Sunday, June 28, 2015

Greece imposes capital controls and the “corralito” goes up

greek banks atm line

It was as predictable as it could be.
I do hope our readers in Greece followed the advice given in “Greece about to Leave the Euro?” posted February this year. If not, well, here’s five things you should probably start doing as of tomorrow morning:

So far it seems that bank transfers abroad have been suspended and the limit for cash withdrawals will be 60 Euros per day. Of course that is, if you find an ATM with cash, which only 40% seem to have any left.
So, what can you do at this point? If you didn’t take your money out of the Greek banking system and you don’t have any cash either you’re out of luck. It’s time to go around hunting for ATMs with money still left. You have to get up early, hit various ATMs. You should also use your debit card and purchase a good amount of food, make sure you top up any medical prescriptions you have and stock up on those as well. If you haven’t bought it already, I sincerely recommend you my book “The Modern Survival Manual: Surviving the Economic Collapse”. It’s not written in Greek, English only so far, but it does provide useful advice for many of the things you will no doubt experience in the future.
It’s not the end of the world and Greeks have been living with the crisis for some time now. Lets hope it doesn’t happen, but things could get even more complicated. It’s time to hope for the best but plan for the worst as well.
Fernando “FerFAL” Aguirre is the author of “The Modern Survival Manual: Surviving the Economic Collapse” and “Bugging Out and Relocating: When Staying is not an Option”.

1 comment:

Fugazi said...

A lot of people, the last years, were living with much less, than 60 euro per day. The jobless are millions and the economy was in a bad shape, long before the capital control. Many Greeks, have their bank accounts confiscated, by the IRS/state and are empty. Also, the taxes are much greater than any other European country. Those who have a job and a credit card, are the few not the many. So... Greeks are used to this kind of situation. The question for us and the whole Europe, is not "if the SHTF", but "When?". ;)