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16 December 2011
Fear has a real cost. Capital flight.
The Bank of Greece reports that in September and October investors pulled €12.3bn from its banks.
In just the past year...an estimated €40bn...17% of Greece's GDP...has left the banking system.
And foreign banks...are making it easy to move money.
UBS and Credit Suisse greatly simplified opening accounts in Geneva and Zurich.
"In this way, they are putting the nail in the coffin of liquidity in the Greek financial system," says a Greek publication.
An economist observed: "This is part of the death spiral of the recession as a result of austerity measures. People realise that contagion has come to banks and they are very afraid of losing their deposits. On average around €4bn-€5bn in capital flees the banking system every month."