Alvarez & Marsal, the turnaround and restructuring advisory specialist, has opened an office in Greece in anticipation of privatisations and growing demand from financial services firms running into trouble in the debt-strewn country.

Alvarez & Marsal's Athens office will serve both the public and private sectors and will be headed by Spyros Martsekis, KPMG's former deputy general manager and country head of corporate finance and private equity advisory.