Greek crisis | Bitcointalksearch.org

Amph

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Quote from: Alley on July 18, 2015, 11:24:13 PM

Banks open Monday but withdrawal limits still in place.

it may take a while before everything will be established again in greece, initial funds from european bank will not be used to give money to their citizens for sure

they are selecting new ministers and deputy minister for now

bryant.coleman

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Quote from: Falconer on July 19, 2015, 01:56:59 AM

Agrarian sector still be potential in Greece although Russia banned EU food imports. Greece olive oil and wine production are two top of that sector, which olive oil has exported to US and wine to many european countries.

Although Greece exports a lot of agricultural produce (especially olive oil and cheese), the export volumes have been hit hard by the Russia ban. Russia was a premium market for the Greek agricultural products and other commodities such as medicines, furs and machinery. The alternate markets are not that profitable. Also, Greece imports a lot of fertilizers (esp. from Russia) and pesticides. The recent crisis has resulted in a scarcity for these items.

CPNpr

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Quote from: Falconer on July 19, 2015, 01:56:59 AM

Quote from: bryant.coleman on July 18, 2015, 02:26:30 PM

Quote from: qiwoman2 on July 17, 2015, 09:29:49 AM

3. Growth in the agrarian sector, light manufacturing and tech areas.

Agrarian sector is in deep shit, as a result of the Russian sanctions. Manufacturing and tech are also in very bad state, and these sectors will completely collapse if the taxes are increased any further.

Agrarian sector still be potential in Greece although Russia banned EU food imports. Greece olive oil and wine production are two top of that sector, which olive oil has exported to US and wine to many european countries. http://www.cnbc.com/2015/07/02/greek-crisis-hits-olive-oil-wine-exports.html
Same situation with light manufacturing in Greece http://www.wsj.com/articles/can-greek-businesses-even-survive-1423615283

The only problem for those sectors in Greece is the foreign customers have started refusing to make down payments on orders out of fear they won’t get their deliveries.

They are top in some sectors and they will get deliveries. Cheap and good time to invest, they will get back to normal.

Falconer

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Quote from: bryant.coleman on July 18, 2015, 02:26:30 PM

Quote from: qiwoman2 on July 17, 2015, 09:29:49 AM

3. Growth in the agrarian sector, light manufacturing and tech areas.

Agrarian sector is in deep shit, as a result of the Russian sanctions. Manufacturing and tech are also in very bad state, and these sectors will completely collapse if the taxes are increased any further.

Agrarian sector still be potential in Greece although Russia banned EU food imports. Greece olive oil and wine production are two top of that sector, which olive oil has exported to US and wine to many european countries. http://www.cnbc.com/2015/07/02/greek-crisis-hits-olive-oil-wine-exports.html
Same situation with light manufacturing in Greece http://www.wsj.com/articles/can-greek-businesses-even-survive-1423615283

The only problem for those sectors in Greece is the foreign customers have started refusing to make down payments on orders out of fear they won’t get their deliveries.

Alley

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Banks open Monday but withdrawal limits still in place.

bryant.coleman

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Quote from: qiwoman2 on July 17, 2015, 09:29:49 AM

Greece needs a complete overhaul of:

It is not as simple as it sounds. There are practical difficulties.

Quote from: qiwoman2 on July 17, 2015, 09:29:49 AM

1. It's judicial system..
2. It's political system..

The political system has already changed, with the victory of SYRIZA in the general elections.

Quote from: qiwoman2 on July 17, 2015, 09:29:49 AM

3. Growth in the agrarian sector, light manufacturing and tech areas.

Agrarian sector is in deep shit, as a result of the Russian sanctions. Manufacturing and tech are also in very bad state, and these sectors will completely collapse if the taxes are increased any further.

Quote from: qiwoman2 on July 17, 2015, 09:29:49 AM

4. Half the population at LEAST to be repatriated into smaller village/town communities to set up shop..maybe with small grants of land etc

Not practical.

Quote from: qiwoman2 on July 17, 2015, 09:29:49 AM

5. All the corruption of the last 40 years to be cleaned and eaned out..
6. The big tax evaders of the last 40 years, get them to pay up..

Most of the tax evaders have escaped to countries such as the United Kingdom and Switzerland, taking their wealth with them. It will be impossible to repatriate all that wealth.

