I'm a Greek citizen and I'm fully interested about your blog. I have a question about the abroad deposits of Argentina's people during the crisis. The Argentina's governement has been able to return them back and pesified these deposits which were gone out of the country just few months before the collapse? According to your opinion, if the IMF-EU 110 bn euros plan aims a controlled sovereign Greek default, is there a risk that the governement return back the outflow deposits? Thanks a lot for your advise.
Hi M. No, they didn't bring the accounts back from abroad before freezing the accounts in Argentina when the economy collapsed. That's the idea of an off shore account. Even though nothing is perfect and even numbered Swiss accounts aren’t what they used to be in terms of privacy, its still an account outside the national financial (and legal) system so of course Argentines that had their money in other countries where safe.
I think there's little to be done about the outflow deposits, people already view the Greek economy in a certain way (unfavorable) and it takes time, not money, to regain that trust. After all, the entire idea of economy is based on trust, the belief that A is truly worth B, once you lose that idea the economy of a country goes to hell. ironic how something considered technical and mathematical is entirely founded on feelings and perceptions, but that's the way it is. Give it a couple more years until you have a better idea of where Greece is going, on the meantime I'd do my best not to have much money in their banks.
I'd also like to take this opportunity to mention that offshore accounts aren’t that hard to open, its pretty easy actually. A few minutes of googling will give you a basic idea, and a few more hours of learning and looking around, plus a few phone calls, you'll soon figure out how to open one. Swiss bank accounts are a possibility and its historically been known as a solid, neutral country.