Greek companies started payment to employees in cash

Noam Stiekema

The Greek companies started payment to employees in cash after the extended bank vacation. At least three Greek companies, including the largest chain of electronic appliances have paid their employees in cash after the government imposed restrictions on withdrawals of funds by banks last week in an attempt to prevent a possible collapse of the […]

Kotsovolos wages cash

Kotsovolos wages cashThe Greek companies started payment to employees in cash after the extended bank vacation. At least three Greek companies, including the largest chain of electronic appliances have paid their employees in cash after the government imposed restrictions on withdrawals of funds by banks last week in an attempt to prevent a possible collapse of the banking system. Actions Kotsovolos, a division of the British merchant Dixons Carphone, and two companies are a reaction to the financial crisis in the country, after Greece closed its banks and restrict withdrawals from ATMs to 60 euros per day.

The control over the capital began to reflect on the budgets of Greek households and stifle the normal course of operations for many businesses. On Monday, it became clear that Greek creditors will remain closed until at least Wednesday. A spokesman for Dixons Carphone said Kotsovolos paid staff in cash last week. The company monitors developments in the negotiations between the government and creditors to find out what to do this week. Two other major companies operating in Greece, are also paid all or part payment in cash. Others consider to offer the scheme to their employees as an option for the next scheduled payment at the end of the month highlighted told Reuters people familiar with the matter, requested anonymity.

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