"Return to drachma could be advantageous"

On Sunday, the Greek crisis will reach yet another climax, when the Greek government will have to make concrete reform proposals, before negotiations can take place with the EU about a new support package. For the second week in a row, the banks remained closed, and ATMs gave a maximum of 60 Euro per transaction. Uncertain times, so Nico Persoon, independent trader of Greek products, waits and sees. "At the moment, everything has stopped, and we're waiting to see what will happen."

The uncertainty looming over Europe, and the worries about a possible Grexit, are less relevant to the fruit and veg trade. "For us, it's mainly important that the banks will open again, and transactions can be carried out," Nico goes on to say. Whether drachmas or Euro will come out of the ATM, is of less importance to trade. "A return to the drachma could be advantageous for us, because purchasing would be cheaper."

Protesters in front of the Greek parliament. photo: Ggia

In a larger context, there are problems for trade though. Fuel could become a problem, even when the country introduces the drachma. It's already difficult to manage transport from Greece to the Netherlands, because there's no return freight to make transport profitable.

Regional problem

For neighbouring countries, the crisis is also looming on the horizon like a thundercloud. The often poor countries in the region, like Albania, Kosovo, Serbia, Macedonia and Bulgaria, are economically dependent on Greece. Workers from these countries pick cherries and peaches, for instance, across the border in Greece.

An estimated 600,000 Albanians are working in Greece, with some of the pickers forced to return home without a salary. Before the crisis hit in 2008, Albanians working abroad account for 11.5 percent of the GDP. Now there are reports of the labourers wanting to go to countries like Germany to work. Within the EU, these indirect consequences have also been noted. Chancellor Merkel visited the region.

Waiting game
Greek importers are coming to the Netherlands with cash to manage the import. For exporters, the situation is more difficult. "The Greeks would love to export, because that means money would enter the country again. But we cannot travel to Greece with cash. That's why it's important for the banks to open again."

"Shippers with sufficient financial means will survive. The strong will become stronger, and the poor become poorer." In about two months, the grape season will start. The Greek shippers would like to start then, but it has to go smoothly. Until then, it's a waiting game for Nico. "I don't think anything will change for a while. This month, I'll wait and see what happens. Then we'll take action again."

More information:

Nico Persoon
Commission and trade

Venrayseweg 124 (warehouse Enes-Ceyda)
5928 RH Venlo ( warehouse 3806 )
0031 (0) 622412324