What currency in Greece?

From the Telegraph in London, they have just posted this headline: "Greek banks down to €500m in cash reserves as economy crashes" on the story by their correspondent in Athens.

Among the story highlights: "Greece is sliding into a full-blown national crisis as the final cash reserves of the banking system evaporate by the hour and swathes of industry start to shut down. Business leaders have been locked in talks with the Bank of Greece, pleading for the immediate release of emergency liquidity funds to cover food imports and pharmaceutical goods before the tourist sector hits a brick wall. Officials say the central bank will release the funds as soon as Friday, but this is a stop-gap measure at best. 'We are on a war footing in this country,' said Yanis Varoufakis, the Greek finance minister. The daily allowance of cash from many ATM machines has already dropped from €60 to €50, purportedly because €20 notes are running out. Large numbers are empty. The financial contagion is spreading fast as petrol stations and small businesses stop accepting credit cards."

Let hope that things are not as challenging as reflected in this story. With the election on Sunday, we will see how that affects these developments and impacts cruise ship visitors for next week. Look forward to hearing any more details and/or updates from Nick in Athens. Many other interesting details and aspects are reflected in this lengthy report by their reporter.

Full story at:

http://www.telegraph.co.uk/finance/economics/11714655/Greek-banks-down-to-500m-in-cash-reserves-as-economy-crashes.html

THANKS! Enjoy! Terry in Ohio

Enjoyed a 14-day, Jan. 20-Feb. 3, 2014, Sydney to Auckland adventure, getting a big sampling for the wonders of "down under” before and after this cruise. Go to:

http://boards.cruisecritic.com/showthread.php?t=1974139

for more info and many pictures of these amazing sights in this great part of the world. Now at 110,427 views for this posting.

A lot of exaggeration i am afraid :(

I also posted similar material in a thread here in CC and in TA.

No issues at all with fuel, supermarkets and so on. No issues with credit cards too. They are accepted anywhere they were accepted before.

Just got back from supermarket. Despite the hillarious photos in many news sites, i saw no missing products.

Pressure to the system is quite big and supermarkets work as if it's a day before Christmas, but it seems to be working all right. For example, supermarkets are full and people are shopping.

One funny detail. The woman in the cashier told me that people are bying most of all. . . what?

Beers, wines and spirits. . . Doh. . . someone would expect us to purchase in total panic flour and sugar as some news sites implies. . . and we raze the beer and wine department :-)

So. . . yes. . . we may run out of beer. . . That would be a national disaster indeed.

----------------------------------

Many atm's have queues of 5 - 6 people. Nothing that i 'd call abnormal, still request for cash is big and this is where a flaw of Greek economy is coming up. Due to lack of widespread credit card use people are using cash. Many friends of mine, intheir 30's, 40's don't even use web banking.

Result is that they have to visit multiple atm's to get cash, just to deposit in in another account for rent for example. . . when they 'd be able to do it from their living room in less than 2 minutes. The 60 euros per day limitation also would work even better if it was a 420 euros per week thing. Many people will anyway have to use these funds. . . but making them to go multiple times at an atm just adds pressure to the system.

So

For locals some problems, mainly have to do with logistics and how to circulate money. It directly affects those unfamiliar with web banking and so on.

For travellers no issues.

No issues with fuel or supermarkets.

Atm's have some queues but nothing i 'd call abnormal. I see similar queues in most European cities.

-------------------------

A huge problem observed is evolving in relation with journalists. . . A lot of exaggeration and sensationalism from all sides, even Greek channels. Now, we are receiving extreme pressure from all sides to vote "yes" or "no". . . news stations just play the same and same thing. . . "supermarkets will empty", "civil disobedience will erupt" and walking in Plaka in Athens yesterday night with friends we were thinking if we are playing in a movie.

Real conditions is what matters and what many news channels transmit is not the real conditions.

I had friends calliong me from Crete. . . that's just 4o minutes on the plane. . . totally panicked if i need food. . . and that's the same country. . . i imagine misinformation is quite bigger abroad. . .

A lot of exaggeration i am afraid :(

 

I also posted similar material in a thread here in CC and in TA.

 

No issues at all with fuel, supermarkets and so on. No issues with credit cards too. They are accepted anywhere they were accepted before.

