Deposits return, earnings leave

Between 8 and 10 billion euros of deposits have returned to Greek banks in the three weeks that the new government has been in power, covering the losses recorded in May, according to bank officials.

“A significant part of the capital that left due to political uncertainty has come back,” a bank source told Kathimerini. However this positive development does not reflect a general improvement in Greece’s economic circumstances.

Sector sources stress that multinational companies systematically transfer any cash surplus from their activities in Greece out of the country. Despite the formation of the new government, uncertainty persists and the dominant view among foreign companies that this country will not manage to handle the challenges of the crisis has not changed to any great degree .

The transfer orders are not coming from head offices abroad, but local corporate bosses are doing so to avoid getting into trouble with their superiors in case “an accident” occurs in the country, a bank source told Kathimerini. 

Εγγραφείτε στο newsletter μας

Ενημερωθείτε πρώτοι για τα τελευταία νέα, αποκλειστικά ρεπορταζ και ειδήσεις απο όλο τον κόσμο