ECONOMY

Banks see more savings being withdrawn for tax payments

The tax demands on Greeks in the coming months will eat further into their savings, after bank data showed that in September and the first half of October over 2 billion euros was paid in taxes, while another 5 billion is due to move out of bank accounts and into state coffers by the end of the year.

Greeks are finding themselves having to tap their savings during a period of prolonged recession and soaring unemployment, being asked to pay a total of 1 billion euros in income tax alone, to say nothing of the various property taxes.