 

Thank you for the continued updates Nick! Our ship in a couple weeks only has one stop in Greece (Mykonos; Athens was canceled months ago for whatever reason) and we are not worried in the least. Hopefully your continued reports of the reality of it all will give others more confidence about their pending visits. :)

A huge problem observed is evolving in relation with journalists. . . A lot of exaggeration and sensationalism from all sides, even Greek channels. Now, we are receiving extreme pressure from all sides to vote "yes" or "no". . . news stations just play the same and same thing. . . "supermarkets will empty", "civil disobedience will erupt" and walking in Plaka in Athens yesterday night with friends we were thinking if we are playing in a movie.

Appreciate from Nick these added details and this background information. Yes, media "spin" can happen. Funny on the priority for people stocking up on their beer, wine and alcohol, etc. Going back to the old, old days, those beverages were a source and way to store nutrition, etc. It shows a little on people's "priorities" and what they value. Interesting!!

It seems that Sunday's vote will be a biggie. BUT, I doubt that it will be all over just by that vote. Lots of "twists and turns" still to come.

From our Central Ohio newspaper, the Columbus Dispatch , they have this headline on a story from two days ago: "Economic uncertainty affects tourism in Greece". These details are from the perspective for how travel agents are seeing and dealing with these challenges and questions in Greece.

Here are a few of the story highlights: "Greece, a country of great beauty and incredible historical wealth, has always been a popular tourist destination. But the financial turmoil hasn’t spared the huge tourism industry. Marty Adler of Bexley Travel said his clients have been avoiding Greece. 'People could see this coming,' he said. 'Because of the ongoing situation, there hasn’t been a lot of interest in the Greek market' for tourists, he said. Tourism makes up a huge chunk — about 16 percent — of the Greek economy. Some 657,000 Greeks are employed in the tourism industry and about 22 million people visited the country in 2014. Astro Tours in Columbus specializes in travel to Greece. Owner Fay Tzemos, who was born in Greece, currently has several customers in the country, she said. 'I’ve contacted my clients there, and they all say it’s very peaceful. They’ve had no problem getting money from the ATMs. And on the (Greek) islands, it’s hard to tell anything unusual is going on. There are hundreds of thousands of tourists in Greece right now, and none has had to return' because of the financial crises, she said. The uncertainty has caused Tzemos to postpone a group tour that was scheduled to leave for Greece soon. 'Traveling individually and as a group is different,' she said. 'Individually, you can modify your itinerary much easier.' Tzemos said she also has been advising clients to take extra cash."

Interesting background from travel agents here that seems to tie-in somewhat with Nick's comments/observations from Athens. From a Central Ohio travel agent, this was their summary: “In a lot of ways, Greece is a great bargain now.”

Full story at:

http://www.dispatch.com/content/stories/local/2015/07/01/uncertainty-affects-tourism.html

THANKS! Enjoy! Terry in Ohio

Did a June 7-19, 2011, cruise from Barcelona that had stops in Villefranche, ports near Pisa and Rome, Naples, Kotor, Venice and Dubrovnik. Dozens of nice visuals with key highlights, tips, comments, etc. We are now at 201,254 views for this live/blog re-cap, including much on wonderful Barcelona. Check these postings and added info at:

http://www.boards.cruisecritic.com/showthread.php?t=1426474

From the Telegraph in London, they have just posted this headline: "Greek banks down to €500m in cash reserves as economy crashes" on the story by their correspondent in Athens.

 

 

 

Among the story highlights: "Greece is sliding into a full-blown national crisis as the final cash reserves of the banking system evaporate by the hour and swathes of industry start to shut down. Business leaders have been locked in talks with the Bank of Greece, pleading for the immediate release of emergency liquidity funds to cover food imports and pharmaceutical goods before the tourist sector hits a brick wall. Officials say the central bank will release the funds as soon as Friday, but this is a stop-gap measure at best. 'We are on a war footing in this country,' said Yanis Varoufakis, the Greek finance minister. The daily allowance of cash from many ATM machines has already dropped from €60 to €50, purportedly because €20 notes are running out. Large numbers are empty. The financial contagion is spreading fast as petrol stations and small businesses stop accepting credit cards."

