Greek Money 'Boosts Bulgarian, Romanian Banks'

World » SOUTHEAST EUROPE | October 27, 2016, Thursday // 07:33
Bulgaria: Greek Money 'Boosts Bulgarian, Romanian Banks' File photo, BGNES

Capital flight from Greek banks last year has boosted deposits in Bulgaria and Romania, English-language Kathimerini says.

Deposits in Bulgaria rose 10% last year, while in its neighbor Romania the value was 8%.

Greece, on the other hand, saw a 23% slump over the same period.

"Quite a few self-employed professionals and others transferred their savings to banks in the neighboring states too," the daily adds.

Recently, the head of a social insurance fund for the self-employed sparked controversy with his comments that whoever is unable to pay their contributions and bear taxation in the country should move to Bulgaria.

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Tags: greece, Bulgaria, Romania, capital flight, banks
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