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Polish Newspaper Warns Tourists of Riots in Greek Cities

As the crisis in Greece unfolds and capital controls are implemented, EU countries in particular are analysing the potential impact on themselves.

Poland’s Deputy Finance Minister, Artur Radziwill told journalists in Warsaw that the country is well protected from Greek contagion.

He said that its strong economy and low exposure to Greece’s economy and banking sector means there will be little impact directly.

Safe Haven

 

Warsaw’s primary stock exchange, the WIG 20, fell 2.4% to a five month low on Monday.

With investors turning to safe havens over emerging markets, the Polish zloty actually fell to the euro which at one point weakened 2% to the dollar.

Polish 10-year government bonds increased 13 points to 3.37, the highest in nearly a year. Western European bond markets such as Germany, France and the UK strengthened on the news from Greece.

Tourism

 

Polish tabloid, Super Express is warning tourists of the capital controls. The Greek government announced that the €60 cash withdrawal limit will not affect tourists. However, there are large queues at many ATMs in the country and most do not have money anyway.

It was reported that only 40% of cash machines were empty on Sunday. It is therefore advising tourists to be well stocked with euros on arrival.

More alarmingly, the newspaper is warning tourists of potential violent protests and rioting in the major cities. It states there has previously been clashes and tourists should be vigilant.

Greece’s tourism industry represents 18% of the country’s GDP and employs over 600,000 people.

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