 

 

 

Let hope that things are not as challenging as reflected in this story. With the election on Sunday, we will see how that affects these developments and impacts cruise ship visitors for next week. Look forward to hearing any more details and/or updates from Nick in Athens. Many other interesting details and aspects are reflected in this lengthy report by their reporter.

 

 

 

Full story at:

 

http://www.telegraph.co.uk/finance/economics/11714655/Greek-banks-down-to-500m-in-cash-reserves-as-economy-crashes.html

 

 

 

THANKS! Enjoy! Terry in Ohio

 

 

 

Enjoyed a 14-day, Jan. 20-Feb. 3, 2014, Sydney to Auckland adventure, getting a big sampling for the wonders of "down under” before and after this cruise. Go to:

 

http://boards.cruisecritic.com/showthread.php?t=1974139

 

for more info and many pictures of these amazing sights in this great part of the world. Now at 110,427 views for this posting.

Terry I read the entire article and no where in the article does it state tourists should not go to Greece. It does reiterate the fact to bring cash, which by now everyone is aware. I am not naive and I realize that the Greek crisis has huge worldwide ramifications but this thread on CC is not the place to discuss broader issues.

The Greek crisis does indeed affect the whole World. I just read an article by the Associated Press about a Greek couple visiting the U.S. Their Greek issued credit cards were blocked, they were in total disarray without much cash. A couple of Greek Orthodox organizations did help them out with some cash until their flight home on Friday.

But it isn't only folks visiting Greece that have been affected.

Terry I read the entire article and no where in the article does it state tourists should not go to Greece. It does reiterate the fact to bring cash, which by now everyone is aware. I am not naive and I realize that the Greek crisis has huge worldwide ramifications but this thread on CC is not the place to discuss broader issues.

agabbymama: The Greek crisis does indeed affect the whole World. I just read an article by the Associated Press about a Greek couple visiting the U.S. Their Greek issued credit cards were blocked' date=' they were in total disarray without much cash. A couple of Greek Orthodox organizations did help them out with some cash until their flight home on Friday. But [b']it isn't only folks visiting Greece that have been affected[/b].

Appreciate the varied comments and opinions from the above two posts. BUT, now some "facts"!! In just the month of July and only for the port of Athens, there are 37 cruise ships scheduled for visits per http://www.cruisecal.com. Need the names of these to ships to total up the numbers for the thousands of passengers and crew scheduled? That data does not count the months of August, September, etc., nor any of the many other varied cities and islands in the other parts of this nation.

Not sure what is meant for these "broader issues" that must not be discussed here, but these are real questions and concerns both for those on cruise ships, plus people in that country. As I have noted, personally we loved most all of what we saw and experienced with Greece, its people, their amazing culture and history, etc. We hope to visit there more in the future.

THANKS! Enjoy! Terry in Ohio

For details and visuals, etc., from our July 1-16, 2010, Norway Coast/Fjords/Arctic Circle cruise experience from Copenhagen on the Silver Cloud, check out this posting. This posting is now at 180,531 views.

http://www.boards.cruisecritic.com/showthread.php?t=1227923

More potential trouble for travelers should know about:

http://www.telegraph.co.uk/news/worldnews/europe/greece/11715294/Food-and-medicine-shortages-for-British-tourists-in-Greece-within-days.html

British holidaymakers in greece will be unable to buy food or medicine within days if a deal is not reached to reopen the banks, the head of a leading business body has warned.

 

Constantine Michalos, president of Athens Chamber of Commerce, said there could be “shortages on the shelves” by early next week and tourists could be left without “basics”.

http://www.theguardian.com/world/2015/jul/03/greece-economy-collapse-close-food-medicine-shortage

 

“We have shortages,” said Mary Papadopoulou, who runs a pharmacy in the picturesque district of Plaka beneath the ancient Acropolis. “We’ve run out of thyroxine [thyroid treatment] and unless things change dramatically we’ll be having a lot more shortages next week.”

 

 

Greek islands, where thousands of holidaymakers headed this week, have also been hit, with popular Cycladic destinations such as Mykonos and Santorini reporting shortages of basic foodstuffs. More than half of Greece’s food supplies – and the vast majority of pharmaceuticals – are imported, but with bank transfers now banned, companies are unable to pay suppliers.

