Regions

1.5 Billion Euros in Deposit Inflows to Greece in March Amid Cyprus Crisis

April 11
3:23 PM 2013

More than 1.5 billion euros  in deposit inflows have trickled back to Greece in March bringing the total to more than 19 billion euros that have been returned to Greece since June last year.

The inflows; however, are only a fraction of the 90 billion euros that fled the country during the crisis.

Speculations that the Cypriot banking crisis would trigger outflows in other euro zone economies continue to spread but the election of a pro-bailout government had eased the fears of Greek euro zone exit.

To allay the fears of the Greeks, government officials, including the Bank of Greece, have insisted that the deposits were safe.

European Union's efforts to save Cyprus from bankruptcy resulted to heavy losses on bank deposits over 100,000 euros, an unprecedented move that sent jitters across the single currency zone.

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