Two large Greek companies have decided to pay their employees in cash now that banks are closed and capital controls are imposed. The Sklavenitis super market chain was the first to take the initiative. A company announcement stated that the management took that decision in order to facilitate employees to get their wages without having to withdraw 60 euros per day. It also said that the move also helps employees to maintain their dignity and not wait in line for hours. Another chain that decided the same is Greece’s biggest electronics and appliances retailer. Kotsovolos, a unit of Britain’s Dixons Carphone, is paying its staff in cash these days that banks are closed. The Greek government decided on Tuesday that banks will be closed at least through Wednesday and capital controls will remain until an unspecified date. Athens is hoping to reach a deal with international creditors soon in order for the European Central Bank to start providing liquidity to Greek banks again. So far the ECB has decided to stop emergency liquidity assistance (ELA) that has been the lifeline of Greece’s banking system through the last days of June.
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