Pssst BY, Your Country Needs You!

[Peikko 1,575]

Like many Greeks, Philippos Petsalnikos did well when he lived abroad. Now the president of the Athens parliament hopes expatriate Greeks can help him in a mission far greater than he ever envisaged when he returned home: rescuing his homeland from bankruptcy.

"There are many Greeks worldwide, who want to assist us," he says. "Every day, I receive emails from people in America, Australia, Austria, asking how they can help. And that's how I had the idea to set up an account for the sole purpose of helping to pay off this country's debt."

Today that idea turned into something much bigger, with the opening of a special fund at the Central Bank of Greece – the start of an unprecedented global campaign to inject the nation's near-empty coffers with much-needed monies. At first glance the fund's target might seem a little ambitious. Athens' debt is €300bn (£270bn) – more than 120% of the country's gross domestic product and by far the largest in the EU.

But Greece also has a hidden asset. From Hollywood – think Jennifer Aniston, whose father was born in Crete – to the highly competitive fields of property, shipping and commerce, Greeks and Greek Cypriots have excelled. Like Smyrna-born Aristotle Onassis last century, many who started out as dirt-poor immigrants have become business successes in Australia, America, South Africa, Brazil.

"In countries where there are rules, Greeks often distinguish themselves," Petsalnikos points out. "And they also have a great love for Greece."

Athens plans to tap into its seven million-strong diaspora. "The campaign's slogan will be: I love Greece, I support Greece," Petsalnikos says.

If the Greek rich list is to be believed, the Athens government should have no problem. First published in the UK – where self-made tycoons from Greek Cypriot backgrounds such as easyJet's Stelios Haji-Ioannou and the retail entrepreneur Theo Paphitis have long been household names – the annual compilation went global last year because the number of Greek multimillionaires worldwide had officially become too large to ignore.

"It's quite shocking how many successful Greeks and people of Greek heritage there are all over the world," the periodical's publisher, Savvas Pavlou, says. "Our list of 300 scrapes the surface. We're discovering new millionaires all the time. It would be easy to publish a 500-page magazine. What's more, they appear to be even more patriotic than the Greeks in Greece."

The list is growing, especially in the US, where the Minnesota-born Greek prime minister George Papandreou is headed for crucial talks with President Barack Obama next week.

As home to the largest overseas Greek community, the US has more billionaires of Greek origin than any other country. With fortunes made in finance, property, pharmaceuticals and the food industry, Greek-Americans are among the biggest US philanthropists. Last year they were the biggest donors to candidates seeking federal office in New York.

"They have become a real political force in the US because of the size and amount of donations they make to candidates across the political spectrum," says Peter Poulos, a professional fundraiser who divides his time between Athens and New York.

"And they're not only funding Greek-American politicians but politicians who care about Greek-American foreign policies, like the plight of the Greek Orthodox patriarchate in Turkey."

But would they give to Greece in its hour of need? Poulos is not so sure. After seeing hundreds of thousands of dollars collected for the victims of the catastrophic 2007 forest fires go astray, many have become "tremendously frustrated" with the fatherland.

"I spoke to three major donors this week and each of them said they would be very reluctant to give hard-earned money to a government-run fund for fear it would end up lining the pockets of corrupt officials, or buying a minister a home in the forest," he says. "Nobody has trust in the Greek government. It's something, unfortunately, George Papandreou has also inherited."

The point is not lost on Petsalnikos. "I share their fears," he says. "I lived in Germany for 10 years and know that things are done differently abroad, which is why the fund will be headed by the president of Greece and will only go towards paying off our national debt.

"We will play by the rules because organising ourselves through rules will be the only way this country can get back on its feet. Greeks in other countries have proved that they can do it," he adds over angry protests outside parliament. "We must now show that we can do it too."

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[w¡n9Nµ7 §£@¥€r 123]

"In countries where there are rules, Greeks often distinguish themselves,"

[Ali G. 37]

Every Greek I know in AUS, Canada and the US is doing extremely well for themselves, with a hell of a lot that are highly educated.

