Greek debt causes mass exodus

Thu, 15 Apr 2010

Despite the economic downturn Britain has found itself in; a growing trend has emerged where the entrepreneurial elite are moving from debt-stricken Greece to the financial 'security' of London. The desperate grasp for capital from what is predominately the Athenian rich, has resulted in a rush for properties in an effort to escape their own financially fragile country.

Concerns have already been raised by London homeowners who are witnessing are marked increase in both the price and lack of available properties due to the recent influx on the nation's capital. Employer of London-based real estate agents, Fraser and Co. Panos Koutsoyiannakis has commented: "They are all cash buyers, serious players who are only interested in the high-end market around Regent's Park, Mayfair and Marylebone."

It has been reported that agents are beginning to refer to the buyers as ''cash Greeks'' due to the increasing trend of purchasing top-quality properties outright; usually under their children's name in an attempt to spread their capital and remaining assets .

The economic crisis continues in Greece, when it was reported last week that major lenders turned to the government for support in an effort to offset the unprecedented withdrawal of savings that has occurred in the last few months. Those citizens remaining in Greece have been outraged by the events and implications resulting from the country's first recession in fifteen years; where locals remain in a country crumbling ever further into debt; whilst the rich and able create a home for themselves on English shores.
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