To the Editor:
We have a couple of properties in Greece that we maintain from the United States. As with any business there are expenses that have to be made and we arrange payments through electronic
funds transfers. However, what we take for granted through years of paying via electronic funds transfers (EFT) in the U.S. is Byzantine in the Greek banking system. Two banks that I will not name, have multiple steps to pay, one uses a clicker that you have to input within a 120 second time limit. It’s a joint account and if person (A) is designated for the online service and is not available on the phone then person (B) is out of luck and will be refused assistance. Bank B has recently added an added layer by requiring some kind of ______-code registration. Same thing if the account holder that is declared at time of opening the account is not present, then the secondary account holder on the phone is refused further assistance. Bottom line: Don’t do business in Greece because of its Byzantine banking system. Sell everything in GRE and invest elsewhere if you’re living abroad.