May 30, 2024

Athens News

News in English from Greece

What do Greek citizens have? "in the stash"

In September 2009, Greek deposits reached 237 billion euros. At the height of the crisis, in 2017, deposits in the Greek banking system fell to 117 billion euros, meaning depositors (as well as banks) lost about 120 billion euros.

Some citizens lost entire fortunes, other funds “floated abroad” and were not returned, and an unknown amount of cash was hidden “in mattresses” and, according to experts, there may still be some left…

The crisis of the previous decade may have destroyed the Greek nest egg, which is probably why the Greeks, as Eurostat data show, still prefer cash.

The latest available Eurostat data shows that 58% of the financial products held by households in Greece are in cash and deposits, while 31.2% are in stocks and mutual funds, and only 5.7% are in insurance products and bank papers (bonds). etc.).

Of course, Greek residents are not alone among those who prefer cash: among the member countries EU The main types of assets held by households in 2022 tended to be foreign exchange and a higher proportion of deposits, stocks and mutual funds, insurance, pensions and standardized guarantees.

Although Greeks prefer cash, it is very interesting to see how much money do they have in their bank accounts?. Data obtained from the latest TEKE (Deposit and Investment Guarantee Fund) report on the size of household deposits, testify to the poverty of the Greekswho still cannot save and save for a rainy day. Citizens’ incomes have dropped sharply recently. You need to have something “in your pocket” that remains at the end of the month, only then can you put it off. But, alas.

According to the latest TEKE report, only 0.7% of Greek depositors have savings in Greek banks worth more than 100,000 euros, however, this 0.7% owns almost half of the deposits in Greek banks.

  • Deposits from 0 to 1000 euros are held by 72.5% of depositors, whose total deposits amounted to 2.64 billion euros, which corresponds to 1.4% of deposits. That is, for more than 7 out of ten Greeks, the maximum amount they see in their bank account is 1,000 euros.
  • Deposits between €1,001 and €5,000 are held by 12.4% of savers, who hold a total of €9.63 billion, or 5.1% of all savings.

If you add up the above two percentages, approximately 8 out of 10 Greeks have a maximum of 5,000 euros in savings.

  • Deposits between €5,001 and €50,000 are held by 13% of depositors, who hold a total of €67.381 billion or 35.7% of all deposits.
  • Deposits of 50,001 – 100,000 euros belong to 1.4% of depositors, who hold a total of 29.63 billion euros or 15.7% of all deposits.

Only 0.7% of Greek savers have deposits of more than €100,000, but they own a total of €79.3 billion, or 42% of all deposits.

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