It doesn't seem like its a real issue yet and the capital controls are supposed to be lifted in the next few days. But, that's assuming the capital controls are lifted right away, which I'm pretty skeptical about.

If those capital controls are extended, then this can become serious soon enough as supplies run out and the Greeks cannot pay their foreign suppliers with the current capital controls in place that prohibit money from leaving Greece.

The only hope is that Greeks have been hoarding supplies in anticipation of such an event or the Greek companies have money stored in foreign banks.

I would be very hesitant to receive as true many of the reports from even Greek sources. Each one is pressing things for his own pocket or political side right now. . .

Regarding medicine shortages. I srsly doubt this is real. Medicine shortages are sometimes observed but this is the case five years now from the time all this "restructure Greek economy" thing started ( lol. . . i guess by restructure they mean "chop off feet first so the patient can stand" ).

Some of it has to do with how medicines are paid for. . . some with poor supply chain that's stuck in the 60's. Basically what happens is that you may have to wait for a couple of hours till you get what you wan. Keep in mind that Greek market desperately needs a lot of reforms. . . for example the same pharmacists complaining right now for medicine shortages fiercely object to online pharmacies.

In other words you cannot get in the web and make a simple search like "yyy medicine in pharmacy in Athens" and find an online place that will get you what yopu want next day in your front door. . . an online pharmacy will have to get all payments through credit card which will create a paper trail of the transaction, which will ensure the payment will be taxed. . . i think you understand where i am getting this.

The article says "food shortages may appear" and is as reliable as "an asteroid may hit NYC downtown in the next 5 minutes". . . and the pity is they don't lie. . . "may" is a very relative thing.

What would matter right now is how real on-ground conditions are. And even if they do have a lot of difficulties for locals, i see no impact right now on travellers schedules. No industrial action, no airport or seaports issues, no issues in fuel or food or medicines trade. . .

And. . . pllzz. . . food shortages in Mykonos. . . lol. . . the only reason for there for problems to start is if champagne supplies end. . . doh. . . so stupid. . . i guess though that a title with "Santorini and Mykonos have no food" on . . . sells. . .

A title of "this small mountanous village in Northern Greece has no teachers" does not sell. Indeed. . .

Re: capital controls. . . they are here to stay. . . judging from Cyprus's precedent, i 'd expect at least two years.

What we desperately need though is for banks to re-open even if capital controls stay.

Capital controls means you can't go in the bank, request all your money and take them to another bank in another country ( that's just an example ). . . and even if it's shocking, my opinion is that it is a preventive measure. A bank with capital controls is better from a bank that collapses :)

Nevertheless, capital controls or not. . . things will have to go back to somehow normal fast indeed and i agree with the essence of what you write :)

Banks will have to open for a number of practical reasons and financial reasons. My understanding though is that capital controls will have to remain there for some time. They do no other thing than prevent a bank collapse.

Whether they are succesful at the end, only time will show. Currently, as far as i know we have to examples. . . one of Argentina that went awful in financial terms and one of Cyprus that went pretty well.

What matters to travellers and especially cruise ship travellers is that beyond the sour reality in Greek banking system, things work pretty normal for a traveller. I doubt you 'll relaise an issues is going on if you did not read the papers and were strolling in a Greek island, a nice mainland town or even central Athens.

Good Luck and God Bless to the people of Greece. I have to say I watched this carefully and omg what politics and propaganda involved. I am glad I don't have to make a decision. Please know that Americans are hoping for nothing but the best for the Greece people. New Yorkers especially know dozens of folks whose mom and pop came over from Greece.

Thanks to Nick and Terry and others for posting the latest news and on the ground info. It's one of those times when you really feel that history is unfolding right in front of your eyes.... And while it's probably nearly impossible to get a high-level overview of the day-to-day situation and impact on tourists, I think Nick's really done a great service in helping folks sort out fact from hyperbole.

