Citizens Scramble to Get Their Money out of Banks Before Greece’s Looming Bankruptcy

Jun 30, 2015 | Bankruptcy

Have you ever gone to the ATM only to find out it was empty? Have you ever taken a trip to the bank only to find out it’s closed for the entire week?

Unless you have some cash hidden away in your mattress, how are you supposed to pay bills when your precious money is trapped in the bank? Even worse, what would you do if the money you can’t access suddenly disappears?

This is a very real scenario. It’s what the people of Greece are facing this week.

Current Currency

The worsening debt crisis in Greece is coming to a head. The newly-elected Greek government is refusing to take any more bailout money. Bills for previous bailouts and government payroll are both due this week. But Greece has no money to pay unless it accepts help in the form of a bailout.

So what happens to Greece if it does not take the bailout? Essentially, Greece will go bankrupt, it will no longer be a part of the Eurozone, and it will likely be forced to use a currency other than the euro.

Take the Money and Run

This is why Greeks are trying to get their money out of the banks. But it’s easier said than done. In order to prevent a massive run on their accounts, Greece has declared a one week bank holiday. They have also limited cash withdrawals to 60 Euros per day.

But it has been reported that 6 out of 10 ATMs have no cash to begin with. So only the fortunate few even have access to the 60 Euros allowed by the ATMs.

It’s no wonder Greek riot police are gearing up for civil unrest. One way to ensure an angry populace is to separate them from their money. What person wouldn’t worry about paying his bills or even buying food when his money is trapped in the bank?

The 300

Greece has shown itself to be a resilient nation throughout its history. It has eventually come out on top of every conflict it has faced, from the dawn of democracy until now – much to the chagrin of its foes. So it’s likely Greece will eventually land on its feet, but let’s hope for a peaceful resolution.

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