from Wolf Street:
The Greeks – the poor, downtrodden, Troika-tortured Greeks – yanked €12 billion out of their own banks in January alone to send this moolah out of the country or hide it in their fridges, culminating waves of capital flight that started years ago. Greeks have been busy siphoning their wealth out of Greece in other ways too, buying homes in Berlin and London, and investing their money elsewhere in a myriad ways.
The Greeks trust their already bailed-out but still putrefying banks as far as they can throw them. To keep them from toppling, the ECB is propping them up via the Emergency Liquidity Assistance (ELA) program, providing many billions in cash so that Greeks can continue to yank their own money out and send it for safekeeping somewhere else.
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