Business owners are warning that shortages of basic goods such as food will begin appearing if the situation isn’t resolved and banks aren’t reopened.
Your feedback is important to us!
We invite all our readers to share with us their views and comments about this article.
Disclaimer: Comments submitted by third parties on this site are the sole responsibility of the individual(s) whose content is submitted. The Daily Star accepts no responsibility for the content of comment(s), including, without limitation, any error, omission or inaccuracy therein. Please note that your email address will NOT appear on the site.
Alert: If you are facing problems with posting comments, please note that you must verify your email with Disqus prior to posting a comment. follow this link to make sure your account meets the requirements. (http://bit.ly/vDisqus)
ATHENS: Greece has a tentative rescue deal, but relief that it is not falling out of the euro is unlikely to last long: Its economy has taken a huge hit.New economic measures meant to secure the bailout are forecast to put the country, which emerged last year from six years of economic decline, through more misery.Farmakis' woes are commonplace in an economy that analysts estimate will contract by about 4 percent this year.The government's decision over two weeks ago to shutter all banks, impose limits on cash withdrawals at ATMs for Greeks and restrict electronic transfers abroad dealt a huge blow to an economy that was already reeling.The public debt load is unsustainable at around 180 percent of GDP – or 320 billion euros – and forecast to rise over the next two years as the economy weakens, the International Monetary Fund warned this week.The Greek government, and many experts, say the bailout deal is needed to avoid the even worse scenario of a complete collapse in Greece's banks, which would push the country out of the euro. Economists estimate that if Greece falls out of the currency union, its economy could shrink by another 10 or 20 percent.
FOLLOW THIS ARTICLE