Euphoria turns to fear as Greeks worry about what will happen next

EUPHORIA has turned to fear as banks in Greece remain shut and panicked citizens worry about what will happen to their savings.

Greeks fear the worst is yet to come

THE steel shutters will remain down over all banks in Greece for a couple more days prompting panic in Athens with many now worried about the future of their savings.

After the euphoria of the referendum result where thousands celebrated in the central Athenian Syntagma Square for what they thought was the end of austerity, many woke to the realisation that nothing had changed.

In fact, many feared things had just got worse.

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Getting all they can ... People queue at a bank ATM in Athens. Picture: AFP/IAKOVOS HATZISTAVROU

Huge queues snaked from most ATMs from early yesterday after rumours began swirling that banks may not reopen on Tuesday or if they did it would only be to allow savers access to safety deposit boxes since there was not enough cash reserves in banks to meet an expected mass demand.

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Some ATMs were already out of cash yesterday while others where dispensing only 50 euros in a single note, below the 60 euro daily cap imposed more than a week ago, since they had run out of 20 euro notes.

Future uncertain ... A woman withdraws money from an ATM machine next to a beggar and a graffiti reading" No to fear" in Thessaloniki. Picture: AFP/SAKIS MITROLIDIS

Banks were to reopen today but it was announced they would not open till ​Thursday​ at best and caps on withdrawals would remain beyond this week.

Proliferation of street beggars, that many Greeks said was unheard off only a few months ago, was evident yesterday outside banks and at major intersections with some going into cafes and restaurants asking tourists for any money.

British treasurer George Osborne yesterday warned Westminster the financial situation in Greece could now deteriorate rapidly as he cautioned British tourists to not only take enough cash but also sufficient medicines, noting pharmacies in Greece were reporting shortages of prescription medicines.

Desperate for money ... As well as huge queues outside roller shuttered banks are beggars with cups in hand, a sight many Greeks said was unheard of even a few months ago. Picture: Charles Miranda

He also said Britain was bolstering consular presence on popular tourist destinations Corfu and Crete and the Department for Work and Pensions had contacted 2000 expats living in Greece to offer them the chance to switch to a UK-based bank account to continue to receive their pensions.

Australian tourists Emma Yandle, 23, from Perth said she had been warned several times to bring enough cash to Greece during her two and a half week stay.

“We were in Ios beforehand and there was enough money there to get out to here Athens but we had been warned by different family members back at home watching the news to take out enough cash,” the hairdresser said.

Will be OK ... Australian tourists Emma Yandle, 23 and Danny Lent, 21, in Athens, both hairdressers from Perth, have enough cash to finish their trip. Picture: Charles Miranda

Her friend and fellow hairdresser 20-year-old Danny Lent drew out money as soon as he heard things might change at short notice.

“They were telling us in the hostels and places, letting us know to go to actual bank ATMs because they were more likely to refill those unlike others outside supermarkets or whatever,” he said having flown in from Crete.

The Australian embassy in Greece was watching events closely but did not have a specific contingency plan should people get stranded. There are 90,000 dual Australian-Greek citizens in Greece. In these next three months of summer, as many as 200,000 Australian tourists will visit.