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Very Hot Topic (More than 10 Replies) #GreeceDefaultWatch :: Cost of Living 2015 (Read 3538 times)
Kefalas
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Re: #GreeceDefaultWatch :: Cost of Living 2015
Reply #10 - 19. Jul 2015 at 18:34
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Varoufakis is probably not a good example. He's a lecturer in economics who was dragged into politics, kicking and screaming.

He has stated that he is NOT a communist but that he is a believer in Marxist economics theory.

Yes, he married a very rich lady. I can only feel jealous!  Wink

His eBook "Europe after the Minotaur: Greece and the Future of the Global Economy [Kindle Edition]" is downloadable free:
http://www.amazon.co.uk/Europe-after-Minotaur-Greece-Economy-ebook/dp/B00SV1T1VE
« Last Edit: 19. Jul 2015 at 18:36 by Kefalas »  
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GeraldinCrete

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Re: #GreeceDefaultWatch :: Cost of Living 2015
Reply #9 - 19. Jul 2015 at 17:31
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Latest News ... As of Sunday 18th July

.... New tax payment deadline for Corporations and Individuals
On Friday (16th July) outgoing Alternate Finance Minister Nadia Valavani announcement provides for the deadline for tax statement submissions by corporations to move from 20th July to 20th August.
 
For individuals the old deadline was 20th July, now the new deadline: 26th August. That is nearly a two months grace period from the original deadline of June 30.

One wonders aloud how staff at the ministry and outside accountants keep up with all the changes..... in fact these amendments require a legislative act. And the same goes for the law covering capital controls for the banks to re-open officially....

....On banks opening...
€60 daily limit or a lump sum of €420 even this still in the air.... at least the good news is that there have been intense activity behind the scenes to ensure all bank branches can open and (hopefully) with a fresh injection of euros cash for the ATM machines.

Below are just observations ....

New cabinet sworn in......

But what of several outgoing members in recent days...

..... The alternate finance minister, Nadia Valavani  who was just been 'removed' or 'resigned' depending which point of view you take  - denies strongly media reports/claims that she made a large withdrawal from a bank on Crete shortly before capital controls were imposed.

IN a chaniapost.eu report: "Valavani said that she does not have a bank account on Crete and that her savings are in an account in Athens which she has not had access to since banking restrictions were introduced more than two weeks ago.

Her statement came in response to a question in Parliament from New Democracy MP Lefteris Avgenakis, who quoted a news story that did not name Valavani but alleged that a prominent government member withdrew 200,000 euros before the bank holiday.

Curiously, it is my understanding in the Greek media referred to an older family lady member was involved. Perhaps the accounts were family member accounts. Who knows?

The minister resigned from the government Wednesday (15th July) after deciding she would not vote for the measures demanded by lenders as part of Greece’s new bailout program.

Anyway, the point is she is gone and been replaced.

At this point, a poignant reminder... Syriza members are communists in their core group - many having abstained or voted against Tsipras. The final tally of 226 passed into law due to opposition support....  hence the cabinet reshuffle.  ASthens political circles and media are buzzing that the current Syriza is too weak to govern affectively and a fresh general election is likely by September.
As general elections go in Greece they cost €120 million and up. That is democracy.....

Isn't it amazing how well heeled the leftists/communists in the Greek government are. Look at Varoufakis who was dismissed right after the referendum vote whose eccentricity is riding around as a middle aged man on a very expensive 'hot' motor bike. It is a 1300cc Yamaha upmarket model, if you were wondering. The academic-come-politician married into a very wealthy family. He does not have to worry about his lifestyle being threatened in any way by the Greek crisis because he has got more money than is probably good for him.

For what it is worth..... I never understand politicians who claim to be left wing even communist and are unreasonably wealthy at the same time.  Or is that too simplistic?

Below is Varoufakis' high end, 1300cc Yamaha Motor Bike Smiley

  

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GeraldinCrete

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Re: #GreeceDefaultWatch :: Cost of Living 2015
Reply #8 - 17. Jul 2015 at 00:54
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Latest as of late Thursday 16th....

Although Mario Draghi at the ECB said special funding will be coming to Greece and in support of the Greek banks (an additional 900million Euros will be made available) there is yet to be clarity as to exactly when.

The Finance Ministry in Athens is only saying that banks are closed until Midnight this Sunday 19th July.

It seems improbable that banks can do anything more than get any fresh supply of Euro notes to the ATMs so that customers can get their €60 daily limit out.

Commentators are mentioning that to get the banks back to any form of 'normal' operations will take up to one month.

Just to mention many inbound telegraphic transfers to Greek bank accounts are unaffected - including UK pension payments. If anyone is concerned they can contact The Department for Work and Pensions (DWP) call centre on +44 191 218 7777. Monday to Friday from 8am to 6pm BST
, Saturday 8am to 4pm BST (BST is 2 hours behind the time in Greece).


« Last Edit: 17. Jul 2015 at 00:59 by admin »  

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GeraldinCrete

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Re: #GreeceDefaultWatch :: Cost of Living 2015
Reply #7 - 16. Jul 2015 at 02:44
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As of Thursday 16th July

Banks remain closed all this week. (Finance Ministry/said on Wednesday).

In effect that means the first day back to opening with additional services is Monday 20th July.

