Hiroko Masuike/The New York Times Andreas C. Dracopoulos, of the Stavros Niarchos Foundation, has seen little giving. ATHENS — While money pours out of Greek banks and Europe debates whether or not Greece deserves its next handout, the people potentially in the best position to help shore up the nation’s finances are mainly keeping their heads down. They are among the wealthiest Greeks — whether shipping magnates, whose tax-free status is enshrined in the constitution, or the so-called oligarchs who have accumulated vast wealth via their dominance in core areas of the economy like oil, gas, media, banking and even cement. Astute investors, they have been reluctant to lend a hand to the Greek treasury through the risky proposition of buying government bonds. But they ... Continue reading →

Shunning Euro Crisis Boosts Funds for Aberdeen Stock Picker By Peter Woodifield - 2012-05-24T08:06:57Z Aberdeen Asset Management Plc (ADN)’s Jeremy Whitley says the best way to cope with the European debt crisis as a stock investor might be to overlook it. The head of U.K. and European equities at Scotland’s largest money manager has turned around the performance of his funds by investing in companies such as Rolls-Royce Holdings Plc (RR/), the world’s second-largest aircraft-engine maker, and Schindler Holding AG (SCHP), the second-biggest maker of elevators. “When you have a situation like the euro, it is very difficult to set your own thought processes to what might happen,” Whitley, 47, who is responsible for 4.3 billion pounds ($6.8 billion), said in an interview on May ... Continue reading →

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The euro zone crisis is everywhere. The political and economic plight of Greece and Spain has reached fever pitch. And now awareness of the splintering currency area’s economic realities has reached the Eurovision Song Contest.This annual musical cacophony, which dates back to 1956, features execrable europop sung by a succession of bizarre d-list pop stars who have somehow been deemed representative of their national culture. Voting takes ages and is conducted by hapless TV anchors of the host nation beaming live to all 26 participating countries in turn. In terms of efficiency, it has a lot in common with the actual euro zone.This year it’s hard to resist hunting for subliminal messages in each nation’s songs. Part of the sober Finns’ entry translates as “Close ... Continue reading →

The Bank of England: Michael Cohrs, a member of the financial policy committee, says UK banks are ready for a Greek exit from the eurozone. Photograph: Stefan Wermuth/Reuters Britain's banks are strong enough to withstand any Greek exit from the eurozone but need to keep bolstering their financial strength in the face of the escalating crisis, according to a member of a Bank of England regulatory body.Michael Cohrs, who is on the committee monitoring financial risks, said the eurozone crisis was unfolding on "an hour by hour" basis and it was difficult to predict where the contagion would end if Greece left the single currency.In his first interview since joining the Bank's financial policy committee , Cohrs stressed that UK banks were prepared for the ... Continue reading →

MENLO PARK, Calif. — Wealth is here if you know where to find it. Jim Wilson/The New York Times VeloTech cycles in Palo Alto, Calif., is one of the places where technology millionaires go to buy high-end bicycles. The store is owned by Mark Richard, right. Fabulous home theaters are tucked into the basements of plain suburban houses. Bespoke jeans that start at $1,200 can be detected only by a tiny red logo on the button. The hand-painted Italian bicycles that flash across Silicon Valley on Saturday mornings have become the new Ferrari — and only the cognoscenti could imagine that they cost more than $20,000. Even at Facebook, ground zero for the nouveau tech riche, peer pressure dictates that consumption be kept on the ... Continue reading →