Wealthy Greeks turn to offshore securities to escape redenomination risk

greek-tragedy
Depositors blame Greek tragedy for fleeing funds

A rapid fall in the deposits held in Greek banks can be attributed partly to sustenance during a time of eye-watering austerity, but is also the result of a transfer of local savings to overseas bank accounts or securities, with structured products and funds prominent destinations.

"Flows are leaving in droves from standard deposits to offshore businesses and likewise into offshore securities, including funds and structured products," says one Athens-based investment banker working at a US bank

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact customer services - www.fx-markets.com/static/contact-us, or view our subscription options here: https://subscriptions.fx-markets.com/subscribe

You are currently unable to copy this content. Please contact info@fx-markets.com to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to FX Markets? View our subscription options

You need to sign in to use this feature. If you don’t have a FX Markets account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: