Current situation in Greece: Some guidance for businesses

Are you trading with Greek companies, facing a delay on receiving a payment or rely on a Greek supplier? This article aims to explain what the current economic and political situation in Greece would mean for you.

First things first: many people hear about the term ‘’Capital Controls’’ but how does this measure affect a foreign company? First of all, if put simply, the term ‘’controls’’ means that Greek banks are closed and cash withdrawal from a Greek Automatic Banking Machine is limited. However this does not mean that electronic transactions cannot take place at all. Money can only be transferred from one Greek account to another Greek account, but in any case it cannot be transferred from a Greek account to a foreign account.

What should I do? First of all, cautiousness and patience should be your necessary tools. This is the time to secure your position. Do you have a contract that can protect your rights in case legal action is required? Have you been able to secure your claim? Would it be advisable to address your worries to your business partners? Does this situation affect directly your own cash flow?

In order to obtain the best possible legal advice, you certainly need to use all the Greek law expertise that our local legal advisors and also we, Bierens International Legal Team in Amsterdam could offer to you. Should you seek any legal advice on the above, do not hesitate to contact us at Bierens.