Today all eyes are on Greece.
We are the audience contemplating the third act of a Greek play, where the last six years have foreshadowed the current, escalating state of affairs. But it’s not the finale yet – rather just the beginning.
The past few months were marked by the negotiations between Greece and its European creditors. Mediation froze on a knife’s edge, when Alexis Tsipras, the Greek Prime Minister, passed into history by walking out of the rescue talks and calling a national referendum seven days in advance so citizens of the cradle of democracy could decide down which route they wanted to go.
And so it happened. On Sunday Greek voters, almost in unison, rejected creditors’ demands for more austerity measures in exchange for an international bailout, so the country could function within the eurozone.
The entire eurozone has been pushed into uncharted waters; as the Greek situation is a precedent, it’s incredibly hard to predict what will come next. The Prime Minister claims that a “no” will give him more power to reach a better deal. At the same time the opposition accuse Tsipras of gambling on Greece’s participation in the eurozone and even of threatening the “status quo” of the 19-nation club.
However, some recent reports suggest that it doesn’t matter if Greece rejects the single currency or not. The eurozone has been experiencing problems before “Grexit”, as there are noticeable gaps between the countries, not only economic but also at a political and cultural level.
Hopefully, a meeting of the Eurogroup scheduled for Tuesday evening, where the current state of play will be discussed, will shed some light on this matter.
Obviously, the Greek crisis affects markets. To a certain degree, it’s one of the reasons the British Pound has been gaining strength for the last 12 months.
Us, hard-working migrants based in the UK, can now send money home enjoying the great exchange rate. At TransferGo we have observed recently a significant number of people transferring much bigger amounts than usual.
For example, for 1000 pounds sent, you get as much as 5862.46 zlotys or 1387.43 Euros (updated on 06.07.2015, 14:30 GTM). When analysing the fluctuation of Sterling against the Romanian Leu, a similar observation strikes you as well. The last 12 months represent a remarkable trend of a rising British Pound, so that if you send money home today, let’s say again 1,000 pounds, your loved ones back in Romania will receive 6223.22 RON on the next business day. Sounds like a perfect start for the family holidays, doesn’t it?
What about you, our dear readers, how do you feel about the Greek vote and its potential consequences? Are you taking advantage of the current impressive rate of the British Pound? We really hope you do!
Also, we are always curious and excited to hear from you, so feel free to share your thoughts!