The Shock of Capital Controls
On June 28, the Greek government enacted a surprising and somewhat alarming set of capital controls as it tipped toward default on its IMF loan. With banks shuttered for a week, panic ensued as citizens scrambled for alternatives to safeguard their savings.
Life under Restrictions
The situation unfolded with daily limits on cash withdrawals set to €60 ($66) from ATMs, leaving many scratching their heads (and their piggy banks). Let’s break down the essentials:
- A daily limit of €60 for ATM withdrawals.
- Overseas cash transfers are strictly forbidden, except for approved business transactions.
- Rumors circulated that 40% of ATMs had run dry, especially in smaller locales—cue the joyous ATM hunting expedition.
Trail of Transactions Blocked
With conventional banking options slipping away—to the point that even Western Union decided to halt operations—Greeks found themselves limping along without solid alternatives for transferring funds out of the country. The digital world offered some hope, but at a price: access to digital platforms like Exmo was under scrutiny.
Bitcoin to the Rescue?
In the midst of economic turmoil, a flicker of hope appeared in the form of cryptocurrency. We caught up with Kevin Rinta, VP at Exmo, to gauge the mood of Greek users looking to embrace Bitcoin. Surprisingly, Rinta noted, “While the registration of European citizens on our platform is steadily increasing, Greece hasn’t seen a massive uptick in those rushing to buy Bitcoin. Many simply can’t access their cash to convert.”
“Those who were prepared could have turned their euros into Bitcoin before the crisis hit. Let this be a lesson, folks!” – Kevin Rinta, Exmo
Alternative Avenues
Fear not, money mavericks! According to Rinta, there are alternative payment systems in play for Greek users looking to buy digital currencies:
- Perfect Money
- AstroPay
- Payeer
- Ok Pay
- Qiwi
- Yandex Money
Lessons from Crisis
In hindsight, the Greek crisis serves as a stark reminder about preparedness. Citizens across the EU, let this experience urge you to contemplate the ‘what ifs’ of your financial future. If anything must be taken away from this tumultuous event, it’s to have a contingency plan—perhaps involving more than just a shoebox under your bed.
