Economics
The Devalued Greek Currency Has Already Arrived. It's the Euro
Euro deposits in Greece's financial institutions may come to have less value than cash if banks stay closed much longer
People wait in line at an automated teller machine (ATM) at a Piraeus Bank SA bank branch in Athens, Greece, on Monday, June 29, 2015.
Photographer: Simon Dawson/BloombergThis article is for subscribers only.
Customers at Iannis’s gas station in an industrial area in southeast Athens may be disappointed if they try to pay with plastic.
He’s set a limit of 50 euros ($55) for credit and debit cards, not enough for a full tank for many cars. “That’s all we are taking,” he said, the blue Aegean Sea visible at the bottom of the hill. There’s no limit on cash.