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What’s the current state of the Greek economy?
In February 2017, the Greek finance ministry announced that the yield on the country's bonds was near that of its pre-2010 levels, before its economic crisis began.
The International Monetary Fund (IMF) predicts Greece's gross national product (GDP) will rise 2.8% in 2017, and an additional 1.2% yearly through 2020.
In June 2017, the Euro zone gave Greece a US$9.5 billion credit to help with debt relief. On 13 July 2017, Greece sent the IMF a letter detailing its plans to meet debt commitments by June 2018.
Business as usual for transfers from Australia to Greece
While two major transfer providers, Western Union and MoneyGram, previously suspended their services into Greece, the majority of banks, financial institutions and global transfer specialists have no current restrictions on transfers from Australia to Greece.
The following lenders and global transfer providers have confirmed that they have no restrictions on transfers into Greece as normal fees and rates apply:
With a government debt ratio forecast to reach 150% in 2020 and 140% in 2022, the International Monetary Fund (IMF) warns that Greece will be vulnerable to economic shocks in the years to come.
The people of Greece voted "Oxi" or "No" on 5 July 2015, turning down a bailout package offered by the European Union that would have extended their current loan terms and offered solutions that would also help to pay off these loans.
The European Union subsequently provided a €7 billion bridge loan to Greece on 21 July while the Greek government voted on whether to accept a new bailout package. This loan was used to pay down some of the outstanding payments on debts Greece already has and also coincided with the reopening of Greek banks, although with tight restrictions.
While no restrictions are currently in place for transfers from Australia to Greece, the dire financial situation in Greece still remains.
Marc Terrano is the lead publisher of Points Finder and a co-host of the Pocket Money podcast. He was previously a writer and publisher for home loans at Finder. Marc has a Bachelor of Communications (Journalism) from the University of Technology Sydney. He’s passionate about creating honest and simple reviews and comparisons to help Australians get the best value for their money.
Global Reach will match any competitor's exchange rates. Conditions apply.
No transfer fee when transferring more than £10,000 or equivalent. Send money in over 130 currencies. No maximum transfer amount.
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