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Will using an ATM get interesting?

Here's some recent news that could affect travelers in the near future. "Contingency planning is underway for a scenario under which Greece leaves," one of the sources, who has been involved in the conference calls, said. "Limited cash withdrawals from ATMs and limited movement of capital have been considered and analysed." http://www.irishtimes.com/newspaper/breaking/2012/0612/breaking24.html At this point, it's just contingency in case Greece leaves the Euro. Most travelers aren't going to be carrying large amounts of cash but limited ATM cash withdrawals could be an issue.

Posted by
6788 posts

This is the last thing I would worry about for an upcoming European vacation - this would be on my list of concerns right below asteroid storms and zombie attacks.

Posted by
12172 posts

Just sharing. I didn't write the story. I think it's always good to have a plan B. Even with the recent cannibal news, I'd still put a plan B for ATM's ahead of a zombie plan.

Posted by
4407 posts

The suspension of visa-free travel among the Schengen countries has already popped up in spits and spurts here and there. (FWIW, my passport is basically my visa; that's why I always have it on my person.) Because any bank can limit how much cash may be withdrawn at any given time (including here in the USA), I also don't spend my cash reserves down. Another reason why I arrive in Europe with Euro in my money belt. And even if/when any EU country leaves the Eurozone, someone will be taking Euro. The exchange rate may not be great, but... Greeks have been withdrawing very large amounts of cash from their banks and sending it overseas (to the USA, Germany, Switzerland, or under their mattresses) for a while now. (same thing for Italy and Spain) Last fall, Switzerland already intervened in the currency markets and in effect devalued the franc by buying unlimited quantites of foreign currencies to force down its value - their exports to the other Eurozone countries were struggling. These days, news reports state that tourism - including Swiss tourists - is down in Switzerland; it's too expensive. The Swiss cross the German border to do their shopping. Now they and Germany are considering capital controls...not that anyone I've read thinks they'll be particulary successful... According to polls, the vast majority of Greeks don't want to abandon the Euro (aka the 'Grexit' - ugh). But...there's another vote there on June 17 and they expect a strong showing from a party that wants to basically tear up or renegotiate the EU bailout agreement. Hence, the measures in this article from Brad. Folks, if you thought the 'financial troubles' of the last few years were about over (because we have no stamina for such things), you'd better hang on tight...the next wave is coming...

Posted by
2916 posts

I don't think tourists who want to withdraw a few hundred Euros at a time need to worry. ATMs will still be exist in Europe; maybe people won't be able to withdraw thousands per day, but I'm not sure they can do that now anyway.

Posted by
23281 posts

Remember ATMs are there for the locals. Just convenient for the tourists but not who the bank is primarily serving. If there is a limit on ATM withdraws it is to prevent the locals from draining the cash reserves.

Posted by
209 posts

I'm not horribly worried. The amount of money that can be drawn out of an ATM on most cards is not the sort of money anyone might use to move a lot of Euros from Greece to the rest of the Euro zone. So whatever the limits, I don't anticipate too much inconvenience. If they really do go off the Euro in Greece, and they may have to, there will be problems beyond previous currency changes. Consider that as each EU country converted to the Euro it's currency became defunct. That limited the options of anyone trying to avoid the Euro. But if Greece creates a new currency, the Euro will still be alive and well. Not only Greek money stashed abroad, but even currency kept in cash could escape the conversion. Should be very interesting to watch. But I'd rather not participate.