Greece financial crisis for travelers over . . . for now

In case you missed it, the Greek bailout was approved and the cash is again flowing into Greece. All is well for travelers for now.

For the Greek people, while the crisis is over, it will still be a long haul before life in Greece can return to “normal.”

That said, how long before another Greek financial crisis will erupt is unknown. If the previous loan balance was unsustainable for Greece, how does adding €86 billion of new debt make the financial situation in Greece sustainable for the future, especially with repayment terms imposed? It doesn't, in my opinion! Repeating past action which failed, and expecting it to be successful in the future is folly.

Finance update for travelers to Greece - July 17, 2015

After the Greek Parliament passed the first hurdle, passing legislation, getting 229 out of 300 possible votes for the austerity measures, as required under the €96 billion bailout plan to start its implementation, the European Central Bank authorized an emergency loan of somewhat under €1 billion, which would help the quickly dwindling physical cash situation in Greece, but do little else.

The IMF (International Monetary Fund), currently owed about €32 billion by Greece immediately called for significant debt restructuring in the final deal for the €96 billion bailout plan, which is essential to the success of the bailout, in my opinion, or the Greek Eurozone crisis will be back in short order.

Later yesterday European Union finance ministers approved a €7 billion series of bridge loans to Greece to allowing it to make a bond payment to the ECB (European Central Bank) Monday and clear its arrears with the IMF.

Finance update for travelers to Greece - July 16, 2015

The Greek Parliament has passed the first hurdle, passing legislation, getting 229 out of 300 possible votes for the austerity measures, as required under the €96 billion bailout plan which implements the start of the bailout.

But, Greek people at work, at home, and travelers enjoying the great locales, beaches, museums and historic sights the Banks will remain closed for now, and cash will be hard to come by within Greece.

The IMF (International Monetary Fund), currently owed about €32 billion by Greece is calling for significant debt restructuring in the final deal for the €96 billion bailout plan, which is essential to the success of the bailout, in my opinion, or the Greek Eurozone crisis will be back in short order. I ask if the debt Greece has now isn't sustainable, how is adding substantially to that debt and then going down the same financial road going to arrive at a different outcome. The answer is ... it can't and it isn't.

Finance update for travelers to Greece - July 13, 2015

Greece has a deal, or at least the start of a deal, a €96B bailout deal after a marathon negotiating session lasting 17 hours. They will stay in the Eurozone.

Greece wanted the IMF (International Monetary Fund) out of the agreement. The IMF is owed about €32B. The EU said no and finally Greece agreed, so the IMF is part of the deal, as are all the debt holding banks, central banks, and others holding Greek debt.

A privatization fund was set up and up to €50B of Greek assets is to be put into this fund which is like a trust fund. The money while in the fund, stays in Greece, but the money is specifically to pay down debt, pay down bank recapitalization, and there is a portion for Greek growth, which is something Greece wanted and finally got. It's perhaps the single major difference between the prior plans the EU wanted and what this agreement has in it.

Financial tips for travelers to Greece in summer 2015

It's not often I write an article in this blog, which seemingly has no link to photography at all, but the finance situation Greece finds itself in, as it approaches national default on its debt is most definitely affecting travelers, including those in Greece primarily for photography. For travelers, Greece's financial situation has been sometimes perplexing, sometimes disruptive, and this week very difficult to overcome.

Greece closed their banks this week, but they are expected to open on Monday, July 6. At this time the ATM's throughout Greece are being refilled, but they are being emptied by travelers and Greeks as fast as they're being filled. Many travelers are reporting they have had to try as many as ten ATM's before they could obtain any cash.