Bank Holiday Costs Greece EUR 3 B So Far

The Greek flag is bound up with a parcel string to illustrate the topic `bailout package` in Kaufbeuren, Germany, 16 July 2015. EPA/BGNES

The bank holiday and capital controls imposed three weeks ago have cost Greece some EUR 3 B, ekathimerini.com reported on Saturday.

The figure doesn’t include the loss of revenue from tourism resulting from a drop in the number of new bookings at the peak of the crisis.

According to estimates by commerce sources, the first three weeks of capital controls have cost retail trade about EUR 600 M.

Estimates by the Panhellenic Exporters Association put the loss of revenue resulting from capital controls at EUR 240 M. Blocked imports have resulted in lost sales of EUR 1.8 B to end customers and producers so far, according to the Greek news outlet.

The Athens Chamber of Commerce and Industry said that about 4,500 cargo containers holding raw materials and finished products are currently blocked at customs with importers unable to carry out any banking transactions.

Commercial transactions worth an estimated EUR 6 B have been frozen due to a backlog of cheques and bills of exchange that cannot be paid.

Banks in Greece are preparing to reopen on Monday, 20 July, after the European Central Bank announced on Thursday it would increase the ceiling of its Emergency Liquidity Assistance for Greek lenders  by EUR 900 M.

The daily limit of EUR 60 for cash withdrawals at ATMs, however, will remain in force.

 

 

 

 

 

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