How will the ongoing Greek situation affect your viewing trips this summer?
It’s been a regular topic at Smart Currency Exchange this year – the impact of political events on the currency markets. This month really is no different, with the ongoing situation in Greece continuing to spiral, havinga dramatic effect on the currency markets and political posturing in Europe – and further afield.
After a very volatile June, which began with the possibility of a deal being made and ended with Greece missing their first deadline, we expect this to continue as this month goes on. The ‘No’ result at last Sunday’s referendum is likely to ensure this carries on for the foreseeable future.
There are numerous effects from this that are likely to rebound on multiple audiences around the world; today I thought it would be a good idea to assess how this could affect you – especially those of you who will be heading out on viewing trips in Europe over the summer.
The biggest effect that the ongoing Greece talks will have on those visiting anywhere in the Eurozone over the coming months is the reflected effect that they have on the euro. Currently, while the talks languish, and more ‘negative’ news comes from the table (such as the result of Sunday’s referendum, and of course the missed payment deadline at the end of June), the single currency is weak – touching eight year lows against sterling. When the outlook seemed good at the beginning of last month, the euro soared – showing just how much of an effect the talks in Greece have on the currency rates (and equally just how much a strong sterling depends on a weakened euro).
If you are heading out on a viewing trip in Greece in particular, there will be even more of an effect. In the first instance, the experts at the Foreign Office suggest ensuring you have enough cash on you to cover your trip – the banks in Greece are closed, and the ATMs are limited to €60 transactions; these rules don’t actually cover those with foreign cards, but you still may find that ATMs are short on cash. Cards should work everywhere, but you may find places like restaurants only want to deal with cash.
In theory, the ongoing talks should not affect your trip – so you should be left to find your dream home in peace (and perhaps at a lower cost than you would have