On June 28th 2015, Greek Prime Minister Alexis Tsipras ordered an emergency shut down of the banks because of the failed debt negotiations with the nations creditors. The measures taken increased the confused and uncertain state of crisis which is said to undercut European unity.
Tsipras decided to close the banks,which caused the stock exchange to close and imposed capital controls, when the European Central Bank refused to expand the emergency loan that was supporting Greece's banks for weeks. The bank closure was unforeseen and caused a lot of chaos and confusion, especially for the retired seniors for they could not withdraw their pension from the banks. The average citizen could only withdraw 60 euros approximately 67 US dollars per day. The wrath of the political warfare has overtaken a Greek's everyday life.
We know how this affects the general population of Greece, but how about the tourists? One of Greece's most important sources of income is its tourism and this is why the Prime Minister rushed to console the tourists that the control of withdrawals from the bank doesn't extend to them. Even though the visitors have been assured, Canada has warned them that they should have more than one form of payment and to expect long lines at ATMs. Local hotels say it is too early to gauge if the season is slower than any other year. The beaches that were filled with tourists are now mostly empty and employers have had to leave employees since last year. It seems like Greece won't be able to find a solution.
Tsipras decided to close the banks,which caused the stock exchange to close and imposed capital controls, when the European Central Bank refused to expand the emergency loan that was supporting Greece's banks for weeks. The bank closure was unforeseen and caused a lot of chaos and confusion, especially for the retired seniors for they could not withdraw their pension from the banks. The average citizen could only withdraw 60 euros approximately 67 US dollars per day. The wrath of the political warfare has overtaken a Greek's everyday life.
We know how this affects the general population of Greece, but how about the tourists? One of Greece's most important sources of income is its tourism and this is why the Prime Minister rushed to console the tourists that the control of withdrawals from the bank doesn't extend to them. Even though the visitors have been assured, Canada has warned them that they should have more than one form of payment and to expect long lines at ATMs. Local hotels say it is too early to gauge if the season is slower than any other year. The beaches that were filled with tourists are now mostly empty and employers have had to leave employees since last year. It seems like Greece won't be able to find a solution.