“There is a lot of uncertainty out there,” said a senior private banker at a Greek bank. “We’ve had a number of customers asking to move funds out of Greece, mostly to Cyprus, Luxembourg and Switzerland.”
Clients of private banks also fear that Greece may be unable able to raise the EUR54 billion it needs this year to pay back maturing bonds and will therefore have to turn to the IMF for help.
“Some of our clients are concerned about a run on the banks if the IMF gets involved,” said another private banker, this one from a foreign bank. “They believe the situation in Greece will get worse before it gets better. There is also very little clarity from the government about its intentions on new tax measures.”
“We estimate that €8 billion has moved out of Greece to accounts abroad since December. It’s money from bank accounts, stock sales, property sales and other sources. This is pretty substantial considering that there is only €30 billion under management in private banks here,” he added.
Via ZeroHedge
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