Quote from: qiwoman2 on July 17, 2015, 09:29:49 AM

7. Get the army and the unemployed to do infrastructure jobs and give them free housing, food etc like a kibbutz and rebuild the country with new infrastructure, small interconnecting villages and towns as opposed to half the population living in Athens lol. Grin

Interesting concept, but I don't know how practical this will be.

Falconer

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Quote from: n2004al on July 18, 2015, 03:23:30 AM

For sure the daily withdrawal limit doesn't apply for the tourists. But if the banks don't have money the limits apply itselves to everyone in need for money. If there are not money there are not for everyone.

But this situation will change soon. The European Central Bank has increased the limit day of money to give to Greece. The situation (hoped) to be normal in the days to come.

You have answered about limits problem, but if the tourists withdrawing money from Greece ATM, Greece Bank can cut it from that tourists bank account in their origin country. It will be easier if they are from Europe, then European Central Bank can reimburse it.

Slark

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Quote from: expert4knowledge on July 12, 2015, 10:28:22 PM

DO you think Greek crisis is good tourism? Will the Greek crisis make travel there cheaper ? Will the economic turmoil in Greece frighten or attract tourists?

I learned today that if Greeks will start their plan of reforming economy part of their rescue plan would be raising taxes and primarily VAT will go up.
This plan is drastic and since October 2015 Coffee Shops and Restaurants in Greece will pay 23% VAT (currently they are paying only 13%).
Next - tax raise will hit Hotels: from 6,5% VAT now to 13%. And lastly government is planing to remove some tax exemptions for tourists as well.

n2004al

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Quote from: Falconer on July 18, 2015, 03:18:24 AM

The daily withdrawal limit doesn't apply to tourists, but some ATM there is empty

For sure the daily withdrawal limit doesn't apply for the tourists. But if the banks don't have money the limits apply itselves to everyone in need for money. If there are not money there are not for everyone.

But this situation will change soon. The European Central Bank has increased the limit day of money to give to Greece. The situation (hoped) to be normal in the days to come.

Falconer

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Quote from: Q7 on July 17, 2015, 09:12:30 AM

When the euro weakens, it does not only make Greece become an attractive travel destination with the increased purchasing and spending power but involves almost all of the euro countries that uses the same currency will benefit from it. As long as there is no civil unrest or chaos, that certainly will help to boost their earning. Question is, will that be enough to cover the shortfall?

Some tourists from England can't change their pounds to euros in Eurobank. Well I think it will be a problem to tourists in Greece who don't have euro in their wallets then. The daily withdrawal limit doesn't apply to tourists, but some ATM there is empty
http://www.theguardian.com/world/2015/jul/12/tourists-in-greece-report-problems-changing-cash

qiwoman2

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Quote from: Q7 on July 17, 2015, 09:12:30 AM

When the euro weakens, it does not only make Greece become an attractive travel destination with the increased purchasing and spending power but involves almost all of the euro countries that uses the same currency will benefit from it. As long as there is no civil unrest or chaos, that certainly will help to boost their earning. Question is, will that be enough to cover the shortfall?

Greece needs a complete overhaul of:

1. It's judicial system..

2. It's political system..

3. Growth in the agrarian sector, light manufacturing and tech areas.

4. Half the population at LEAST to be repatriated into smaller village/town communities to set up shop..maybe with small grants of land etc

5. All the corruption of the last 40 years to be cleaned and eaned out..

6. The big tax evaders of the last 40 years, get them to pay up..

7. Get the army and the unemployed to do infrastructure jobs and give them free housing, food etc like a kibbutz and rebuild the country with new infrastructure, small interconnecting villages and towns as opposed to half the population living in Athens lol.

Grin

Q7

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When the euro weakens, it does not only make Greece become an attractive travel destination with the increased purchasing and spending power but involves almost all of the euro countries that uses the same currency will benefit from it. As long as there is no civil unrest or chaos, that certainly will help to boost their earning. Question is, will that be enough to cover the shortfall?

n2004al

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Quote from: expert4knowledge on July 12, 2015, 10:28:22 PM

DO you think Greek crisis is good tourism? Will the Greek crisis make travel there cheaper ? Will the economic turmoil in Greece frighten or attract tourists?

If Greek will be able to offer good services regardless of crisis, if the situation of the Greek banks will return normal and if the economy of Greece will improved (or at least will not go worse than it is) the tourism in Greece will go better and better.

