Latest Issue

Greeks bearing gifts

London is awash with Greek cash. But who stands to gain?

By Bronwen Maddox   January 2012

One Hyde Park in Knightsbridge has attracted attention from Greek investors

A new wave of cash is pouring into London’s housing market from the eurozone—most conspicuously from Greece, as Greeks face the possibility that they will wake one morning to find their fortunes reduced to wads of useless drachma.

Greeks have been moving money out of the country since the crisis began in October 2009, after the election of the Papandreou government revealed that budget figures presented to Brussels were a fantasy. According to Bloomberg, more than €28bn of cash has left since early 2010. In September, €5.4bn of deposits…

Register today to continue reading

You’ve hit your limit of three articles in the last 30 days. To get seven more, simply enter your email address below.

You’ll also receive our free e-book Prospect’s Top Thinkers 2020 and our newsletter with the best new writing on politics, economics, literature and the arts.

Prospect may process your personal information for our legitimate business purposes, to provide you with newsletters, subscription offers and other relevant information.

Click here to learn more about these purposes and how we use your data. You will be able to opt-out of further contact on the next page and in all our communications.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

We want to hear what you think about this article. Submit a letter to

More From Prospect