Sunday, 5 July 2015

When banks die

MARIANA doesn’t really care who wins today’s referendum. The young pharmacist, working in a relatively poor part of Athens, has more pressing problems: she has been running out of medication fast this week. Greece relies almost entirely on foreign imports for its pharmaceutical supplies. But since capital control imposed last Sunday brought the country’s banking system to a sudden halt, some suppliers have stopped delivering key medication because they cannot get paid. Foreign bank transfers have been banned by the Greek government (with some complicated exceptions which in no way suffice) and Greek credit is no longer accepted outside the country (as stranded Greek tourists found this week when their credit cards stopped working). As things stand, she has another week’s worth of insulin in stock for diabetics but will then have to start turning her patients away. “Do you know what that means?” she asks, trying to keep a proud face, “Do you know what insulin does?”

Hospital employees report similar problems. They have already had their last cash reserves taken from them, by the current government in April, to pay...Continue reading

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