Greeks had more than 24.7 billion euros, about $32 billion, in foreign bank accounts as of September, 2012 compared to only 9.5 billion euros in December 2008 when fears began building about the Greek economy, and as austerity measures kicked in beginning in 2010, the European Commission has reported.
The report didn’t indicate which parts of that period showed the greatest flight of capital from the country nor whether Greece has checked for possible tax evaders while it imposes pay cuts, tax hikes and slashed pensions demanded by international lenders in return for $325 in two bailout rescue packages.
At the same time, the European Central Bank (ECB) found that deposits in Greek banks have fallen by 76.5 billion euro ($99.12 billion) since 2009. Tax hikes have pushed many Greeks into trying to find a haven for their money and as there were worries Greece might be pushed out of the Eurozone. Many also reportedly are keeping money in their homes or other places.
Banks in Spain, which has also been buffeted by debt problems, saw deposits dwindle by 166 billion euros ($215 billion) since 2009 with savings in Irish banks down by 21.7 billion euros ($28.11 billion) during the same period. In contrast, deposits in German banks have increased by 267.7 billion euros ($346.85 billion) since 2009, according to the ECB.
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