Greek Economy Has Sacramento Man Bringing Cash Overseas To Relatives

SACRAMENTO (CBS13) — George Koufasimis keeps a close eye on Greek news from his East Sacramento home.

"I went elementary school there and moved to the United States when I was 12 years old," he said.

The Greek native is traveling to his home country to visit family as it grips with an economic crisis. He says worries are real and that banks are limiting how much cash people can withdraw from ATMs each day to avoid a run and economic panic.

"Terrible what's going on," he said. "I feel sorry for the people, especially normal people from day to day."

Along with the usual travel items, Koufasimis says he'll bring cash with him for family and friends who may be in need.

"I want to do whatever I can, spend some money, if they need money, I will try to help them," he said.

Experts say Greece is past the worst of it after a deal with creditors was reached.

Sacramento State economics professor says Greeks will have to make major concessions to repay their debt, like pension cuts and tax increases. Even with a financial meltdown averted, she says tough times are still ahead for Greeks as the new terms of their creditors could slow economic growth.

"Either way it's going to be costly, it's looking at two bad alternatives for Greece, I think , and I think that the PM, that this is the lesser of two evils," she said.