HSBC Greece

jimjames

symbiosis01 wrote: »

So my funds would still be converted from Euros into whatever the new Greek currency becomes - even though the Euro as a currency still exists everywhere else, and even though HSBC is not operating as a Greek bank?

The FSCS doesn't protect you from currency fluctuations so I guess in theory that would be no different.

You are still protected against the bank going bust but no against whatever currency the savings are denominated in.

symbiosis01

Thanks for all the replies and suggestions all.

I am a UK resident but spend a few months in Greece a year - hence the Greek bank accounts

Looks like its time to keep the bare minimum in those accounts now just to cover bills etc

Its a real shame as (before the election) there was at least a glimmer of hope that things were turning a leaf over there

I strongly suspect that the Syriza government actually want Greece out but don't want to take the blame and so they are making things as difficult as possible so they can say that the Germans forced them out

I guess by the end of this month (when the government will run out of money) we will all know

symbiosis01

There is an article here: zerohedge.com/news/2015-02-08/if-greece-exits-here-what-happens-redux

That seems to suggest that HSBC Greece might not have its accounts converted into the new currency as (being a UK company trading in Greece) it might not be affected by Greek law

"There would remain many contracts and financial instruments involving Greek private and public entities denominated in euro (or other currencies, like the US dollar) that are not under Greek law. These would not get redenominated into ND"

Archi_Bald

symbiosis01 wrote: »

Looks like its time to keep the bare minimum in those accounts now just to cover bills etc

that sounds a good plan to me

symbiosis01 wrote: »

I strongly suspect that the Syriza government actually want Greece out but don't want to take the blame and so they are making things as difficult as possible so they can say that the Germans forced them out

you could well be right there. The Syriza vitriol is nurturing totally unnecessary aggression/hatred on both sides, and their threats to give ISIS terrorists EU travel documents are downright disgusting. The problem Syriza have though is that still over 70% of Greeks want to remain in the EU.

symbiosis01 wrote: »

I guess by the end of this month (when the government will run out of money) we will all know

I think the to-ing and fro-ing will go on a good time longer. Greece is strategically important to the EU and the West in general, not just from an economic but also a defence point of view. The last thing the EU and the US want is a weak NATO partner in the Med.

symbiosis01

Archi_Bald wrote: »

Greece is strategically important to the EU and the West in general, not just from an economic but also a defence point of view

This is very true!!

The rest of the EU probably wouldn't be too keen on Greece having a far right fascist government either (Golden Dawn) - but that could easily be a consequence of bankruptcy

symbiosis01

If anyone is interested in the Greek view of what's going on then this article (in English) is a good read

ekathimerini.com/4dcgi/_w_articles_wsite3_1_15/03/2015_548219

Uxb

Archi_Bald wrote: »

you could well be right there. The Syriza vitriol is nurturing totally unnecessary aggression/hatred on both sides, and their threats to give ISIS terrorists EU travel documents are downright disgusting.

Bet it got the message across though!
In any negotiation once the other party realises that you really do not care and are akin in some respects to a 'suicide bomber' then they usually become remarkably accomodating and tend to have a sudden attitude readjustment.

IMO Greece should start opening discussions with Russian and China.
I'm sure they would be interested in purchasing some islands and deep water ports for a Med' naval base in return for backstopping a new currency: should get the EU's "attention"
Alternatively as I have said on the economy board Greece should threaten to simply 'print' the required euros themselves and flood the market - which after all is what Draghi wants to do in the rest of the EU - illegal surely - but what could the EU do about it - invade Greece?

Archi_Bald

Uxb wrote: »

Bet it got the message across though!

I doubt very much it helped in any way. Blackmail is a bad strategy at best of times, but threatening to send terrorists is lower than anyone educated person should ever sink - particularly in the light of the recent atrocities. It is basically terrorism.

From what I understand, this outrageous threat has only served to further reduce the already frosty temperature quite significantly.

Would you lend your neighbour additional money if they threaten to kill your family if you don't? Thought not.

symbiosis01

We are rather wondering off topic here but I have to say this

I agree its an outrageous thing to say

However

I have been in Omonia Square in central Athens often and have seen it turn into a ghetto - a dangerous one at that (Athens used to be one of the safest capitals in Europe). The EU have pretty much left Greece to it when it comes to dealing with its huge migrant problem (mostly those fleeing the various conflicts close to its sea borders). If you are going to allow Greece to become a failed state then the rest of Europe should not be surprised if the flood gates suddenly swing wide open - Greece is bulging at the seams and struggling to contain the issue already and with no money or support from elsewhere

jonesMUFCforever

Uxb wrote: »

Bet it got the message across though!
In any negotiation once the other party realises that you really do not care and are akin in some respects to a 'suicide bomber' then they usually become remarkably accomodating and tend to have a sudden attitude readjustment.

IMO Greece should start opening discussions with Russian and China.
I'm sure they would be interested in purchasing some islands and deep water ports for a Med' naval base in return for backstopping a new currency: should get the EU's "attention"
Alternatively as I have said on the economy board Greece should threaten to simply 'print' the required euros themselves and flood the market - which after all is what Draghi wants to do in the rest of the EU - illegal surely - but what could the EU do about it - invade Greece?

No need Russia have the ports in Crimea now.