DisgruntledTunaFan

Greek banks hit by wealthy citizens moving their money offshore
5 April 2010, by Harry Wilson (Telegraph.UK)
Greek banks hit by wealthy citizens moving their money offshore - Telegraph

Greek banks are being hit by a wave of redemptions as the country's most wealthy citizens and corporations look to move their money offshore or to international financial institutions perceived as safer homes for their assets.

Wealthy Greeks and companies have been clamouring to move their cash deposits to banks such as HSBC or France's Société Générale, which operate large branches in the country. They are among those to have received several billion euros of new money in recent weeks.

HSBC's private banking in the country is understood to have been flooded with business, while the local operations of several other major international banks have already seen large inflows of money.

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Scott A. Johnson - End Times Current Events and Bible Study

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Real World

It's not looking good over there. The ramifications of it's possible crash, will be interesting.


Greek Bonds Drop a 7th Day; Bund Spread Widens on Budget Woes - BusinessWeek

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