Greece

Your appearances on wgn improve the tone of the show. Your advice, particicularly about children and & saving, is thoughtful and practical, thank you! However your response to the question on proposed Grecian travel surprised me. Many travel plans are non refundable. Mine for sep is. I’m planning on US $ and Euros. Serious thoughts?

Terry Says:  Well, as of this morning, the Greek Prime Minister says he plans to have the banks open this coming week.  BUT, there will still undoubtedly be a rush to get money OUT  of the banks — not only pent up demand for commerce, but just scared depositors.  We will have to see how long the banks can open –and STAY open, to see what happens.  Remember, this is not just for tourists to get cash or pay hotel bills with credit cards.  The entire commerce system of Greece — all of its imports and payments systems have been disrupted, as well as wage payments to workers.  That should take a while to get back on track, even if things go well.

Yes, you could bring American dollars or cash Euros and get bargains.  But you could also run into all sorts of disruptions.  So when I was asked my advice, I suggested plans to go elsewhere.  That may reveal more about my own personal travel anxieties than my financial advice. But I personally don’t want to be stuck in a country where the financial systems could bring about closings of important services.  I’d say “send me a postcard” — but certainly that would take forever.  So do post again upon your return.  I hope you have a wonderful and uneventful trip, full of bargains!