PH embassy to help OFWs in Greece, prepare for worst-case scenario

Main building of the bank of Greece. Recently, the country has been forced to close its banks, limit ATM withdrawals to 60 euros a day and prohibit residents from making remittances abroad due to the economic crisis. (Photo courtesy of Wikipedia Commons)

MANILA – With Greece facing economic crisis, the Philippine Embassy in Athens vows to help Filipinos in need in the country.

Philippine presidential spokesperson Abigail Valte has earlier said that the embassy is ready to act whatever the outcome of the bailout reform proposals will be as Greece recently asked its residents whether they will accept or reject the proposals of their creditors.

“I think that’s tomorrow or Monday in Manila time na finally magdedesisyon po yata kung tatanggapin po yata ng Greece… or i-re-reject nila ‘yung mga bailout reform proposals ng mga creditors nila dahil nakapag-default nga po sila doon sa utang nila sa IMF (International Monetary Fund). So, so far, hinihintay po nila ‘yon because that will have an effect on whether nagkakaroon pa po ba ng limitations doon sa withdrawals from banks in Greece,” she said in a radio interview.

(I think that’s tomorrow or Monday in Manila time that Greece will finally decide if they will accept or reject the bailout reform proposals of their creditors because they have defaulted there in their debt in IMF.

So, so far, they will wait for it because that will have an effect on whether there are limitations in withdrawals from banks in Greece.)

Valte has also noted that the embassy is prepared for a worst-case scenario but remains hopeful that the country will be able to rise up from debt.

“So, for the time being, nakaantabay po ‘yung ating mga opisyal ng embahada doon at nag-prepare naman po sila for a worst-case scenario kung sakaling hindi nga ho umayos ‘yung sitwasyon. Kasi may limitation, parang 60 euros lang po yata ang ipinapalabas po nila doon. Umaasa po tayo na the referendum on Monday, Sunday in Greece, will normalize the situation para makapag-open na po ‘yung remittances kasi talagang ‘yan po rin ‘yung nagiging problema ng ating mga kababayan doon,” she added.

(So, for the time being, the embassy’s officials are waiting there and they have prepared for a worst-case scenario should the situation not get better.

Because there’s limitation, it’s like they are only releasing 60 euros there. We are hoping that the referendum on Monday, Sunday in Greece, will normalize the situation so that remittances there could [accept transactions] because that’s really the problem of our countrymen there.)

Meanwhile, European Commission vice president Valdis Dombrovskis has said that their commission remain ready to provide assistance to Greece should it resume bailout negotiations with its creditors.

“The European Commission has always emphasized: The door to negotiations is open. But in order to reach solutions both sides need to engage constructively,” Dombrovskis said in an interview.

But ultimately, it is still up to Greece, with an overall debt around $350 billion, to decide if they will stay in the Eurozone.