An extended list of banking operations will be:
- to  repay the debts to the government, public enterprises, public pension funds and private insurance companies, either in cash or by transfer of funds from a bank account.

- The transfer of funds from one account to another within the same bank is to be possible as well.

- Pensioners and the unemployed without debit cards are to receive €120 in cash every two weeks.

- External money transfers outside Greece still require special commission. The reasons permitted include: emergency situations; payment of medical expenses, or the import of pharmaceuticals, foodstuffs, raw materials and fuel.

The €86 billion 3 year program will not save Greece from financial collapse, taking into account its growing financial needs, the IMF projected in a confidential report obtained by Reuters. The country’s debt situation is “unsustainable,” and European creditors should either write down a massive amount of Athens’ debt or give Greece a 30-year grace period if they want it to recover and repay, the fund was cited.

The next big deadline is 20th when the next €3.5 billion payment is required to the ECB. Now the two-week closure of the Greek banks is costing an estimated further €25 billion including the need to recapitalise them after re-opening.

« Last Edit: 16. Jul 2015 at 02:50 by admin »  

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Kefalas
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Re: #GreeceDefaultWatch :: Cost of Living 2015
Reply #6 - 14. Jul 2015 at 08:37
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Re: #GreeceDefaultWatch :: Cost of Living 2015
Reply #5 - 10. Jul 2015 at 00:28
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Western Union Reopens Limited Inbound Service to Greece

#WesternUnion offers several ways to send money from abroad to Greece including a "Direct to Bank" facility. This they have re-activated according to the company. The company will clear inbound remittances and credit the stated account. Of course until the bank functions properly again the daily withdrawal limit is in place.
  

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Re: #GreeceDefaultWatch :: Cost of Living 2015
Reply #4 - 09. Jul 2015 at 21:13
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"Multinational pharmaceutical companies have vowed to continue their supply of medicines to Greece"

http://www.pharmaceutical-journal.com/news-and-analysis/news/greek-debt-crisis-w...
  
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Re: #GreeceDefaultWatch :: Cost of Living 2015
Reply #3 - 09. Jul 2015 at 15:39
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Three major Pharmaceutical Supplies Restricting Supplies to Greece

Al Jazeera today is reporting that three (unnamed) major suppliers of drugs to  #Greek hospitals are restricting supplies to #Greece. This is in spite of the fact that the same suppliers have demanded of Greek importers cash payment for all supplies for some time already, long before the current imposition of Capital Controls.
  

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Re: #GreeceDefaultWatch :: Cost of Living 2015
Reply #2 - 09. Jul 2015 at 15:35
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#Euro Limit When Travellers from #Greece Travel Abroad

Quoting sources in the National Bank of Greece, those leaving Greece will be limited to taking on their person a maximum of €1,000 in cash. This will seriously hurt anyone with Greek bank accounts and need to go abroad on business or vacation. Already Greek credit card and debit cards linked to Greek banks in Greece are not being honoured outside of the country. (Quoting media sources and Al Jazeera news)
  

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Re: #GreeceDefaultWatch :: Cost of Living 2015
Reply #1 - 09. Jul 2015 at 15:26
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Meat Imports Being Rationed

July 9. According to reports from the Chambers of Commerce Association, Athens today Thursday, imported fresh meats are being rationed so that markets continue receiving supplies, albeit on a quota supply due to Capital Controls.

« Last Edit: 09. Jul 2015 at 15:29 by admin »  

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GeraldinCrete

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#GreeceDefaultWatch :: Cost of Living 2015
07. Jul 2015 at 15:32
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Consumer Prices so far unchanged

As of today July 7, 2015 I see no noticeable increase in the cost of products and services at least on CRETE. That is my personal experience. Perhaps as the banking crisis goes on (banks now shut at least up to the end of tomorrow, Wednesday July 8, 2015) then shortages will start to appear and rapidly increase in scarcity as the ECB is not increasing emergency funding to the Greek banks.

Personally I am acting prudently by keeping the car running with a full tank; stocking up more than normal  with extra staple items from the supermarkets and shops, and generally remembering my boy scout motto: Be Prepared!

I recall the petrol tanker drivers' strike on Crete several years ago when filling stations ran dry. The few that were open then "seemed" to serve locals first then all others after. They often restricted a visit to €20 euros worth of petrol. Fortunately when they know you, a Greek or foreign resident they can be quite flexible.

Some garages tried the ruse to say that regular unleaded had run out and only premium was available. But then they had the supply and it was best not to argue the toss.

Latest: As of yesterday July 6, 2015 the EKO station at Stalis/Stalida on the intersection of the old Malia main route and the link to the main motorway the E90/75 was closed. The reason is unknown. It is unusual though as this is a key place for Summer visitors in the area to fill their rental vehicles as it is convenient.

Latest filling station prices, updated regularly on this page of our main website.


Please add more info here if you are in Greece as to how things are developing in your area re- cash availability at ATMs, changes in shop owners to transactions.

At least a 500ml bottle of beer seems to have stayed consistent in most places €2.50.

I urge all visitors to come to Greece regardless. I understand the package tour rates are incredibly attractive due to others cancelling. But this is the peak season in Crete for visitors. The sun is still shining and people are amazingly friendly regardless of their circumstances. Support Greece! We need you! You will love it.
« Last Edit: 08. Jul 2015 at 03:43 by admin »  

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