[w¡n9Nµ7 §£@¥€r 123]

Every Greek I know in AUS, Canada and the US is doing extremely well for themselves, with a hell of a lot that are highly educated.

Laughing at how they need to be in a society with rules to do that.

Kinda reminds me of another ethnic group I am very familiar with.

[Peikko 1,575]

I think it's fantastic, and very patriotic. I expect BY to give very generously indeed.

[Ali G. 37]

Having said that though, someone from Canada or Australia would have to be crazy to move there. They don't even have universal health care.

[Peikko 1,575]

Alternatively, the Greeks could try this:

There are three main schools of thought when it comes to playing the stockmarket. One says study the form of companies and use your judgment to predict their coming performance; the second says just guess and hope for the best; the third says use time travel and psychic powers to look into the future.

Time travel and psychic powers? Well yes, according to Sean David Morton, or "America's Prophet" as he calls himself. His claim to be able to predict with absolute accuracy the movements of the markets based upon his training at the feet of Nepalese monks may sound far-fetched, but it was convincing enough to persuade more than 100 investors to part company with $6 million between 2006 and 2007.

They are not likely to see much of that money back in returns, as the Securities and Exchange Commission that regulates the US stockmarket has just slapped Morton with civil fraud charges, alleging his entire operation was fraudulent. "Morton's self-proclaimed psychic powers were nothing more than a scam to attract investors and steal their money," the SEC said.

According to the SEC indictment, Morton publicised his psychic investing powers in circles most likely to take his brand of hokum seriously. That included late night radio chat shows dedicated to matters paranormal, and a monthly newsletter circulated to 20,000 people.

He claimed he could get returns of up to 117% over five months through his Delphi Associates Investment Group. "I have called ALL the highs and lows of the market, giving EXACT DATES for rises and crashes over the last 14 years," he wrote in the newsletter in July 2006.

The problem was that he actually invested only about a half of the money he received, the SEC alleges. About $240,000 went straight into religious group Prophecy Research Institute, which he runs from his home in Hermosa Beach, California.

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Or, perhaps they already did, in this explains their huge deficit?

[Ali G. 37]

Laughing at how they need to be in a society with rules to do that.

Kinda reminds me of another ethnic group I am very familiar with.

Of course, it's the same thing with Indians. May grew up poor in India but are now extremely wealthy after setting up shop in the UK or the US. Actually it's the same deal with Italians, Jewish folks and Asians. We are not cultures that are renowned for ###### and whining about our situation, rather, we have worked hard and legitimately made something for ourselves. Furthermore, we are known for more than just entertainment and athletic abilities.

Edited March 5, 2010 by Booyah

[Mr. Big Dog 10,747]

Kinda reminds me of another ethnic group I am very familiar with.

The one in the mirror?

[spookyturtle 9,466]

Of course, it's the same thing with Indians. May grew up poor in India but are now extremely wealthy after setting up shop in the UK or the US. Actually it's the same deal with Italians, Jewish folks and Asians. We are not cultures that are renowned for ###### and whining about our situation, rather, we have worked hard and legitimately made something for ourselves. Furthermore, we are known for more than just entertainment and athletic abilities.

What else are you know for?

[Danno 1,228]

Sounds like Greece is looking for Opa-sugar daddies and thats exactly what they will need, and ongoing cash flow, since they can't make the hard cuts to balance the books.

Other than the hairy forearms on the Greek Chicks, ...yeah they seem to be a good lot.

[Peikko 1,575]

Sounds like Greece is looking for Opa-sugar daddies and thats exactly what they will need, and ongoing cash flow, since they can't make the hard cuts to balance the books.

Other than the hairy forearms on the Greek Chicks, ...yeah they seem to be a good lot.

Danno, is there anything you are not bigoted against, really? That post is completely tasteless.