L.A. Times Reports Greek-Americans Reluctant to Assist Greece

One of the most well-known newspapers in the U.S.A, includes a really interesting article concerning Hellenes abroad and especially those in America.  It presents their point of view on the recent fiscal crisis that Greece has to face.

The Los Angeles Times newspaper interviewed Greek -American Nick Paravalos who 40 years ago, left Greece in order to chase an American dream and fight for a better life in America.  Time goes by and today, Paravalos underlined: “No one leaves [Greece] without dreaming of going back,” the 64-year-old retired restaurateur said to the newspaper. “And even if it doesn’t happen, our heart is always with the patrida, our homeland.”

However, there are of course Greek officials, who struggle to fix the Greek economy and words like this sound really attractive to them. Greece is preparing to issue the so-called diaspora bonds in order to raise money from the Hellenes abroad, who love their homeland so as to service its debt.

According to Petros Christodoulou, the director general of the Greek debt management office in Athens, they intend to access investors who have not yet been consumed in Greece’s risk.

But Greek-Americans seem pretty reluctant to help their homeland because as they say, there are limits.Take for instance Mr. Paravalos, who declared in the Los Angeles Times newspaper that if patriotism is in calling, then he would like to offer money to a friend or family member who needs them rather than to invest in the state.

Greece is in a terrible fiscal condition and needs a lot of loyalty, effort and support to face it. However, the Greek-Americans after the recent economic slowdown are not ready to invest money in their reckless homeland.


  1. Greece has an addiction, let’s face it. It is called “borrowing”. This difficult period for Greece is an opportunity to become financially sound and to learn to live within its means. It is time for Greece to free its markets, to comply with EU law, to rid herself from restricting laws which choke innovation and send investors packing. When the Greek Diaspora see steps in this direction, we all are going to help.

    Sorry to say, my own impression is, that even at this critical time the Greek government is dragging its feet and resisting making courageous reforms. Most reforms are being made only under pressure from EU and IMF. The “core” of the ministers is trying to do the minimum of changes, rather than the “right” changes the country needs. Until this changes the Diaspora will remain skeptical to give financial help to the motherland.

    Anthony Mouzakis

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