Greek Pasta Sales Surge On Election, Grexit Fears

 
on June 13 2012 1:49 PM
Sales of non-perishable goods like pasta have soared in Greece on fears of an exit from the euro zone.
Sales of non-perishable goods like pasta have soared in Greece on fears of an exit from the euro zone. Wikimedia Commons

Greeks are stocking up on non-perishable staples like pasta on fears that Sunday's elections presage an end to the nation's euro zone participation and a return to the drachma, Reuters reported Wednesday.

Greeks are withdrawing between €500 million and €800 million ($625 million to $1 billion) from banks every day in an attempt to save their money from a potential euro zone departure, Reuters reported. Some of that money is going to supermarkets where many Greeks, who still remember the travails of the Nazi occupation, are engaging in panic buying and stocking up on essentials.

The surge in supermarket buying is not resulting in much of an increase in revenue for those businesses, though, as Greeks are primarily purchasing low-cost, non-perishable food, according to the report.

Share this article

More News from IBT MEDIA