The Greek Depression Continuews to Wreck Havoc

The Greek Depression Continuews to Wreck Havoc

The world has been infested with issues like terrorism, poverty, hunger and violence. To add another feather in the cap is the economical and financial crisis that is infesting the current scenario of the world economy. One of the recent major economical crises is the great European Crisis, which initially started with the Greek depression back in 2009. The reasons can be varied for the Greek Depression like the growth rates in the GDP, the debt-level and deficiency of the Government, the budget compliance and finally the statistical credibility.
Nevertheless, this economic depression has taken a drastic turn as the Greek Government decided to take some measures to combat the crisis. Nonetheless, these measures have taken the local life of Greece on a toll. Post a discussion that continued for 8 hours in the cabinet, a decision has been taken that all the Greek banks would be shut for 6 working days and some restrictions have been imposed on the cash withdrawal as well. The officials from the financial sector confirmed that the Stock Exchange would be closed on 29.06.2015 as well.
This closing down of the financial institutions might extend and become indefinite. The cash withdrawals in the ATMs have been capped at 60 Euros and the working hours of the ATMs would only be 12 Hours from the publication. Therefore, the effective hours of ATMs operation would only be early afternoon. However, no restrictions have been levied on online transactions. The cards that have been issued abroad can be used freely in the ATMs.

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