Cheers fade as Greeks face reality

AFP, ATHENS: After jubilant celebrations by 'No' voters, Athens returned to a reality of ATM queues yesterday and the shock news that the finance minister, champion of the victorious anti-austerity camp, had quit.
Sunday's scenes of cheering outside parliament faded as fears spread that the country's banks could run dry within hours or days, forcing untold numbers of companies to go bust. Those out for a coffee in the morning sunshine were worried that new efforts to strike a deal with the country's international creditors may not come in time to prevent Greece running out of cash -- or the talks could fail entirely.
"I'm very afraid we will get no cash any more in the coming days. They really have to fix it, end of this week at the latest, otherwise it's collapsing," pharmacist Lambros Vritios said of the banking system.
Capital controls imposed by the government last week mean locals can only withdraw 60 euros ($67) a day, but even that restriction -- aimed at averting financial disaster -- has not stopped a run on money.
Vritios said he had been to several ATMs but found them empty. "It's really crushing me," he said.
The banks are now reportedly almost depleted of cash after panicked customers rushed to hoard money in the lead-up to the referendum, which was called by Prime Minister Alexis Tsipras in a bid to break an impasse with the austerity-hungry
creditors.
The Greek Banking Association said last week its members had just enough liquidity until Tuesday, when the government had promised the banks would reopen.
But Giorgos Stathakis, Greece's economy minister, told the BBC the capital controls could stay in place until Friday.

Cheers fade as Greeks face reality

AFP, ATHENS: After jubilant celebrations by No voters, Athens returned to a reality of ATM queues yesterday and the shock news that the finance minister, champion of the victorious anti-austerity camp, had quit. Sundays scenes of cheering outside parliament faded as fears spread that the countrys banks could run dry within hours or days, forcing untold numbers of companies to go bust. Those out for a coffee in the morning sunshine were worried that new efforts to strike a deal with the countrys international creditors may not come in time to prevent Greece running out of cash -- or the talks could fail entirely. Im very afraid we will get no cash any more in the coming days. They really have to fix it, end of this week at the latest, otherwise its collapsing, pharmacist Lambros Vritios said of the banking system. Capital controls imposed by the government last week mean locals can only withdraw 60 euros ($67) a day, but even that restriction -- aimed at averting financial disaster -- has not stopped a run on money. Vritios said he had been to several ATMs but found them empty. Its really crushing me, he said. The banks are now reportedly almost depleted of cash after panicked customers rushed to hoard money in the lead-up to the referendum, which was called by Prime Minister Alexis Tsipras in a bid to break an impasse with the austerity-hungry creditors. The Greek Banking Association said last week its members had just enough liquidity until Tuesday, when the government had promised the banks would reopen. But Giorgos Stathakis, Greeces economy minister, told the BBC the capital controls could stay in place until Friday.