Amidst all of this talk of bailout conditions, troikas, Grexit, etc., there is an ongoing human tragedy underway. The numbers speak for themselves, GDP shrunk by 27%, FOOD CONSUMPTION down by 29%, unemployment at 25%, youth employment nearly 60%. Against this back drop, over the past five years an estimated 2% (200,000) of the Greek population have left the country; one of the biggest brain drains to occur to a developed economy in modern times. Here in UK, we are unexpected beneficiaries of this tragedy; over half the Greek émigrés have come to our shores – we are hosts to what the Guardian termed Generation G-Young, Talented and Greek. These are the very people with the skills, talent and energy that will be required to rebuild the Greek economy. And it is not just human talent that has left; fast growing Grecian technology companies such as InternetQ and Globoq have also chosen to relocate to London. As much as I champion London’s role as Europe’s technology hub and value the diversity and depth of our talent, in this case I must wonder if London’s position as a magnet is playing a part in depriving Greece of the talent that they will surely need to rebuild their economy?
By Ashok Parekh, Director of Investment Services