Withdrawing euros in London/LHR - banking crisis in Greece

[amaroo]

Greek crisis: bank reserves plummet to $736m

The Australian

Cash reserves in the Greek banking system are down to €500 million ($736m) and ATMs are only able to distribute €50 to queues of bewildered Greeks *because €20 notes have run out.

Athens Chamber of Commerce and Industry president Constantine Michalos told London’s The Telegraph newspaperthat the banks were quickly running out of money.

“We are reliably informed that the cash reserves of the banks are down to €500m,’’ Mr Michalos said. “Anybody who thinks the banks are going to open again on Tuesday is daydreaming. The cash would not last an hour.

 

[Mal]

There are around 100 Euro dispensing ATMs (Rapheals bank) in London underground/train stations (fee free, rate is fair- not as good as the Mastercard/Visa rates though). Cash point compass

Scattered around the place, there are some banks with euro issuing ATMs. Heathrow airport also has them (travelex). Looking at the rate offered at Heathrow last week, I wasn't that impressed.

On the 28th June, the following rates would have been applicable:
Raphaels at tube station - E20 = £14.78
Visa in Europe - E20 =£14.25
Mastercard in Europe (Rate for 29th - 28th not available) E20=£14.14

 

[amaroo]

What a mess!

Passport applications have soared and more than 200,000 Greeks, many of them graduates, have left since 2010, particularly to Germany and Britain. “The brain drain over the past five years has been tremendous,” says Constantine Michalos, president of the Athens Chamber of Commerce. “We’re losing people all the way up to Norway and we’re losing the best and brightest.”

When you have six out of 10 young people without a job, what do you expect?” Pointing out that 275,000 businesses have closed over the past five years, leaving 675,000

Most recent job losses have been in the private sector yet Greece’s real problem is its bloated public sector, with many workers earning high wages independ*ent of performance and able to retire as early as 48 on generous pensions.

When the last government tried to meet cuts demanded by Greece’s creditors in the previous bailout deal, one group came to symbolise the crisis. Nearly 600 cleaners at the finance ministry were laid off in August 2013.

The Australian

 

[Princess Fiona]

My daughter is in Santorini, previously Mykonos.
Business as usual in both places. ATMs at Airport were non-operational but those in resorts are fine.

 

[Kangol]

FWIW I've been in Greece/the islands for the past week or so (leaving today) and there has been no problem. I think the media hype about the ATMs running dry and there being a state of crisis was over the top.
Wifi quality is terrible, too.