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Greeks have transferred to Swiss banks 200 billion Euros, claims German press

Wednesday, October 19th 2011 - 23:07 UTC
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“Stop the capital flight!” announces Bild’s main editorial “Stop the capital flight!” announces Bild’s main editorial

Greeks fearing the safety of their deposits in banks, as well as Greeks trying to evade paying taxes, have reportedly “bailed out” their money of the debt struck country into the safe haven of Swiss banks in a scale of 200 billion Euros.

Greek banks are facing the loss of deposits as well as the burden of holding a massive amount of Greek government bonds. A haircut on Greek bonds will add to the massive pressure these banks are already facing.

The popular German newspaper Bild reported on this capital flight and called for Greece to take measures to tackle this phenomenon, such as taxing such transfers.

“Greeks stash 200 billion Euros in Swiss bank accounts!” headlined the Berlin tabloid, whose influence on the Chancellorship is an open secret.

“While Europe struggles to help Greece with multi-billion Euro bailout plans, more and more Greeks are transferring their money out of the country” to avoid the consequences of a crash in the national economy, announces Bild. “Stop the capital flight!” insists the tabloid’s editorial, which attacks the Greek elite for refusing to introduce a tax on money transfers or penalties for tax evasion.

This capital should be tracked down in Switzerland, remarks Financial Times Deutschland which argues that ”Switzerland should extradite the Greek money.”

The daily reports that Bern is preparing to hold negotiations with Athens to prevent the flight of Greek capital, which will be inspired agreements already concluded with Germany and the UK: the goal will be to tax revenues generated by capital belonging to Greek clients.

In exchange, Greece will drop plans to pursue tax evaders and implicated banks. ”Athens is hoping that this measure will help to calm social dissent in the country, where the government has been criticized for placing the bulk of the burden of the crisis on the middle and working classes,” explains FTD.

Categories: Economy, International.

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