The despairing photo of an elderly man that sums up the Greek crisis. AN ELDERLY man looking slumped and defeated on the footpath outside a bank has become the despairing face of the Greek financial …More
The despairing photo of an elderly man that sums up the Greek crisis.
AN ELDERLY man looking slumped and defeated on the footpath outside a bank has become the despairing face of the Greek financial crisis, with cash reserves in the troubled country perilously low.
The sobbing pensioner was photographed sitting on the ground outside a branch of Eurobank in Thessaloniki, northern Greece, with his account book and identification discarded beside him. A security guard and staff member from the national bank were seen hauling the man to his feet as hordes of customers queued up to withdraw their money in the background.
But many will have left disappointed, after Constantine Michalos, head of the Athens Chamber of Commerce, told the UK Telegraph that reserves were down to just 500 million euros ($700 million).
He said the country was in an “extremely dangerous” situation, with companies unable to import any of the raw materials needed for production.
“We are reliably informed that the cash reserves of the banks are down to 500 million euros,” he said. “Anybody who thinks they are going to open again on Tuesday is daydreaming. The cash would not last an hour.”
Banks in the country have been closed in the past week, but exceptions have been made to allow pensioners to claim a 120 euro ($177) down-payment on their July pension.
Photos of the distressing scenes outside the national bank emerged as the country prepares to go to the polls tomorrow to decide whether to accept a debt deal with EU lenders. The terms of such a deal will involve draconian austerity measures including spending cuts and tax increases — but a ‘No’ vote could trigger a Greek exit (‘Grexit’) from the eurozone.
www.news.com.au/…/story-fnu2pycd-…
AN ELDERLY man looking slumped and defeated on the footpath outside a bank has become the despairing face of the Greek financial crisis, with cash reserves in the troubled country perilously low.
The sobbing pensioner was photographed sitting on the ground outside a branch of Eurobank in Thessaloniki, northern Greece, with his account book and identification discarded beside him. A security guard and staff member from the national bank were seen hauling the man to his feet as hordes of customers queued up to withdraw their money in the background.
But many will have left disappointed, after Constantine Michalos, head of the Athens Chamber of Commerce, told the UK Telegraph that reserves were down to just 500 million euros ($700 million).
He said the country was in an “extremely dangerous” situation, with companies unable to import any of the raw materials needed for production.
“We are reliably informed that the cash reserves of the banks are down to 500 million euros,” he said. “Anybody who thinks they are going to open again on Tuesday is daydreaming. The cash would not last an hour.”
Banks in the country have been closed in the past week, but exceptions have been made to allow pensioners to claim a 120 euro ($177) down-payment on their July pension.
Photos of the distressing scenes outside the national bank emerged as the country prepares to go to the polls tomorrow to decide whether to accept a debt deal with EU lenders. The terms of such a deal will involve draconian austerity measures including spending cuts and tax increases — but a ‘No’ vote could trigger a Greek exit (‘Grexit’) from the eurozone.
www.news.com.au/…/story-fnu2pycd-…