{"id":89802,"date":"2015-07-18T13:06:26","date_gmt":"2015-07-18T13:06:26","guid":{"rendered":"https:\/\/armbanks.am\/2015\/07\/18\/243252\/"},"modified":"2024-12-15T13:19:09","modified_gmt":"2024-12-15T13:19:09","slug":"three-week-bank-shutdown-in-greek-costs-the-countrys-economy-3-0-billion-euros","status":"publish","type":"post","link":"https:\/\/armbanks.am\/en\/2015\/07\/18\/89802\/","title":{"rendered":"Three-week bank shutdown in Greek costs the country’s economy 3.0 billion euros"},"content":{"rendered":"

YEREVAN, July 18. \/ ARKA \/.<\/strong> The three-week bank shutdown in Greek has cost the country’s struggling economy 3.0 billion euros ($3.3 billion) not counting lost tourism revenue, the Kathimerini daily said Saturday citing commerce groups.<\/p>\n

It said the retail trade alone had suffered a 600-million-euro loss, with apparel taking the main blow. Exports also suffered a 240-million-euro hit, the exporters’ association said, according to AFP.<\/p>\n

According to the Athens Chamber of Commerce and Industry (EBEA) some 4,500 containers with raw materials and finished products are blocked at customs.<\/p>\n

And with a significant backlog of cheques and bills of exchange that cannot be paid, business transactions worth an estimated 6 billion euros have been frozen, the chamber added, RIA Novosti said citing Kathimerini daily.<\/p>\n

The bank closure was enacted on June 29, after the Greek government rejected austerity demands by its international creditors and called a referendum on the issue that the nation backed by over 61%.
\nBut with the creditors threatening Greece with a eurozone exit, the government was faced with total economic paralysis and had to accept a package of tough fiscal reforms last week.<\/p>\n

The bank restrictions did not affect foreign card holders, but the crisis also depressed new bookings at the height of the busy tourist season.<\/p>\n

Because of the disruption, the government offered Athens commuters free passage on the city’s public transport network for around two weeks — a measure expected to cost the state budget 10 million euros according to reports.<\/p>\n

The European Central Bank on Thursday boosted its lifeline to Greek banks by 900 million euros, and eurozone nations agreed to crucial short-term funding.<\/p>\n

In response, the Greek government announced that banks would reopen on Monday, although withdrawals would still be capped at 60 euros a day. -0-<\/p>\n","protected":false},"excerpt":{"rendered":"

The three-week bank shutdown in Greek has cost the country’s struggling economy 3.0 billion euros ($3.3 billion) not counting lost tourism revenue, the Kathimerini daily said Saturday citing commerce groups<\/p>\n","protected":false},"author":1,"featured_media":156907,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","tstyn_error":""},"categories":[9214,9216],"tags":[12172,12530,13517],"class_list":{"0":"post-89802","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-banks-en-en","8":"category-news","9":"tag-economy-en","10":"tag-euro","11":"tag-greek"},"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/posts\/89802","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/comments?post=89802"}],"version-history":[{"count":0,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/posts\/89802\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/media\/156907"}],"wp:attachment":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/media?parent=89802"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/categories?post=89802"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/tags?post=89802"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}