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Could You Live on $64 a Day If Greece’s Crisis Happened Here?

2 minute read

Greece’s banks remained closed on Monday for the sixth straight working day, heightening anxieties over the nation’s cash withdrawal and transfer limit of €60 ($67) per day per account.

What if those same capital controls were imposed in America? As shown in the chart above, our budgets would need a significant downsizing — by over 50%.

It’s true that credit or debit card transactions — for some, the primary mode of payment — aren’t affected by the rules. But many day-to-day Greek businesses and services, like restaurants, have begun demanding cash payments. Other Greeks have found even their credit cards are being rejected with confusion surrounding the capital controls. As a result, for many account holders, it’s truly a $67 per day limit: $67 for food, housing, healthcare and transportation, often to support a family of several people (We should note that some Greek public transportation has been free during the capital control period).

According to the U.S. Bureau of Labor Statistics’ most recent report on U.S. consumer expenditures, American households spent an average of $140 per day in 2013. Indeed some of these costs could be eliminated more easily, like leisure ($6.80) and cash contributions ($5.02). But Americans’ three highest daily costs — housing ($49.98 per day), transport ($24.67) and food ($18.09) — aren’t just harder to cut down on, but also far above the $67 limit already.

Witness Scenes from Athens After the Referendum

Supporters of the "No" vote wave Greek flags after the referendum's exit polls at Syntagma square in Athens, Sunday, July 5, 2015.
Supporters of the "No" vote wave Greek flags after the referendum's exit polls at Syntagma square in Athens on July 5, 2015. Emilio Morenatti—AP
People celebrate in front of the Greek parliament as early opinion polls predict a win for "No" campaign, which won with more than 60 percent of the vote.
People celebrate in front of the Greek parliament as early opinion polls predict a win for the "No" campaign in Athens on July 5, 2015.Christopher Furlong—Getty Images
Tens of thousands of Greeks came to the city center of Athens to celebrate the victory of the "No" campaign.
Tens of thousands of Greeks came to the city center to celebrate the victory of the "No" campaign in Athens on July 5, 2015.Michael Debets—Demotix/Corbis
Greek special forces members guard the Parliament in Syntagma Square after the referendum in Athens.
Greek special forces members guard the Parliament in Syntagma Square after the referendum in Athens on July 5, 2015.Armando Babani—EPA
Riot policemen guard an entrance of the parliament as supporters of the No vote celebrate after the results of the referendum at Syntagma Square.
Riot policemen guard an entrance of the parliament as supporters of the No vote celebrate after the results of the referendum in Athens on July 5, 2015.Petr David Josek—AP
"No" supporters celebrate the referendum results on a street in central in Athens.
"No" supporters celebrate the referendum results on a street in central in Athens on July 5, 2015.Alexandros Michailidis—Demotix/Corbis
A masked youth throws a petrol bomb at riot police during minor clashes in central Athens, Greece July 5, 2015. Greeks voted overwhelmingly "No" on Sunday in a historic bailout referendum, partial results showed, defying warnings from across Europe that rejecting new austerity terms for fresh financial aid would set their country on a path out of the euro. REUTERS/Marko Djurica
A masked youth throws a petrol bomb at riot police during minor clashes in central Athens on July 5, 2015. Marko Djurica—Reuters
Riot police detain masked youth during minor clashes in central Athens, Greece early July 6, 2015.
Riot police detaining masked youth during minor clashes in central Athens on July 6, 2015. Marko Djurica—Reuters

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