LRC Finance Gurus: What happens to my Greek deposits?

Your money was gone the moment you made the deposit. Just like the first 750 million of the Wall Street bailout. Untraceable , perhaps thousands or millions of micro bank transfers and everything ending up in private accounts.

Hmph, can't fit my real name in the name box, but it's Alexandros Paptheodorokoumountourogianakopoulos. Regardless, I now have your money. ευχαριστώ!

Athens, Greece.

Attention: The Great Grexit

Dear Sir,

Confidential Business Proposal

Having consulted with my colleagues and based on the information gathered from the Greek Chambers Of Commerce And Industry, I have the privilege to request your assistance to transfer the sum of $47,500,000.00 (forty seven million, five hundred thousand United States dollars) into your accounts. The above sum resulted from an over-deposited savings accounts, executed, commissioned and paid for about five years (5) ago by a foreign contractor. This action was however intentional and since then the fund has been in a suspense account at The Central Bank Of Greek Apex Bank.

We are now ready to transfer the fund overseas and that is where you come in. It is important to inform you that as civil servants, we are forbidden to operate a foreign account; that is why we require your assistance. The total sum will be shared as follows: 70% for us, 25% for you and 5% for local and international expenses incidental to the transfer.

The transfer is risk free on both sides. I am an accountant with the Greek National Museum Corporation (NNMC). If you find this proposal acceptable, we shall require the following documents:

(a) your banker's name, telephone, account and fax numbers.

(b) your private telephone and fax numbers —for confidentiality and easy communication.

(c) your letter-headed paper stamped and signed.

Alternatively we will furnish you with the text of what to type into your letter-headed paper, along with a breakdown explaining, comprehensively what we require of you. The business will take us thirty (30) working days to accomplish.

Please reply urgently.

Best regards

Konstantinos Constantinides

Not to worry.

In the short run you will be offered two alternatives: 1. Retain your account in Euros. You will not be able to withdraw any money from that account; or, 2. Convert your account to Drachmas at a to-be-determined rate of exchange between Euros and Drachmas. The Drachmas will have the purchasing power of a tiny fraction of the Euros that you exchange. You will be free to withdraw up to as many Drachmas as you now own from that account.

In the long run, if you keep your Euro account, you will enjoy what is known technically as a "haircut" - the more you have in your account the higher the percentage haircut. As a foreigner depositor you will be treated less favorably than the least favorably treated Greek depositor (see Iceland for an example). You may ask your own government to make you whole - good luck with that.

Thanks. Haircut it is.

I'll have to check in with Constantiople a few posts up. Maybe his millions will make me whole.

The Great Grexit wrote:

Thanks. Haircut it is.

I'll have to check in with Constantiople a few posts up. Maybe his millions will make me whole.

You're rich! every U.S. dollar now worth 306 Greek drachmas. That should buy you two black olives in Athens, although you'll probably get robbed of same and beaten in the current rioting. Don't expect to use an ATM or get your Amex card accepted. It's enough to make Greek women top shaving their moosetaches.