Sunday, 11 April 2010

You can haz Insider tip!

I am always proud to see my old friends take their places in the Greek financial establishment - we need all the good people we can get.

Here's a comment I got from a good friend in the custody operations of a major global bank in Athens. He shall, of course, remain anonymous:

"We're working on the assumption that there will be nothing left of the Greek economy come May. I can confirm the billions reportedly being siphoned off abroad. I've already personally approved many millions bound for Switzerland at our clients' request. And that's just cash -
If you count the amounts transfered to foreign banks in bonds by Greek residents the numbers become astronomical"

He goes on to say:

"Rumours of a return to the drachma have died down - but a London-based director with [major investment bank - I really should not disclose this] who is well connected in Greece tells me that one possible scenario is a switch to the drachma for domestic transactions while our debt remains EUR-denominated. He claims that staff at the national mint have worked double shifts for a month preparing for this eventuality."

Thanks man! My other financier friends are welcome to join in.

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