Capital controls imposed that Sunday's referendum left Greece with the humungous economic problem. From shortages of food and drugs, issues confronting tourism industry and banks funding are coming short.
Whatever the result of the referendum, banks in Greece is requiring an immediate financial assistance from the European Central Bank. For the banks had a €1bn cash buffer, the fund is just enough to survive the weekend.
According to the Guardian, Consumers are starting to feel the effect of the crisis on Friday as food supplies are running out. As well as drugs that are necessary for certain treatments are starting to run out.
The tourism industry of Greece is reportedly affected by the issue, for Greek islands, which are known as tourist spots like the Santorini, Cycladic and Mykonos are experiencing the shortage of the basic supplies, for almost half of Greece supplies such as food and pharmaceutical supplies are imported. And establishments are unable to pay suppliers due to the reason that bank transfers are banned.
The Greek Tourism Confederation also confirmed that bookings went down by 40% within the past few days, after an estimated holidaymakers cancelled their bookings.
Everything is frozen, from imports, exports, factories, firms and transport according to Vasilis Korkidis, head of the National Confederation of Hellenic Commerce. He also added, "The only sectors in demand are food and fuel."
Korkidis also added that for the past week, economy losses €1.2bn worth. And it may take longer time for the recovery of the country.
He said, "Even in the best-case scenario, it is going to take months to recover from the shock of closed banks and capital controls. Now that they are in place, capital controls may last for a year."
The ECB will meet on Monday for further discussion whether to help Greece with the emergency liquidity assistance funds.
Louka Katseli, who is the head of the association of Greece's banking said, "Liquidity is assured until Monday, thereafter it will depend on the ECB decision."
