Wealthy Greeks turn to offshore securities to escape redenomination risk
The massive drop in deposits held in domestic banks in Greece is partly attributable to transfers of savings into overseas accounts or securities to mitigate fears of a Greek eurozone exit and a return to the drachma
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
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