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IOBE report: Greek businesses & households have €57.5 billion in depositsabroad

Greeks love cash and have billions of euros in deposits abroad. According to a survey report by the Foundation for Economic & Industrial Research (IOBE), 19% of the mobile assets of Greek businesses and households are outside Greece. By the end of 2018, they amounted 57.5 billion euros.

With 10.4%, they are champions in Europe where the average stands at 2.4%. If the bank deposits are added then the total liquid assets reach 64.4% against 31,3% in EU average.

The financial crisis has brought high cash rates, while uncertainty about the course of the Greek economy and banking system had them to put money under the mattress.

At the same time, deposits show Greeks’ mistrust to other forms of investment, such as bonds, equities and mutual funds, something linked to the haircut of bonds in 2012 and the stock market crisis.

Noteworthy is the finding that 18.6% of deposits, equity and mutual funds, bonds and trade receivables of Greek businesses and households appear to be abroad.

According to IOBE research data, at the end of 2018 they amounted to € 57.5 billion, accounting for 18.6% of total financial assets. The bulk of capital remaining outside Greece are invested in deposits (58.5%) and, secondarily, in stocks and in other investment forms. [via]

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