Greece – Advice for Exporters

30 June 2015

Banking controls have now been introduced in Greece alongside bank holidays which are likely to see banks in Greece closed until the Greek government is in a position to re-open them.

If you trade with Greece, or you rely on suppliers there, you may find that you are directly affected by the situation.

What has happened

A decision has been made by the Greek authorities to introduce restrictions on banking facilities and implement bank holidays.

Banks in Greece have now been closed and are likely to remain closed until the Greek government is in a position to re-open them. A referendum took place on 5 July 2015.

The UK government continues to monitor the situation closely.

What happens next

Contingency plans are already in place and the Prime Minister chaired a further meeting (on 6 July) to review those plans in light of the result of the Greek referendum.

Following the result of yesterday's referendum (on 5 July) in Greece a Downing Street spokesperson made a statement:

"The Greek people expressed a decisive view in yesterday’s referendum. This is a critical moment in the economic crisis in Greece. We will continue to do whatever is necessary to protect our economic security at this uncertain time. We have already got contingency plans in place and later this morning the Prime Minister will chair a further meeting to review those plans in light of yesterday’s result."

The Chancellor has made a statement to the House of Commons, setting out developments so far and the UK’s response.

Latest news

UK Export Finance has suspended its guarantees for trade deals with Greece in light of the uncertainty surrounding the country’s eurozone membership.

The export credit agency has stopped processing new applications for cover on exports from the UK to Greece, though it is unclear whether guarantees already agreed upon will be affected. Read more

Guidance for Businesses

As a result of the temporary capital controls introduced by Greece, it is possible that you may experience delays in receiving payments originating from Greece. Greek companies may experience problems making payments and deliveries. The main impacts you may experience relate to contracts and the transfer of money (cash flow). Where countries have experienced disruption in the past, companies have experienced:

  • delays on payments and deliveries
  • impacts on demand due to ongoing economic uncertainty

The way your company is affected will depend on:

  • the business that you do
  • the contracts you have
  • whether your bank has been affected

For more information, see Guidance for Businesses who may be affected published by The Department for Business.

In addition, HMRC’s ‘Time to Pay’ service will be available to help give breathing space to businesses who are experiencing cash-flow difficulties and are unable to pay their tax liabilities as a result of events in Greece. HMRC has introduced a dedicated helpline for those affected - 0300 3308100.


This will be updated on a rolling basis and can be accessed at the following link:


Follow Chamber International on Twitter @ChamberInt and on Facebook here.