So, those of you in Greece, what's your strategy ...

[BrianH]

I didn't know that. We drew €600 from an ATM a few days ago. It all came as €50 notes, which is normal, all with the prefix 'S'.

'S' is for Italian issue. Could have been printed in Rome by the Bank of Italy or in Vienna by the Austrian National Bank's security printer, they are the only printers for Italian issue banknotes. On the face of the note will be a small number preceded by the printer identification, either a 'J' or a 'F' respectively.

Best, B. (ex-De La Rue)

 

[Tony Cross]

I have to say that this stuff about Greek prefixed Euros somehow become worth less after a Greek exit is utter nonsense. Think about it, there must be millions of Greek prefixed Euro notes in circulation in countries outside Greece, even in countries outside the EU. The holders of these notes are not going to be happy bunnies if you suddenly tell them their Euros are now worth a lot less. It's just scaremongering....

 

[Mrnotming]

Every seen an American paper note called a silver dollar, printed on its face, meaning pre Bretton-woods Agreement there was actually metal(precious) to back this dollar.
Try that with a Euro and see how far your your research brings you.We live in a time when economics dictate the amount of quantitive easing is possible before the husanga hits the fan?
Marx propounded that money had two functions:
1) a medium of exchange
2) a store of value.
Once confidence in the store of value evaporates, the medium of exchange is damaged.
Perhaps a basket of currencies is the best mattress?

 

[Melody]

Iv just paid yard fee , cash only and considerably more than £500 , I'm of to dentist in Lefkas next week for tooth implant , 1100 euro cash only , they can have as many rules as they like but it only works if there is enforcement -

Did you get an invoice for either of these? If not, ask for one. It is now totally illegal for them to ask for cash in this way and they are possibly only trying it on because you're a foreigner.

My strategy is not to keep too much money in Greek banks, to continue to work hard and to enjoy life and the sunshine.

Whatever happens in Greece we'll cope, so there's no point worrying about it overly, and it will be minor compared to what millions of people in the world have to face in their lives on a daily basis.

 

[nimbusgb]

Whatever happens in Greece we'll cope, so there's no point worrying about it overly, and it will be minor compared to what millions of people in the world have to face in their lives on a daily basis.

Well said! Lots of people would give anything for our 'first world problems'.

 

[sailaboutvic]

Whatever happens in Greece we'll cope, so there's no point worrying about it overly, and it will be minor compared to what millions of people in the world have to face in their lives on a daily basis.

+1
Some of us come on here moaning and groaning about stuff that may never happen , at time end up arguing with others we never met , we seen to forget how luck we all our to be in a position where we can live the life we do and not have to worry about where our next cup of water is coming from , this statement applys to me too .

 

[ostra4]

No invoice for either transaction and most of the folk I know all pay in cash as well .

 

[BrianH]

No invoice for either transaction and most of the folk I know all pay in cash as well .

There really is no hope for Greece within the EZ, the sooner they are out the better - for themselves and their lenders.

 

[ostra4]

There really is no hope for Greece within the EZ, the sooner they are out the better - for themselves and their lenders.

I did try to pay with card in Dentist but would have meant going to a relatives shop who would have put it through his machine,no card machine in Dentist . Many fuel stations only deal in cash .

 

[Melody]

I guess if you don't have Internet banking cash is probably the only option. I'm forgetting it's different for private individuals. Businesses aren't allowed to pay anything above 500 euro in cash but it's quite legal for you to pay in cash as an individual.

You are not obliged to pay until you receive either an invoice or receipt so make sure you get one. Demand one before payment.

I've seen a huge change over the past five years and most Greeks expect invoices now. That way you know the company is declaring its income and VAT. I suspect some places will still try it on with foreigners though. Don't stand for it.

 

[duncan99210]

D

I guess if you don't have Internet banking cash is probably the only option. I'm forgetting it's different for private individuals. Businesses aren't allowed to pay anything above 500 euro in cash but it's quite legal for you to pay in cash as an individual.

You are not obliged to pay until you receive either an invoice or receipt so make sure you get one. Demand one before payment.

I've seen a huge change over the past five years and most Greeks expect invoices now. That way you know the company is declaring its income and VAT. I suspect some places will still try it on with foreigners though. Don't stand for it.

Melody, thanks for that explanation about limits on cash settlements. Wish I'd understood it a bit sooner, as I'd mistakenly assumed it applied to all transactions and therefore made bank transfers for yard payments when I could have used cash.... However, doing transfers made me sort a FX account out, so I now get a much simpler method of sending cash with no fees and access to reasonable rates.

As to strategy, we keep a larger cash float than we used to, keep, the diesel tank fuller than we used to and are prepared to leave for the western Med if it all gets a bit iffy. That said, I don't get any sense of panic amomgst people here. We're moored in Gaios just now, the town is buzzing with activity and full of locals relaxing in the evenings. It feels almost like 'crisis? What crisis?' to me.

 

[Melody]

I think you'll find most locals are taking the same attitude as you. A few basic changes but otherwise just get on with life. The extremely wealthy moved and protected their assets a long time ago. There isn't much ordinary people can do and no-one knows what's going to happen so it's pointless worrying.

Let me double check what I've told you about individuals paying cash with our accountant tomorrow to make sure it's correct but I think that's the case. It's better to pay in a traceable way anyway.