Good Luck and God Bless to the people of Greece. I have to say I watched this carefully and omg what politics and propaganda involved. I am glad I don't have to make a decision. Please know that Americans are hoping for nothing but the best for the Greece people. New Yorkers especially know dozens of folks whose mom and pop came over from Greece.

cruisemom42: Thanks to Nick and Terry and others for posting the latest news and on the ground info. It's one of those times when you really feel that history is unfolding right in front of your eyes.... And while it's probably nearly impossible to get a high-level overview of the day-to-day situation and impact on tourists' date=' I think Nick's really done a great service in helping folks sort out fact from hyperbole. [/quote']

 

Appreciate these above follow-up comments. For Got2Cruise, Nick and others, the key question is about what is "BEST" for Greece and Europe? That one is hard to judge and decide!! Right or wrong?? Neither choice is easy, perfect and/or a guaranteed on a path for the future. Am I missing something that would be clearer and simpler? What's Nick's view for the best choice and/or his prediction for what happens today and next week?

 

From the New York Times and Wall Street Journal, they both did pieces about the "demographic differences" between key voter groups in Greece. Then, there is the question about . . . "voter turn-out". Do Greeks vote where they live now or where they were born? Can Nick help on that important little "detail"? Because this election has happened so quick, there have been limited details from such scientific polling source of information. Polls are not always perfect, but they can reflect for voter intensity, who will show up to vote, etc. Major questions for how the views of those younger versus older, retired versus working, richer versus poorer, etc., will shape the election results.

 

From the NY Times this morning within the past hour, they have this headline: "Confusion Remains as Voting Begins in Greek Referendum" with these highlights: "Greek voters — angry, tired and scared — went to the polls on a high stakes referendum, which could redefine the country’s place in Europe and shake the Continent’s financial stability. The poll comes after a week in which voters were barraged with ads that warned that if they did not vote yes, they would soon be without medicine and gasoline. Yet it was hard for many Greeks to know exactly what they were voting on. The ballot actually asks them only to say yes or no to the terms of a deal with Greece’s creditors, which is no longer even on the table. Advertisements from both sides predict disaster if Greeks make the wrong choice on Sunday. Prime Minister Alexis Tsipras of Greece has told them that rejecting the deal will give him more power to negotiate and urged them to do so. But European and opposition leaders have tried to frame the vote as a yes or no to staying in the eurozone and avoiding economic collapse."

 

Full story at:

http://www.nytimes.com/2015/07/06/world/europe/greek-referendum-debt-crisis-vote.html?hp&action=click&pgtype=Homepage&module=first-column-region&region=top-news&WT.nav=top-news

 

THANKS! Enjoy! Terry in Ohio

 

From our Jan. 25-Feb. 20, 2015, Amazon River-Caribbean combo sailing over 26 days that started in Barbados, here is the link below to that live/blog. Lots of great visuals from this amazing Brazil river and these various Caribbean Islands (Dutch ABC's, St. Barts, Dominica, Grenada, etc.) that we experienced. Check it out at:

http://www.boards.cruisecritic.com/showthread.php?t=2157696

Now at 24,892 views for these postings.

Terry, I must admit I am puzzled by the question and the article you cite. You ask what is best for Greece AND Europe. All might require different outcomes for what is in their best interests. May I suggest the question is what is better for Greece OR Europe OR Eurozone members. What is good for Greece is almost certainly not good for The Eurozone and conversely what is good for the zone may or almost certainly isn't good for Greece. And there is also the difference for what is good for the zone which citizens have basically concluded in all recent polls has failed - with individual members. In other words preserving the EU may not be best for it's members. All of the stuff you cite about voter demographics to me - respectfully - is totally irrelevant and trivial to the issues at hand and all totally miss the mark by a very large degree. Or perhaps you might be right to ask whether my version is wrong instead which is a perfectly viable reaction. The outcome of the vote is almost totally irrelevant to the Greek people. Jeff

On another CC Board, I got back Jeff's thoughtful and detailed follow-up. Agree and disagree on various points. Agree 100% that the "interests" for Greece and Europe are not aligned. They are, in fact, almost at opposite ends. I was being somewhat "polite" in my question. Clearly there are major clashes in this situation. No winners. Sad!! BUT, there is no point on this nice, perfect weather morning in Central Ohio to do too much about these various "Economics 101" causes to this mess in Greece and for certain other parts of Europe.

Yes, there are "the wider world geopolitical significance of this for us all." This includes the potential that Russia will try to jump in and "help" the Greeks to disrupt certain NATO, etc., unity. Very complicated!!!

