NEWS

Greek foreign deposits more than doubled since 2009

Deposits of Greek savers in foreign banks amounted to 24.7 billion euros in September 2012 compared to 9.5 billion euros in December 2008 amid fears that the country could exit the eurozone, according to European Commission statistics.

Notwithstanding a significant return of savings in recent months, European Central Bank statistics indicate that deposits in Greek banks reduced by some 76.5 billion euros since 2009 following a rise in taxes and a widespread sense of instability that led to many Greeks stashing their money in their homes.

Banks in Spain, which has also been buffeted by debt problems, saw deposits dwindle by 166 billion euros since 2009 with savings in Irish banks down by 21.7 billion euros during the same period.

In contrast, deposits in German banks have increased by 267.7 billion euros since 2009, according to the ECB.