Hoarding cash and empty supermarkets: Greeks panic over looming economic downfall

Greek Citizens piles up stocks of food, cash and necessities amidst Greek debt crisis

Greeks are starting to empty their supermarkets, hoarding cash and food amidst the growing fear of a possible collapse in the Greek economy. Citizens of Greece continue to panic and doubt if there will be anything positive to look forward to after bailout deal negotiations are made by the government.

MUNTINLUPA, PHILIPPINES (Catholic Online) -  Greeks, from elderly men and women to university students, are beginning to overstock their food supply and other necessities in their homes as fear of a financial breakdown in Greece continues to loom in the atmosphere.

Sugar, flour and pasta are at the top of the list of products currently being hoarded by residents, as they prepare for different outcomes as the Greek debt crisis continues.

"Most people are buying food now because they fear the worst," shared by Andreas Koutras, a 51-year old who works in finance, referring to a referendum Sunday on Greece's bailout, which could seal its financial fate.

Several photos of empty shelves in supermarkets pour all over online sites, as shoppers try to secure non-perishable goods.

Prime Minister Alexis Tsipras continues to urge his constituents to vote "NO" and reject the bailout deal offered by the country's international creditors. He claims this will put the country in a stronger negotiating position. Together, with Finance Minister Yanis Varoufakis, the government guarantees banks will start to re-open after the vote. Unfortunately, too much uncertainty on what awaits the financial future of Greece has caused citizens to doubt government assurance.

Supermarket stocks are starting to run low, posing another possible negative in the law of supply and demand.

Card payments are refused by many shops fearing what the effect of the bailout issue will do to banks. A financial disaster is envisioned by residents and financial analysts at the moment.

Banks have begun to increase their withdrawal fees. Citizens are hoarding cash as much as they can, while businesses want to get their hands on customers. The domino effect of the situation will soon reach a conclusion after the bailout voting commences.

"We have learned to live with less money," says Greek citizen, Marilena stated, "because the last four to five years were very difficult for most of people. But we have needs, we adjust of course... but we cannot go any further."

The result of the referendum will decide whether the country stays in the "eurozone" or not. The confusions and worries continue as Sunday's results draw near.

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