bedding shop in central Athens battling sales drops of 90 percent since the capital controls hit. Just as well, because without the ability to make international bank transfers, he said, he is unable to bring in fresh stocks of sheets and towels from his suppliers in China and Pakistan.
“Everyone is trying to figure out how long they can last under these conditions,” he said. “It depends on when banks really open fully again. A week? Two weeks? Without some kind of normal system, some businesses won’t last a month.”
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