Greeks moved €16b abroad

GREEKS have moved at least €16 billion (US$21 billion) in funds to foreign banks in the last two years, about a third of which went to Britain, the finance minister said yesterday.

Evangelos Venizelos said that overall, depositors had withdrawn €65 billion from Greek banks since 2009 when the country began a tailspin into its worst economic crisis in decades.

"Of that total, €16 billion has been legally taken abroad," Venizelos told parliament. "Less than 10 per cent has gone to Switzerland, and 32 per cent has gone to Britain," he said.

Venizelos was defending a government decision to support Greek banks, which since 2008 have received €5 billion in state aid in exchange for shares. AFP