Greek Businesses are Fleeing

Greece’s business owners are desperately looking to move their companies abroad, as capital controls intensify the challenges in the country, expatriates and experts have told CNBC.

Greek-born Philip Ammerman, the co-founder of investment advisory Navigator Consulting Group, moved his company to London from Athens in 2010. He now receives daily requests for advice from friends and clients wanting to do the same, or to move their savings abroad.  “It’s reaching epidemic proportions. I’ve never seen it like this before,” Ammerman told CNBC on Monday.

The Greek stock market reopened on Monday after a five-week closure, but capital controls remain in place. Domestic investors may withdraw no more than 60 euros ($66) per day from Greek banks, making life extremely tough for companies that need to pay or receive bills. Greek individuals and businesses are also forbidden from moving money to bank accounts abroad.

CNBC

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