- GUATEMALA : Court Throws Out Rios Montt Genocide Conviction; Trial Restart Ordered.
- BRASIL / ITALY / GUATEMALA / USA / RUSSIA: 1 Dead, 7 Injured In Rio Fuel Tanks Fires/ Blasts; Ruby Heartstealer Admits Lying About Silvio's Sex Parties, Money; Ex-Prez Alfonso Portillo Extradited To USA For Money Laundering; Moscow Bans VKontakte By 'Mistake.'
- SERBIA / LIBYA : Are Serbian Mercenary Pilots Bombing Protestors In Tripoli?
- UKRAINE / EU / RUSSIA : Pressure Builds On Yanukovych; Yulia's Treatment Is Euro 2012 PR Blunder; Putin Backs Kyiv.
- RUSSIA / AZERBAIJAN / DENMARK / EUROVISION 2013 / IMAGES: 21 May UPDATE: Moscow Outraged By Azeri Vote Problems; Denmark Won Finals...That Featured Lesbian Kiss; Germans Blame Poor Showing On Merkel.
- COLOMBIA : Top Pop Singer Shakira...Sued By Ex-Novio...For $100 Million.
- AUSTRALIA / USA : USA Navy Resumes Ship Sinking Exercises.
- MEXICO: The Growing Number Of Narco Women.
- MEXICO/ USA : 11 Oct. UPDATE: Navy Admits Killing Top Zetas Leader Lazcano...Was Accident; 'La Ardilla' Smirks Over His Arrest For Falcon Lake Murder; Analysis Of Calderon's 'Kill The Capos' Plan.
- UKRAINE / GERMANY : Official Blasts Hotels...As 'Bandits And Thieves'...Over Euro 2012 Housing Costs; Movie About Legendary Nazi Football Defeat Worries Officials.
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."