Greeks Transferred €32.5 Billion Abroad Since 2009


    Greeks had transferred abroad about 115 billion euros between late 2009 and end of June 2012 — the first year that signs of restoration of the Greek economy appeared.

    According to a survey by the Bank of Greece published in Kathimerini daily, that amount started to decrease after July 2012, after Greeks brought back to the economy about 50 billion euros that had been deposited in foreign banks, meaning that the net loss for Greek banks has been 56.8 billion euros. The survey estimates that about 24.3 billion euros were kept at home for household expenses and to avoid taxation. The remaining 32.5 billion has been sent abroad.

    Also, the BoG report says that an estimated 19 billion euros belonging to foreigners, was withdrawn from Greek banks in fear of the economic crisis and the possibility of a Grexit.

    Regarding the destination of deposits that fled abroad in fear that Greece will leave the Eurozone, an estimated 10-15 billion euros went to British banks, about 8 billion was transferred to Germany, 6-10 billion in the Netherlands and 2-4 billion euros went to Swiss banks. Also, 7 billion went to Cyprus, but only 1.5-2 billion euros is still in Cypriot banks.