My point on voting and demographics there is based in part on the divisions among Greeks for viewing this situation and its potential solutions. From the Wall Street Journal today, they have this headline: "Greeks Vote in Historic, and Divisive, Referendum" with this important (to me) highlight: "The referendum appears to have split Greece along lines of age, affluence and ideology. The young, many pensioners, the poor and those with pronounced left-wing or nationalist right-wing views are leaning toward a 'no.' Middle-class, middle-aged and politically centrist voters are more likely to vote 'yes' to protect Greece’s place in the eurozone."

Here is another key highlight from this WSJ analysis: "Workers for the well-organized 'no' campaign had a more dominant presence in inner-city areas such as Dafni on Sunday. Their posters easily outnumbered those for 'yes.' Flyers have depicted a stern-faced German Finance Minister Wolfgang Schäuble—whom many Greeks see as the force behind their suffering—and the word OXI,' or 'NO.' The first exit polls are due after voting ends at 7 p.m. Greek time."

Those who have enjoyed and love Greece will be watching with interest and best wishes for those cruising and visiting this lovely country in the upcoming weeks.

Full story at:

http://www.wsj.com/articles/greeks-vote-in-historic-referendum-1436095669

THANKS! Enjoy! Terry in Ohio

Enjoyed a 14-day, Jan. 20-Feb. 3, 2014, Sydney to Auckland adventure, getting a big sampling for the wonders of "down under” before and after this cruise. Go to:

http://boards.cruisecritic.com/showthread.php?t=1974139

for more info and many pictures of these amazing sights in this great part of the world. Now at 110,603 views for this posting.

Hi Terry. Glad I found the thread. You ask a very good question. I think most of us want the best for the Greek people. But does the average person, no matter what nationality have all the knowledge necessary to make an informed decision that will affect them for years to come? And to decide in a week?

Appreciate the follow-up on another CC Board from this Long Island resident. Agree 100% that only one-week for a quick election over a very complicated issue is far too short. Or, there is the question for whether this election was the best way by the Greek PM to play out his "hand" in negotiating with the other Europe nations??? Given the extreme "polarization" existing within Greece and Europe, I am not confident that two weeks, a full month or even two months would have made the various sides more honest and thoughtful. This has been a long, complicated "battle" over who pays, past debts, future economic directions, etc. Right now on this cruising board, I will not get into certain of my personal opinions about "Economics 101" in Europe.

THANKS! Enjoy! Terry in Ohio

Wonderful Kotor and nearby Montenegro? Check these postings. Have had over 24,051 views on this posting and appreciate those who have tuned-in and commented.:

http://boards.cruisecritic.com/showthread.php?t=1439193

Hi Terry. Glad I found the thread. You ask a very good question. I think most of us want the best for the Greek people. But does the average person, no matter what nationality have all the knowledge necessary to make an informed decision that will affect them for years to come? And to decide in a week?

Appreciate the follow-up on another CC Board from this Long Island resident. Agree 100% that only one-week for a quick election over a very complicated issue is far too short. Or, there is the question for whether this election was the best way by the Greek PM to play out his "hand" in negotiating with the other Europe nations??? Given the extreme "polarization" existing within Greece and Europe, I am not confident that two weeks, a full month or even two months would have made the various sides more honest and thoughtful. This has been a long, complicated "battle" over who pays, past debts, future economic directions, etc. Right now on this cruising board, I will not get into certain of my personal opinions about "Economics 101" in Europe.

THANKS! Enjoy! Terry in Ohio

Wonderful Kotor and nearby Montenegro? Check these postings. Have had over 24,051 views on this posting and appreciate those who have tuned-in and commented.:

http://boards.cruisecritic.com/showthread.php?t=1439193

I will be sailing to various ports in Greece in 5 weeks, so I want to thank Nick for his "on the ground" reports of what is really happening. I hope he continues to keep us updated on the changes to come.

I do have one question. How long will Greece accept Euros for payment of goods and services?

 

The article says "food shortages may appear" and is as reliable as "an asteroid may hit NYC downtown in the next 5 minutes". . . and the pity is they don't lie. . . "may" is a very relative thing.

 

What would matter right now is how real on-ground conditions are.

