Greece’s economic woes

This is subscriber only post.
Get one year of online-only access — only $15!
Below is a sample of the article.
Please login or subscribe to ITN to read the entire post.

On July 13, Greek and Eurozone negotiators came to terms regarding a new bailout for Greece to help prevent its economy from collapsing further and a Greek exit from the Eurozone.

The plan includes a loan of up to 86 billion (near $95 billion), which includes 10 billion to be immediately used to refinance Greek banks. 

Struggling to keep money on hand, Greek banks resorted to limiting the amount of money Greek citizens are able to withdraw at one time. Though foreign visitors have not been subject to those limits, ATMs and banks have frequently run out of currency, preventing travelers from withdrawing funds. At press time, credit cards, where accepted, still were functioning normally, though some merchants were asking for cash. 

Please login or subscribe to ITN to read the entire post.

On July 13, Greek and Eurozone negotiators came to terms regarding a new bailout for Greece to help prevent its economy from collapsing further and a Greek exit from the Eurozone.

The plan includes a loan of up to 86 billion (near $95 billion), which includes 10 billion to be immediately used to refinance Greek banks. 

Struggling to keep money on hand, Greek banks resorted to limiting the amount of money Greek citizens are able to withdraw at one time. Though foreign visitors have not been subject to those limits, ATMs and banks have frequently run out of currency, preventing travelers from withdrawing funds. At press time, credit cards, where accepted, still were functioning normally, though some merchants were asking for cash.