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FinMin: €65 Bn Withdrawn from Greek Banks Since 2009

The uncertainty about a possible bankruptcy and euro exit, but also increased taxes and unemployment haveforced Greeks to withdraw the incredible amount of 65 billion euro from the banks since 2009. Speaking at the parliament, Finance Minister Evanhgelos Venizelos revealed these data, noting that only €16 billion were transferred to banks abroad. Some 1.6 billion are deposited in banks in Switzerland and 5 billion euro in banks in the UK.

The remaining €49 billion that the Greek withdrew from the banks in order to save them should there be a return to drachma, “have been kept in bank deposit boxes, in chests, basements, attics and under the mattresses. These are the traditional savers” said Venizelos and warned about further deterioration of the Greek banking system. “The return of the savings to the banks must be a big target. We don’t save the bankers and the big investors but the functioning of the banking sector. Without it there is no economy, developments, work places. We struggle to save the net of the Greek economy”, he added.

sources:To Vima, and other Greek media


PS My aunt has been complaining about her bed mattress being uncomfortable. Now, I know why….

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  1. AS usual GREAT picture with the matress. Thanks very much for the laugh I needed that 🙂

  2. what???? you laugh about my aunt’s back pain?

  3. In 2011, the Greek banking system lost 57 BN EUR of liquidity (36 BN EUR deposit withdrawals and 21 BN EUR current account deficit). No economy of the size of Greece’s can sustain such a withdrawal of liquidity for any length of time. To date, the ECB has replenished this lost liquidity with new loans to the Greek banking sector but sooner or later even the ECB will run out of steam.

    Thus, imports must urgently be curtailed (import taxes?) and deposit wirthdrawals (much is capital flight) must be almost stopped (capital controls?). There is no other way than that until stability returns.

  4. “it’s my money and I do what I want to….”

  5. No, it never was yours in the first place. Look at the copyright sign on your money: © BCE ECB EZB EKT EKP 2002
    So, it was never ours to keep…
    And your quote is great but wrong. That is “It’s my party and I cry if I want to”.

  6. Klaus, I bet it is no coincidence that you mentions these measures as they are the same that should be taken the moment Greek officially defaults… 😉