Greece's economic future hangs in the balance.

Materials handling suppliers are concerned about the ongoing crisis in Greece, especially the capital controls which limit bank withdrawals to EUR60 per day and prevent international funds transfers.

Those measures are expected to remain in place at least until the end of the week, according to latest reports from Europe.

Kristof Bolle, e-commerce manager at parts distributor TVH, notes that the capital controls had an immediate impact on trade.

"These past seven working days have seen a clear restraint in ordering because our customers are afraid that they will not be able to pay TVH because of the capital controls, not because the market has collapsed. It is purely a financial/liquidity issue."

Jungheinrich spokesman Jan Kaulfuhs-Berger notes that the current crisis is impacting on the materials handling and logistics sectors in Greece, but points out that due to the "moderate market volume in Greece, the situation is having only a minor influence on sales of the Jungheinrich Group".

The current crisis came after some improvement of Greek business for TVH, according to Bolle.

"The last six months of 2014 saw increased economic activity across the economy and the country and the outlook was positive. When elections were declared (late last year), the outlook changed to negative and over the course of the next four months, things turned very negative."

TVH, like most other suppliers, is eagerly watching the negotiations with Europe's central banks.

"Unless the capital controls are eased and the ECB provides liquidity, things will get really bad within days. Already our customers have asked if TVH is willing to continue accepting orders, because they would rather tell end-users that no purchases can be done with open credit. The biggest majority of Greek customers will limit business and purchases in order to avoid financial exposure, since the amount of cash in the country is extremely limited and even money transfers between Greek banks is controlled and limited."

For now, Jungheinrich is taking a wait-and-watch approach.

"We are following the situation closely, but do not yet see any particular need to act. We will continue to follow the situation as it unfolds," says Kaulfuhs-Berger.

He points out that Jungheinrich has been active in the market for 15 years, with its own sales subsidiary in Greece.

"Our staff members in Greece have been informed by group management that Jungheinrich stands firmly behind its Greek subsidiary. This is an important and appropriate signal, not just for our employees, but also - and especially - for our customers and clients there."

Leaders from all 28 European Union countries will meet for an emergency summit on Sunday to discuss the future for Greece. The Greek finance ministry is expected to issue an official decree on its capital controls shortly.