Greek bank closure costs economy 3 billion euros

July 19, 2015 10:16 AM

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Mubasher: The cost of a three-week closure of Greek banks and capital controls in Greece has been estimated at nearly 3 billion euros, excluding the tourism sector.

Even if the credit system is set to return gradually to normal, the market will take a long time to recover from the damage done over the last 20 days, Kuna reported.

The shortages in commodities due to problems in imports corresponds to products valued at 600 million euros per week, or 1.8 million euros so far.

There are also backlog of checks and bills of exchange that cannot be paid, which means that business transactions worth an estimated 6 billion euros have been frozen.

Source: english.mubasher.info

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