My view for a long time has been that the only way the corruption in Greece will decline is if a) the corrupt politicians and oligarchs at the top are caught and punished as an example and b) those at the bottom stop 'playing the game'.

SYRIZA is trying to tackle the top end, with some small successes already. The bottom end will only be cleaned up when everyone refuses to accept payment without invoices, declines reduced prices for cash, etc. and that's down to you and I as much as Greek people.

 

[Chris_Robb]

I think you'll find most locals are taking the same attitude as you. A few basic changes but otherwise just get on with life. The extremely wealthy moved and protected their assets a long time ago. There isn't much ordinary people can do and no-one knows what's going to happen so it's pointless worrying.

Let me double check what I've told you about individuals paying cash with our accountant tomorrow to make sure it's correct but I think that's the case. It's better to pay in a traceable way anyway.

My view for a long time has been that the only way the corruption in Greece will decline is if a) the corrupt politicians and oligarchs at the top are caught and punished as an example and b) those at the bottom stop 'playing the game'.

SYRIZA is trying to tackle the top end, with some small successes already. The bottom end will only be cleaned up when everyone refuses to accept payment without invoices, declines reduced prices for cash, etc. and that's down to you and I as much as Greek people.

I always got the feeling in the islands that they did not feel they got anything back for the taxes they paid - it just fed the central machine - no benefit back to the islands at all.

I suspect that all that has happened in the last 3 months is that they have gone back to the old ways - convinced that they are wasting their money paying taxes to the centre - which I am afraid is probably very true.

 

[Davy_S]

I always got the feeling in the islands that they did not feel they got anything back for the taxes they paid - it just fed the central machine - no benefit back to the islands at all.

I suspect that all that has happened in the last 3 months is that they have gone back to the old ways - convinced that they are wasting their money paying taxes to the centre - which I am afraid is probably very true.

This is indeed very true, some of the islands could survive very well without the mainland, if and its a big if, the right people were in charge of the finances, everything was regulated and taxes collected, when the locals who are employed in bars for 3 euros an hour see that the tax evaders are brought to justice, and that the Tavernas they work for are paying their share of tax, all could be well, this includes Tavernas who pay tax on 20 covers, and then put 40 covers out on the street as soon as the tax man has gone, are brought in line and made to pay, it really is so unfair on the low paid workers to be treated so unjustly.

 

[vyv_cox]

I always got the feeling in the islands that they did not feel they got anything back for the taxes they paid - it just fed the central machine - no benefit back to the islands at all.

I suspect that all that has happened in the last 3 months is that they have gone back to the old ways - convinced that they are wasting their money paying taxes to the centre - which I am afraid is probably very true.

We have spent more than average in the two weeks we have been out, new batteries, electric oddments, food, antifouling, eating out, etc., and in every case we have been given a till receipt. No question of a black economy that I have witnessed.

 

[Chris_Robb]

We have spent more than average in the two weeks we have been out, new batteries, electric oddments, food, antifouling, eating out, etc., and in every case we have been given a till receipt. No question of a black economy that I have witnessed.

Thats good to hear - I was expecting a full 2 fingers to Athens, but there is no way forward like that.

 

[Melody]

We have spent more than average in the two weeks we have been out, new batteries, electric oddments, food, antifouling, eating out, etc., and in every case we have been given a till receipt. No question of a black economy that I have witnessed.

That's my experience as well and we buy all sorts of stuff all year. Things have really changed.

However, I wouldn't put it past some Greeks still to try to get around declaring VAT with foreigners who don't know any better. "if you don't get a receipt I can give you 25% off" etc. Please say No firmly Tell them you are not obliged to pay for anything that you don't get an invoice or receipt for.

@duncan99210
My accountant says the rule about no cash payments over 500 euro does apply to everyone, not just businesses. But he says what some people are doing, if the bill is just over 500 euro, is making two cash payments, each of less than 500 euro! Absolutely not legal but I don't suppose we can expect everything to change that quickly.

 

[duncan99210]

Ok

@duncan99210
My accountant says the rule about no cash payments over 500 euro does apply to everyone, not just businesses. But he says what some people are doing, if the bill is just over 500 euro, is making two cash payments, each of less than 500 euro! Absolutely not legal but I don't suppose we can expect everything to change that quickly.

That's that one cleared up then! I do find it slightly irritating that when paying a marina bill they'll tell you the best way is to do a bank transfer (OK with me, little or no cost either but takes a day or two to sort out) or by card at a 2-3% surcharge. However, like all things out here, it's a minor irritation not in any way a show stopper.

 

[Melody]

Ok

That's that one cleared up then! I do find it slightly irritating that when paying a marina bill they'll tell you the best way is to do a bank transfer (OK with me, little or no cost either but takes a day or two to sort out) or by card at a 2-3% surcharge. However, like all things out here, it's a minor irritation not in any way a show stopper.

When you pay by card the card processing company charge the recipient company about 2.5% commission (sometimes more). If most people pay by card the business will build that into their pricing but if only the minority pay by card, which would be the case for Greek boatyards, I imagine, they may feel it's fairer for them to pass it on to those who want to pay that way rather than raise the price for everyone.

 

[duncan99210]

Melody, if the only way to pay (legally) is by card or bank transfer, I really do think it's time the companies woke up to this and started building the CC charges into their pricing, as they do in most of the rest of the world. Then they could perhaps offer a small discount for payment by bank transfer if they felt so moved?