BUSINESS

November savings deposits dip below 50-bln mark, as wealth nosedives

TAGS: Economy

Deposits in Greek banks’ savings accounts dipped below the 50-billion-euro mark in November for the first time since capitals controls were imposed in June 2015, Bank of Greece data show.

The data, published by the country’s central bank on Thursday, indicated that savings deposits shrank to 49.5 billion euros in November from 51.1 billion in January 2016, with the decline being attributed to increased household obligations.

Meanwhile, the Federation of Greek Enterprises (SEV) warned of Greeks’ declining wealth in its weekly bulletin on Thursday.

Citing a report by Credit Suisse, SEV said that Greeks’ wealth nosedived to 856 billion euros in 2016 from 1.23 trillion euros in 2009, before the onset of the crisis.

Online