Greek financial mess a quagmire for Melburnians

Paul Nikakis might lose more than money in the fast-escalating Greek financial crisis.

He might lose his mother's legacy.

The Nikakis matriarch, Poppy, died in March this year.

The 84-year-old, who moved to Australia in the early 1950s, has left her two sons money and land back home.

But now that "substantial inheritance" might be lost forever.

Mr Nikakis said he and his brother, Kosta, had been trying to get the funds out of Greece since early this year. But they are beginning to expect the worst.

"I am very concerned," he said. "I am a bit depressed about it. I think probably it is not going to be good news."

Mr Nikakis said though Greece always had a poor record of managing the economy, the timing could not be worse for the family.

"It is not just about the money," he said. "It is about the legacy my mother has left. She'd be devastated if she knew what was going on,"

The Nikakis family is one of the many in Melbourne who are set to lose as Greece looks to default on its 242.8 billion euro debt and possibly exit the eurozone.

Katerina Pantopolis, who heads the representative office of the National Bank of Greece in Melbourne, said they had been inundated with inquiries from all over Australia.

"The phone calls have doubled," Ms Pantopolis said. "People are worried, they are coming to us for information. The phone has been ringing non-stop."

However, Ms Pantopolis and her two staff were themselves left in the dark with the Greek Prime Minister Alex Tsipras shutting all banks until next Monday.

"There are people who are travelling overseas, there are people who would like to know what is going to happen with their deposits," Ms Pantopolis said.

"I have tried to explain (to the callers) that I am not sure what is going to happen on Monday, if they will be able to withdraw a certain amount or the amount they are willing for."

Ms Pantopolis said it usually took up to one month for Australians to withdraw their money from their Greek accounts.

Greek Orthodox Community of Melbourne president Bill Papastergiadis said there were about 300,000 people of Greek heritage in Melbourne. And the numbers have been growing.

"What we are seeing in the last few years is reverse migration, which hasn't happened for 40 years," Mr Papastergiadis said. "We have seen well over 10,000 people come back to Australia in the last two or three years because of the crises."

He said the Melbourne Greek community was "dismayed and disheartened" at the events unfolding in their homeland.

Greece will vote next Sunday on whether to accept a rescue package offered by Europe which will include more cuts to pay and pensions as well as an increase in taxes.

In Oakleigh, home to a large number of Melbourne's Greek community, debate raged across crowded cafes about the merits of staying in the European Union and the extent of the crises.

Dimitrios Balalas, who has two brothers in Greece, said the crises was being blown out of proportion.

"People in the villages (do) not (have) a problem. (For) people in the city, yes it's a problem" he said.