For the simple reason that the structures and the sea are the same and the prices of the services (normally and probably) will go down (because of crisis).

maku

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Quote from: Amph on July 17, 2015, 03:43:53 AM

Quote from: Alley on July 16, 2015, 09:23:20 PM

Banks closed until sunday. Will there be a bank run when they open?

why it should? the 60 euro limit should be removed now that they have recieved their new fund from european central bank, so they were free to withdrawal their money

also the run would have already happened by now 1 week already passed from the last news about the fact that there is no grexit

The limit of €60 a day is only applicable to Greek citizens. If you are foreign tourist in Greece you have still full access to your money via Greeks ATMs.
So this restriction is no problem for tourists at all.

EXtremeAEX

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Yes, of course tourism would be greatly decreased. Assaulting is highly probable, but I must say that it is a beautiful country. When it restores back, I'm sure tourism will resume back to normal again, and maybe more people there would start using bitcoins, for all you know, to act as a backup.

Would you immediately withdraw all the money from the bank once it resumes? Just a question to ask and ponder about. The citizens there would be greatly affected too, mentally. Trusts might be gone, which is more difficult to built back again. Hope it comes back up again. Really difficult to govern a country without corruption. Tongue

Amph

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Quote from: Alley on July 16, 2015, 09:23:20 PM

Banks closed until sunday. Will there be a bank run when they open?

why it should? the 60 euro limit should be removed now that they have recieved their new fund from european central bank, so they were free to withdrawal their money

also the run would have already happened by now 1 week already passed from the last news about the fact that there is no grexit

Falconer

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Quote from: HarHarHar9965 on July 17, 2015, 01:18:41 AM

Quote from: pigzone on July 15, 2015, 05:57:48 PM

Ya they must be making tourism more cheaper to attract more people

Yes, tourism sales have the potential to bring in some good money for Greece, it always has but after so many negative things happeing in the country and the bank shut down issue... The tourists are scared, and I think all these activities have put the country in bad light. I don't think tourism will bring in any money which might make a difference for atleast 3-5 years.

I think Greece is still be attracted to the tourists who rich enough. The problem is, although the natives get much money from their business in tourist services, they still have to pay the high tax to the government, and then that money will be disappeared by corruptors. No chance for Greece to get out from crisis now.

Swordsoffreedom

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Quote from: HarHarHar9965 on July 17, 2015, 01:18:41 AM

Quote from: pigzone on July 15, 2015, 05:57:48 PM

Ya they must be making tourism more cheaper to attract more people

Yes, tourism sales have the potential to bring in some good money for Greece, it always has but after so many negative things happeing in the country and the bank shut down issue... The tourists are scared, and I think all these activities have put the country in bad light. I don't think tourism will bring in any money which might make a difference for atleast 3-5 years.

It depends one benefit that would occur if the Greeks did go back to the Drachma is that the exchange rate would be quite low and make visiting relatively more attractive.
It would also result in some price variations that said in the common currency the main advantageisthat tourists bring in cash for them when they can't really withdraw money from the banks.
Equivalent to a shared exchange rate risk.

That said the banks still closed for another few days
http://www.theguardian.com/business/live/2015/jul/16/greek-debt-crisis-ecb-and-eurogroup-consider-next-steps-after-yes-vote-live
Greece’s banks will stay closed until the close of play on Sunday, the finance ministry just announced.

That tees up the possibility of reopening on Monday, with limited services, if a bridge loan for Greece is signed and sealed on Friday (as seems likely).

Economically the argument could be made Greece would do a lot better to take the bailout money, join the Brics and or go it alone than stay in the Union based on average performance but that is just an option at this point.
http://www.vox.com/2015/7/16/8978275/euro-chart-disaster-eurozone

HarHarHar9965

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Quote from: pigzone on July 15, 2015, 05:57:48 PM

Ya they must be making tourism more cheaper to attract more people

Yes, tourism sales have the potential to bring in some good money for Greece, it always has but after so many negative things happeing in the country and the bank shut down issue... The tourists are scared, and I think all these activities have put the country in bad light. I don't think tourism will bring in any money which might make a difference for atleast 3-5 years.

Alley

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Banks closed until sunday. Will there be a bank run when they open?

Topic: Greek crisis (Read 2429 times)