(Herald Sun) Nervous Greeks are withdrawing up to 800 million euros ($1.01 billion) a day and stocking up on canned food as they fear the country will be forced to leave the eurozone after this Sunday’s election.
Bankers said daily withdrawals from the major banks were hitting €500-€800 million ($631.8 million-$1.01 billion), Reuters reported.
Meanwhile, retailers say consumers are stocking up on non-perishable foods like pasta and canned goods.
Latest polls showed the conservative New Democracy party, which supports a €130 billion international bailout, is running neck-and-neck with the leftist SYRIZA party.
SYRIZA leader Alexis Tsipras is pledging to tear up the bailout deal, saying that the austerity conditions attached to the money are so catastrophic for the country they must be rejected.
If the country renounces its bailout terms, Greece’s international partners could stop providing the rescue loans, which would lead it to default and force it out of the eurozone.
Reports overnight said that Greece only had about €2 billion euros ($2.52 billion) left in its coffers, which would only last until July 20.
Greece’s finance minister refused to comment but the country’s labour minister said that Greece should have enough cash to pay pensions at least for July.
If Greece walked away from the euro, the drachma’s value against other currencies would plunge along with the earnings of Greek workers.
Cost of living would spike on the back of rises in interest rates and import prices.