HSBC Greece

Uxb

Who knows is the real answer - no one does.

The Greek government could do anything - they are sovereign and in the end/last resort it really does not matter what any other country/the EU says - unless such a country/group decides to invade Greece and imposes its own rules on the population and becomes defacto the government.

They might apply capital controls to prevent money leaving Greece...who knows.
A military junta might takeover - look up the Greek junta 1967 to 1974.

Although it is different, look at for example when Icesave went bust. UK depositors were basically told you are not getting your money back by the Icelandic government.....so what were you going to do about it? invade Iceland?

symbiosis01

Thanks and yes, interesting and worrying all at the same time!! I just wonder how the Greek government could impose their directives on a foreign bank that just happens to be trading there...

Ps - I am partly Greek so I'm all too aware of the junta ;-)

symbiosis01

PeacefulWaters wrote: »

The Greeks could nationalise the operations of overseas banks

Interesting, so are you saying that Citibank or Santander bank operating here could be nationalised by the UK government and forced to change currencies if the UK government so wished it?

PeacefulWaters

symbiosis01 wrote: »

Interesting, so are you saying that Citibank or Santander bank operating here could be nationalised by the UK government and forced to change currencies if the UK government so wished it?

While we're in the EU it's highly unlikely.

If we exited, Parliament could nationalise any industry with suitable legislation.

Same in Greece.

Uxb

For a real example
The aero engine manufacturer Rolls Royce went bust in 1971.
The UK government nationalised it overnight in the public interest.
See Rolls Royce Purchase Act 1971
2 clauses - brief and to the point - rushed though parliament in a matter of days.
http://www.legislation.gov.uk/ukpga/1971/9/enacted
Firm became instantly reborn as Rolls Royce (1971) Ltd with all its assets under the control of HMG.

As regards the UK you need to read up on the Emergency Powers Acts and the civil contingencies acts.
These basically give HMG the right to do anything they want without the need to consult parliament in cases of dire emergencies likely to cause serious damage to the UK - which of course could be financial as well as military/terrorism attack.
I was sort of surprised some provisions weren't used during the petrol blockade/strikes of 2000.

Thrugelmir

symbiosis01 wrote: »

Interesting, so are you saying that Citibank or Santander bank operating here could be nationalised by the UK government and forced to change currencies if the UK government so wished it?

They operate as Companies in their own right under UK banking law and regulation. So will have to change to whatever the Government of the day dictated. Fortunately the UK is a stable environment. The same cannot be said of Greece. So the choice is yours.

jonesMUFCforever

Is OP living in Greece or in UK?
Might it not be safer to transfer the funds to an offshore Euro account either with HSBC or any other bank - just in case.

I have been reading today that the Germans are fed up to the back teeth of the Greeks reneging on debt repayments so unless I was going to use the funds in Greece sharpish I would be pulling out.

Thrugelmir

jonesMUFCforever wrote: »

I have been reading today that the Germans are fed up to the back teeth of the Greeks reneging on debt repayments so unless I was going to use the funds in Greece sharpish I would be pulling out.

Greece will never repay the debt owed. What has to be decided is the extent of the compromise in order to keep the EU federal super state dream alive.

zerog

The only way to get a serious answer to the OP's question is to ask HSBC, but you'd need to have half a million euros on deposit in order to get anyone in the organsation who would actually know anything to be interested in answering. (This is an unofficial policy from my friend who works in the HK headquarters - note that HSBC HK allows you to have multiple currency accounts)

I suspect it would depend on whether the funds are actually held in Greece (on an account with the Bank of Greece) or whether they are held in the UK or perhaps the ECB - don't know enough to tell

jimjames

PeacefulWaters wrote: »

While we're in the EU it's highly unlikely.

If we exited, Parliament could nationalise any industry with suitable legislation.

Same in Greece.

Like Northern Rock and B&B. Shareholders received nothing from their nationalisation.