Please correct me if I'm wrong, but I took the 'food shortages may appear' to mean that whether or not shortages would occur would depend on the results of the referendum.

With this 'no vote', I expect shortages to be more or less inevitable unless something drastically changes. The question is when will it start, how bad will it be, and for how long will it last?

http://www.economist.com/blogs/freeexchange/2015/07/greeces-economy-under-capital-controls

But since capital control imposed last Sunday brought the country’s banking system to a sudden halt, some suppliers have stopped delivering key medication because they cannot get paid. Foreign bank transfers have been banned by the Greek government (with some complicated exceptions which in no way suffice) and Greek credit is no longer accepted outside the country (as stranded Greek tourists found this week when their credit cards stopped working). As things stand, she has another week’s worth of insulin in stock for diabetics but will then have to start turning her patients away. “Do you know what that means?” she asks, trying to keep a proud face, “Do you know what insulin does?”

 

And although all local intermediary dealers have some financing problems with their “mothership” suppliers abroad, some multinationals are apparently much harsher than others in insisting on upfront payment. More than one medical professional mentions certain providers of oncological drug treatments as particularly cold-hearted. For hospitals that rely on such supplies, shortages are expected within weeks, not months.

 

Food shortages are a looming threat too, and not simply on supermarket shelves. The Greek Association of Fodder Industries has warned there could be animal feed shortages within days because farmers (like many Greek businesses) rely on imports from abroad. If animals don’t get fed, this would have a knock-on on the production of basic agricultural products such as eggs, cheese, meat and fish within weeks. And it’s not just raw materials that are at risk. Greece also imports over half of its food but the current banking limits means that such supply chains are cut off.

If Greece imports all this food and medicine but can't pay their suppliers outside Greece with these controls in place, then I can't see how there won't be any disruptions to its supply chain.

At best, Greece might be able to minimize this disruption from a patchwork of the government giving special permission lifting capital controls for food or medication, some suppliers willing to forgo payment, etc..

But, it'll be unavoidable when Greece switches its currency from the Euro to the Drachma. Even those who argue that the switch will be better for Greece in the long term acknowledge that the transition will be rough and traumatic with hyperinflation and the Drachma plummeting in value.

People will rush out to buy what they can before their money drops further in value.

Given the extreme "polarization" existing within Greece and Europe, I am not confident that two weeks, a full month or even two months would have made the various sides more honest and thoughtful. This has been a long, complicated "battle" over who pays, past debts, future economic directions, etc.

There ist only one, but very big disaccord, pushed on by the Greek government, which is important to understand for everybody going to Greece the next weeks:

The Greek government promoted this referendum by the slogan, that Europe has not to dictate the Greeks what to do. In fact, this is 100% right, BUT: Europe don't want to dictate the Greek what to do and Europe never did that!!! Europe just determined conditions for giving hundrets of Billions of Euros to Greece, a amount not due to the Greece, but a volentary aid-program, which have to be paid by the European taxpayers.

This board is the wrong place to discuss if such a aid program is helpfull to whole Europe and not only to Greece and if Europe should do that or not, but to understand all that will happen the next time, you have to understand that Greece wants money from the other European countrys, not due to them by any contracts, and the other European countrys want to determine the conditions for giving this money to Greece.

These are the facts and if you want a credit from your bank, you can try to negotiate the conditions with them, maybe you should even do that, but you can't simply defeat their conditions, dictate them your own and simultaneously insist on getting the money.

This evolvet to a very big problem by the referendum! If Tsipras now would accept the "very last offer" from the other European governments for getting further Billions of Euros from the other European taxpayers, he would make an exhibition of himself to all the Greeks. If the European heads of states and parliaments would give further Bllions of Euros from their taxpayers to Tsipras, although he defeats the conditions of their "very last offer", they would make an exhibition of themselfes not only to all of their voters, but to all other governments of the whole world.

In addition there are a lot of countrys in Europe with a much lower standard of life than Greece and it would be a very high risk, that they will do the same as Greece instead of paying to Greece!

 

I do have one question. How long will Greece accept Euros for payment of goods and services?

Impossible to answer. Any answer given is just speculation at this point.

if you want a credit from your bank, you can try to negotiate the conditions with them, maybe you should even do that, but you can't simply defeat their conditions, dictate them your own and simultaneously insist on getting the money.

