Greeks move billions from local bank accounts to the UK
Tuesday 06 March 2012
The bulk of the €16bn (£13.33bn) withdrawn from Greek banks that flowed overseas since the financial crisis began in 2009 ended up in the UK, the country's finance minister said yesterday.
Evangelos Venizelos said a total of €70bn had been withdrawn in the past two years, mainly by families and businesses hoarding cash against the worst-case scenario or struggling to meet their bills as they spend their savings. Much of the Greek cash has found its way into the London property market, sparking complaints among estate agents of shortages of prime housing stock.
"This money, if it existed in the banks, would allow for loans to be made to businesses, for the economy to move, for unemployment to be tackled," Mr Venizelos said.
He also ratcheted up pressure on bondholders to accept the terms of the country's €130bn bailout, which involves them taking a 53.5 per cent loss on their loans. Creditors were inching towards a deal yesterday but Mr Venizelos added: "Whoever thinks they will hold out and be paid in full is mistaken," he said. The deal has to be ratified by Thursday night.
- 1 Malaysia issues arrest warrant for Gordon Brown’s sister-in-law after she publishes stories on leader Najib Razak's financial affairs
- 2 Porn block in India: hundreds of sexual websites banned, internet outraged
- 3 Natalia Molchanova: World's most successful free-driver is missing and feared dead after disappearing in Mediterranean
- 4 Dutch King Willem-Alexander declares the end of the welfare state
- 5 Gamers confess the worst things they've done in The Sims
Jackie Chan in second place in Forbes' Highest Paid Actors list after magazine includes actors working outside US movie industry
Malaysia issues arrest warrant for Gordon Brown’s sister-in-law after she publishes stories on leader Najib Razak's financial affairs
Natalia Molchanova: World's most successful free-driver is missing and feared dead after disappearing in Mediterranean
Giant Minion terrorises drivers in Ireland as 40ft inflatable blocks traffic on Dublin road
Dutch King Willem-Alexander declares the end of the welfare state
Is Britain really full up? Are migrants taking our jobs? Leading academic answers the most common anti-immigration claims
Calais Migrant Crisis: Deputy Mayor of Calais labels Cameron's use of 'swarm' as 'racist' and 'ignorant'
Chris Leslie: Jeremy Corbyn's anti-austerity agenda will harm the poor, says Labour shadow Chancellor
Landlords renting properties to illegal immigrants to face up to five years in prison
While we fixate on Calais, the Home Office is quietly deporting dozens of migrants on 'ghost flights'
Labour leadership race: Jeremy Corbyn could be the next Prime Minister, says Ken Clarke
iJobs Money & Business
£35 - £50k DOE: Guru Careers: A Tax Manager / Accountant (ACA / CA / CTA) is n...
£35000 - £37000 per annum + benefits: Ashdown Group: Contracts Executive - Cit...
£20000 - £25000 per annum + OTE £45K: SThree: SThree Group have been well esta...
£21000 per annum: Recruitment Genius: This is an exciting opportunity to join ...