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Final Countdown for Athens - 9 July 2015

By Cina Coren
Cina Coren is a former Wall Street broker and financial advisor. She holds a Master's degree in Communications and spent many years writing for international news outlets and journalistic publications. Today, Cina spends most of her time writing internet articles and blogs, and reading various newspapers to stay on top of the news.

Greece has until midnight Thursday to come up with a plan to save itself from drowning. At this point, any reasonable offer will be considered by the Emergency European Union Summit which meets on Sunday. If no economic package is submitted or if the suggested one is not accepted, Greece will be the first Eurozone member to lose its status as a member of the euro group and will have to fend for itself financially from here on in.

The majority of the Greek people as well as the government are eager to avoid a Grexit and the Eurozone leaders have shown considerable endurance with Prime Minister Alex Tsipras and his day by day exploits over the last five months. But they have reached their absolute limit and Sunday has been designated as the final G-date.

Both sides accuse the other of being uncompromising but it has reached a point where the identity of the culprit is no longer at issue. Greece is about to go under and Eurozone leaders have come up against a brick wall.

The six European leaders have run out of patience and if no acceptable proposal is presented within the next few hours, the European Central Bank will sever all money to Greek banks, compelling the country to search for some other form of funding or suffer the consequences of a financial breakdown and economic chaos.

Euro Unchanged

Meanwhile, the euro seems to be holding its own and the Greek crisis has had little effect on the other countries in the Eurozone. The benchmark Euro Stoxx 600 index rose 1 percent Wednesday and the euro was little changed.  

At the same time, trying to keep a semblance of calm in the midst of the storm, people in the big cities are flocking to stores to purchase items with credit or debit cards fully aware that ready cash will run out in a very short time and that the euro will be a thing of the past in their country. This spending spree has not been limited to wealthy people.

However, panic, as can be expected, does reign within. Greeks are fearful of what lay ahead for them and for their country.  Worried about the implications of closed banks, the loss of membership in the Eurozone and the possibility of the implementation of a whole new financial system, they can be seen going to and from work and performing  their usual daily tasks while trying to restrain their anxiety by keeping their noses in their smartphones for on-the- spot updates.

One immediate way being employed by some Greeks to get rid of available cash or cover any outstanding debts or obligations is to prepay their taxes so if some of their savings is lost to a bank failure, they will be covered.

Cina Coren
Cina Coren is a former Wall Street broker and financial advisor. She holds a Master's degree in Communications and spent many years writing for international news outlets and journalistic publications. Today, Cina spends most of her time writing internet articles and blogs, and reading various newspapers to stay on top of the news.

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