Home / News / Economy / UPD Greece extends Bank Holiday to 13/7/15; Banknotes in ATMs “sufficient until Monday night”

UPD Greece extends Bank Holiday to 13/7/15; Banknotes in ATMs “sufficient until Monday night”

Greek Finance Ministry announced on 8. July that banks will remain closed until at least midnight on 13 July 2015, that is one day after the EU Summit on Sunday. The Finance Ministry further announced that

 

* Daily withdrawal from ATM remains at €60.

*Pensioners without credit or debit card will be allowed to withdraw another €120 this week.

*Jobless are allowed to withdraw also €120 in unemployment allowance (monthly 360 euro).

For holders of credit/debit cards issued by foreign banks see here.

Concerning pensions issued abroad and in other currency than euro , the FinMIn decision notes:

“The conversion, at the request of the beneficiary, of the pension amount paid in foreign currency by insurance abroad into Euro, the transfer of this amount in another existing savings account of the same holder and withdrawal of up to one hundred twenty (120) euros.” [I hope it makes sense to you, especially Britons living in GR]

Acording to two Greek media (here and here) * The amount of cash allowed to be taken abroad by Greek citizens is limited to €1,000 per person – but I don’t see this claim on the FinMin’s decision here.

UPDATE: GBU Luka Katseli told Thursday morning to STAR TV that there is no limit of €1,000 to be taken abroad in cash and that the same limit of €10,000 as before is valid. “There was a proposal for this, but the Bank of Greece needed a separate ministerial degree for this and there was no time.”

If it is true, theoretically tourists, expats are exempted . Please, check out.

Greek Bank Union President Louka Katseli told state ERT TV, that “money at the ATMs will be sufficient until Monday night” stressing that “banknotes will be available at the ATMS through the week and over the weekend”. She added that the banking sector will gradually return to normality once there is an agreement with Greece’s creditors.

“The banking sector will gradually return to normality and in dependence with the European Central Bank decision.” She assured that “there is no problem with the deposits safety” – as they are quite some rumors that a deposits ‘haircut’ or bail-in could happen.

The Finance Ministry decision was taken late Wednesday after the ECB decided earlier on the same day to not increase ELA for Greek banks.

PS I wonder how much money left Greece since bank holiday & capital controls directly from the mattress —> abroad via airplane, car, donkey, yacht, Cessna, helicopter, horse…

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22 comments

  1. 1. How does one prevent getting involved in a bank holiday or capital controls?
    2. What are good methods to liberating ones assets during a bank holiday or capital controls?

    • (2) I have heard some Greeks buying Bitcoin cryptocurrency from a vendor in Greece. Others buy more expensive products as a value storage (and something that will not be subject to the feared deposit haircut).

      Since purchases of products using debit and credit cards within Greece are not subject to the 60 euro limit, you can “invest” any savings you have in the bank in purchases. Of course, stores might not be happy to accept card payments. They end up increasing the balance of their own bank account, which eventually might be subject to the said haircut.

      • Please be carefull! When you use your credit card you take on a credit. Due to the bank holiday this will not be balanced by your banking account. You might end up with an empty banking account AND credit card debt!

        • That sounds like a good point or “credit” cards, but not debit cards.

          • Well, I guess I don’t really know for sure but the two cards are different animals. Credit cards does create a new financial liability (accounting and loan sense) for the user.

      • Bitcoin was was above $1150 and now is $250 in less than two years.

  2. ‘money at ATM will be sufficient till Monday’
    What does this mean ?
    Are they saying that there will be no more currency because they have run out ?
    The will have to print some more – won’t they
    Or the nation will come to a complete stand still
    Then the government & the banks are in big trouble
    AND
    It will cost big money to print & mint, the reason we have swipe cards is so as to cut down on costs.
    But no one trusts the banks so swipe is out of the question as far as the people & regular business are concerned.
    The opperative words here are –
    NO ONE TRUSTS THE BANKS:
    I would say that THEY ARE UP COW DUNG CREEK WITHOUT A PADDLE
    Of course no one is doing business with the European banks
    How ?
    Imagine the billions lost in business
    A fool will shoot himself in the foot again & again …/?

    • keeptalkinggreece

      ATMs will give out: bread toast & grilled cheese.

      • Not ATMs, but aeroplanes with humanitarian aid.

        • keeptalkinggreece

          yes, dropping packages straight to our heads

        • Giaourti Giaourtaki

          In reality humanitarian aid comes with trucks since years organized by “griechenlandhilfe.at” and “doctors of the world”

          • keeptalkinggreece

            but this will be official by EC + SPD so they will get votes again by ‘voters showing compassion to with human plight”

            • Giaourti Giaourtaki

              The problem will be that SPD has to go underground and build their offices in bunkers as they don’t have enough money to police their offices in public anymore

  3. Giaourti Giaourtaki

    Big takeover by European bank-robbers is planned, one of the “rescue”-conditions will be to not allow to nationalize the Greek banks who run 25% of the Balkans, btw – already two of the big banks are rumoured in Frankfurt/bourses won’t survive.

    • keeptalkinggreece

      who says this? “o not allow to nationalize the Greek banks”

      • Giaourti Giaourtaki

        Do you think it will fit to ESM, constitutions and in the long run CETA and TTIP or even voting of CSU for “communists banks”?

  4. Sweet Angela, would you please sign the write-off?

    Last week was a report from the IMF.
    Yesterday Lagarde told it loud and clear.
    Then the US Treasure.
    Today, Tusk.

    Ireland want the same treatment.

    • So you think she is going to steal 100.000.000.000€ from taxpayers money and give it away as a present to a foreign country?

      What would your democracy decide if Tsipras would think loudly about such a step?

      • Giaourti Giaourtaki

        This theft already happened with bailouts for private debtors – except from the little people, sure – between 2010 and 2015 and lying about it to the voters as “rescue for Greece”

        • And by making the IMF a party to the bail out of German banks, taxpayers outside the EU also carry the burden. Clever, those Germans.

        • You mean the private creditors who already lost 107.000.000.000€ in the last haircut? 😉

          • Giaourti Giaourtaki

            Greek government had to recapitalize Greek banks after this “haircut” with 40-50 billion and the social-security funds lost from this and the cuts 27 billion, Greece has to pay back until 2030 200 billion and of this 150 billion are not debts but interest and Greece already paid back the IMF 40 billion, a whole lotta bucks for a “country that never pays back”