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Welcome, 77 artists, 40 different points of Attica welcomes you by singing Erotokritos an epic romance written at 1713 by Vitsentzos Kornaros

Thursday, May 14, 2015

DEUTSCHE BANK: Greece is 'suffering a new exodus' as people scramble to get their cash out

Deutsche Bank analysts sent round a note on Thursday saying that Greece is "suffering a new exodus" of finance, as capital floods out of the crisis-hit country. In the last six months, during which time it became clear that there would be an election and the previous centre-right government was replaced with the anti-austerity Syriza party, a huge chunk of people with money in Greece have been looking for the exits. Here's how it looks: Greece's financial account (which comprises things like direct investment and reserves) has plunged by more than 25% of GDP in six months. Those flows are pretty much evenly driven by foreign and domestic investors, both of which are heading in the same direction: Anywhere but Greece. In the three months to February alone, Greece lost €45 billion ($51.09 billion, £32.46 billion) in private finance. The relative steadiness of Greece's private financial account since 2012 has been lost completely: Here's a snippet of the note, discussing just how much worse the Greek figures are than any other part of southern Europe:  The capital flow movements in Greece are altogether more negative in composition. Both foreign and domestic monies are leaving Greece. In the last 3 months (to February), EUR24bn of foreign private flows and EUR21bn of domestic private flows have exited Greece.Join the conversation about this story » NOW WATCH: Forget the Apple Watch — here's the new watch everyone on Wall Street wants


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