![]() ![]() Political opinion was sharply divided already between those who blamed Tsipras for not settling on Europe’s terms, no matter how draconian they were, and others who lauded him for not backing down. But several hoteliers, waiters and merchants who work in the sector feared Sunday that tourists would flee if violence erupted or if there were fuel shortages. ![]() The only Greek industry that is prospering is tourism. About 25 per cent of the population is already unemployed and youth unemployment almost touches 50 per cent. The robust police presence seemed a bit premature as the city was calm and there was little overt anger, but there has already been euro-related rioting here several times this year. That is when Greece will fail to make a scheduled 1.6-billion euro debt payment to its international creditors, effectively killing a 245-billion euro ($326 billion) bailout package. ![]() The establishment of capital controls by Tsipras’s left-wing government was designed to try to contain the escalating damage from a protracted debt crisis that, barring unexpected last-minute concessions by international creditors, may finally come to a head Tuesday. The funds had made it just possible for the banks to cope with a multibillion euro run on their accounts that began two weeks ago and escalated sharply in recent days. Those cash injections, believed to already total nearly 90-billion euros, have been flown in every night from western Europe. The decision to temporarily cut Greeks off from their money and severely limit the amount of money that individuals and businesses can send abroad came hours after the European Central Bank (ECB) declared that it would not increase the level of emergency loans that it has been providing for several months to the country’s already shaky banks. This advertisement has not loaded yet, but your article continues below.
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