As fears grow over bank closures, capital controls and a potential euro exit, Greek people are buying luxury goods to put their money in something tangibleIt is not every day that Zolotas, the high-end Greek jeweller, attracts a steady stream of local customers. But in recent weeks, its flagship store in the heart of Athens has seen a jump in business that few would ever have expected. “At the height of fears over bankruptcy and banks, we suddenly saw a rise in sales of our classic signature pieces of gold and diamonds,” said Marianne Le Clere Papalexis, the jeweller’s managing director. “Not that long ago, we had a customer, a middle class Greek I’d say, who wanted to buy a million euros’ worth of jewellery via bank transfer. We just had to say no because, we, too, were fearful of what might happen to the banks.” The Greek crisis is being played out in odd ways. On the streets of Athens, in luxury shops off avenues where beggars lie prostrate, panic-buying has ensured a surge in sales. Zolotas, made famous by the likes of Jackie Onassis and Elizabeth Taylor, is far from being alone. Related: The crucifixion of Greece is killing the European project | Seumas Milne Continue reading...
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