Greek Economic Referendum - 2015

by Alec Newell


ATM lines in Karlovasi this week
photos by Newell

  

Ancient Greek voting machine
the Agora Museum of Athens

Since arriving on Samos, we've been bombarded almost daily, with questions from concerned friends and neighbors about how the EU's impending Sword of Damocles is affecting us.  The good news is that it's not, at least not in the short run.  This week the Greek government limited ATM withdrawals for Greek nationals, to 60 Euros per day.  Fear has resulted in long lines at some ATMs and a major inconvenience for older, retired Greeks many of whom are having to get by on about 300 Euros a month, or about half of what their retirement benefits had been before austerity measures were imposed.  But there have been no real  limits on American credit cards and ATM withdrawals.  The only limits are imposed by American banks and credit unions that are only there as security measures to protect their customers against theft and credit card fraud.  ATM withdrawal limits drawn against US bank accounts still hover between 300 and 400 Euros per transaction.

 

Political battles are nothing new to the Greek people.  In ancient times ostracism was used as an expedient to remove political opponents.  Today, the tactics have become more refined, but the game hasn't changed.

The referendum scheduled for this Sunday has huge implications for the future of Greek economy with the outcome way to close to call.  It would be the first national referendum to actually hit the polls since 1974, and with the 20 million Euros it would cost to implement, the latest rumor in the wind is that it may even be cancelled, though there is no constitutional procedure in place for that.


Ancient ostracism tokens
the Agora Museum of Athens



Greece - For Sale

I am not a Greek and I don't have a crystal ball, but what I am seeing is a lot of Greek real estate on the. market for increasingly more affordable prices; and with my wife casting avaricious glances at all those For Sale signs, this whole thing is making me very, very nervous.