Nearly three years into their country's worst crisis in modern times, life goes on as normal for Greece's super-rich. As ordinary Greeks have been thrown into ever greater poverty by wage and pension cuts and a seemingly endless array of new and higher taxes, their wealthy compatriots have been busy either whisking their money out of Greece or snapping up prime real estate abroad. But since the outbreak of Greece's runaway debt crisis, its moneyed class has been notable more by its absence than presence. Oligarchs, who made vast fortunes cornering the oil, gas, construction and banking industries, as well as the media, have been eerily silent – often going out of their way to be as low a profile as possible. In an atmosphere that has become increasingly aggravated between the haves and have-nots, displays of wealth are clearly being downplayed, especially in Athens
Greek shipowners, who have gained from their profits being tax-free and who control at least 15% of the world's merchant freight, have also remained low-key. With their wealth offshore and highly secretive, the estimated 900 families who run the sector have the largest fleet in the world. An estimated €8bn flowed out of the Greek banking system in May as speculation over the country's possible exit from the eurozone mounted. Another €4bn was reported to have been withdrawn in the last two weeks – on top of an estimated €20bn since the start of the crisis in late. What is sure, however, is that the super-rich appear to have come up with contingency plans to disperse their wealth as the crisis deepens. In recent months, acting on a trend that began soon after Greece's debt woes erupted, a growing number have been snapping up property in London. 2009. Stories of rich Greeks sending their wives and best friends on "shopping missions" to remove secret hoards kept in banks in Switzerland and Cyprus are legion. It has not been lost on ordinary Greeks that those who benefited most from the crooked system that has brought Greece to its knees – starting with the construction firms that had contracts with the state – are now leading the exodus as the ship sinks.
Theodore Pelagidis, professor of economic analysis at Piraeus University said a growing number of very wealthy Greeks had even taken to inviting academics, like himself, to their mansions to be apprised of the situation. "They are so cut off they know nothing. I'm not sure whether it's a case of the spoiled and uneducated rich trying to overcome their remorse, or a case of them simply wanting to fight their boredom but after going once I decided never to go again. I came away thinking it was like a form of psychotherapy for them."
From here
Greek shipowners, who have gained from their profits being tax-free and who control at least 15% of the world's merchant freight, have also remained low-key. With their wealth offshore and highly secretive, the estimated 900 families who run the sector have the largest fleet in the world. An estimated €8bn flowed out of the Greek banking system in May as speculation over the country's possible exit from the eurozone mounted. Another €4bn was reported to have been withdrawn in the last two weeks – on top of an estimated €20bn since the start of the crisis in late. What is sure, however, is that the super-rich appear to have come up with contingency plans to disperse their wealth as the crisis deepens. In recent months, acting on a trend that began soon after Greece's debt woes erupted, a growing number have been snapping up property in London. 2009. Stories of rich Greeks sending their wives and best friends on "shopping missions" to remove secret hoards kept in banks in Switzerland and Cyprus are legion. It has not been lost on ordinary Greeks that those who benefited most from the crooked system that has brought Greece to its knees – starting with the construction firms that had contracts with the state – are now leading the exodus as the ship sinks.
Theodore Pelagidis, professor of economic analysis at Piraeus University said a growing number of very wealthy Greeks had even taken to inviting academics, like himself, to their mansions to be apprised of the situation. "They are so cut off they know nothing. I'm not sure whether it's a case of the spoiled and uneducated rich trying to overcome their remorse, or a case of them simply wanting to fight their boredom but after going once I decided never to go again. I came away thinking it was like a form of psychotherapy for them."
From here
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