Capital controls have been imposed in Greece for three weeks. However, the cost of this time period to the Greek economy is estimated to be around 3 billion euros.
According to Greek newspaper “Kathimerini,” this financial regime has hurt a number of business sectors across the board. Importers have been severely hurt as the cost of not getting the products they need for their business has reached 1.8 billion euros. Exports also lost 240 million euros in revenue, according to the Panhellenic Export Associations.
The retail trade industry has been particularly damaged by the situation, having incurred loses of around 600 million euros.
Furthermore, significant sums of money are immobile at the moment. The Athens Chamber of Commerce and Industry (EBEA) said that 6 billion euros of business transactions are frozen while 4,500 raw material and final product containers are stuck at customs.
Although tourism industry professionals are optimistic, following Greece’s bailout deal, online platform WebHotelier found that new hotel bookings decreased by up to 50,000 at the worst point of these three weeks.