Impossible to answer. Any answer given is just speculation at this point.

Appreciate the wise, practical realities expressed above by German Giant. Clearly we will not get into all of the "politics" here, but I am glad not to have a Greece trip schedule by cruise ship and/or land during the next couple of months.

Agree with Meg on it being impossible to speculate right now for how long the supply of euros will last in Greece.

Among the headlines this morning from the Wall Street Journal:

Greek Finance Minister Resigns

Conditions Not Right for New Negotiations, Germany Says

Euro, European Stocks Fall

Oil, Commodities Drop

Hong Kong Shares Tumble

This is like a "killer's row" of less-than-ideal news and economic directions. Clearly things are not going to be "solved" this week. From Reuters: "The German government signalled a tough line towards Greece on Monday, saying it saw no basis for new bailout negotiations and insisting it was up to Athens to move swiftly if it wanted to preserve its place in the euro zone."

From the New York Times this morning, they have this headline on their analysis: "With Greek ‘No’ Vote, Tsipras Wins a Victory That Could Carry a Steep Price" with these highlights: "Now comes the hard part. PM Alexis Tsipras may have won a victory as the Greek people dealt a resounding 'no' to European austerity policies. But Greece risks paying a high price. While the vote sharply consolidated Tsipras’s popularity, that could fade quickly if he leads the country deeper into bankruptcy and financial chaos, creating a new round of instability with consequences for Greece and the broader European project."

Full story at:

http://www.nytimes.com/2015/07/06/world/europe/with-no-greek-vote-tsipras-wins-a-victory-that-could-carry-a-steep-price.html?hp&action=click&pgtype=Homepage&module=a-lede-package-region&region=top-news&WT.nav=top-news&_r=0

Look forward, sadly, during the next month or two to hearing added on-the-ground reports from Nick and others as conditions evolve in Greece.

THANKS! Enjoy! Terry in Ohio

For details and visuals, etc., from our July 1-16, 2010, Norway Coast/Fjords/Arctic Circle cruise experience from Copenhagen on the Silver Cloud, check out this posting. This posting is now at 180,701 views.

http://www.boards.cruisecritic.com/showthread.php?t=1227923

I just love reading the dribble from people who quote from newspapers some of which lean left and some of which lean right, and none of which have any idea what is going on in Greece.

Shame on everyone who posts links to newspaper articles. We can all read and decide which to believe, and which to ignore.

I am sorely disappointed that I do not have a trip to Greece planned this summer. The economy needs all the help it can get and staying away does nothing to help. Personally I would avoid visiting Germany before I would avoid Greece.

We depart the U.S. next Monday for almost a three week Greek islands and Turkey cruise. We have cash, credit cards, cruise docs, pre-paid Athens hotel, plenty of plans and expectations for a wonderful trip.

Personally I would avoid visiting Germany before I would avoid Greece.

Even tough your statement makes absolutely no sense by using the phrase "avoid visiting" (what would you fear of visiting Germany?), I would agree insofar, as Germany depends not on the tourism and needs no external money, Greece do!

I just love reading the dribble from people who quote from newspapers some of which lean left and some of which lean right, and none of which have any idea what is going on in Greece. Shame on everyone who posts links to newspaper articles. We can all read and decide which to believe, and which to ignore.

WOW!! I am surprised to learn that reading and researching to find out more is so terrible. Clearly, you can find a variety of extreme opinions and web posts out there. BUT, there are also fairly solid news sources from major newspapers that have their correspondents in major cities around the world. Not all of those are 100% correct, but it helps to read and share from a variety of sources.

We can all believe and ignore what we decide is of value. BUT, why attack those who might not have the same viewpoints as you?

THANKS! Enjoy! Terry in Ohio

Did a June 7-19, 2011, cruise from Barcelona that had stops in Villefranche, ports near Pisa and Rome, Naples, Kotor, Venice and Dubrovnik. Dozens of nice visuals with key highlights, tips, comments, etc. We are now at 201,430 views for this live/blog re-cap, including much on wonderful Barcelona. Check these postings and added info at:

http://www.boards.cruisecritic.com/showthread.php?t=1426474