Friday, June 26, 2015

Greece's rich: insulated against an EU exit

Greek CEOs joined the ranks of demonstrators fearful of departing the eurozone, but many of the country’s wealthy have already moved to cut their losses..

Crisis-stricken Greece still has the world’s largest merchant fleet and shipping has long been the prime source of its super-rich. What makes them especially controversial is that, under rules incorporated in the constitution, they pay no tax on international earnings brought into GreeceOn Monday, several captains of industry and finance were spotted at a demonstration in Athens’s main square to call for continued membership of the euro.

“I recognised several CEOs there,” said Vagelis Tsogkas, a corporate communications consultant. “There was a mix of young, well-educated Greeks and members of the financial elite. I think that this is the first time since the start of the crisis that Greeks of all classes are really worried that it could end badly.”... Read more: