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GreekReporter.comGreek NewsEconomyVenizelos: Crisis-Hit Greeks Moved 16 Billion Euros Abroad

Venizelos: Crisis-Hit Greeks Moved 16 Billion Euros Abroad

Greeks have moved at least 16 billion euros ($21 billion) in funds to foreign banks in the last two years, about a third of which went to Britain, the finance minister said on Friday.
Evangelos Venizelos said that overall, depositors had withdrawn 65 billion euros from Greek banks since 2009 when the country began a tailspin into its worst economic crisis in decades.
“Of that total, 16 billion has been legally taken abroad,” Venizelos told parliament. “Less than 10 percent has gone to Switzerland, and 32 percent has gone to Britain,” he said.
Venizelos was defending a government decision to support Greek banks, which since 2008 have received five billion euros in state aid in exchange for shares, and which are to get 40 billion euros more under a eurozone bailout deal. Details of that deal are expected to be worked out by next week.
The money will help banks recover from a major write down in the value of Greek sovereign bonds that they own.
(source: AFP, economic times)

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