Greeks 'Should Withdraw Deposits from Foreign Banks' - Minister

Business » FINANCE | July 20, 2014, Sunday // 15:08
Bulgaria: Greeks 'Should Withdraw Deposits from Foreign Banks' - Minister Photo by BGNES

Greek Development Minister Nikos Dendias has called on citizens to withdraw their assets from foreign banks and return them the country.

By accepting the offer, they will be exempted from a fine for tax evasion, Bulgarian National Radio (BNR) Thessaloniki correspondent Katya Peeva quoted Dendias as saying.

Greece saw huge-scale capital flight as the debt crisis sparked in the country six years ago, with businessmen and lawmakers putting billions of EUR into financial companies outside Greece.

Previous estimates suggested up to EUR 28 B might have left the country in a few years' time, but the possible amount swelled to EUR 30-60 B, or up to 1/4 the size of the Greek economy in 2008, before the crisis slashed it by nearly a third.

Athens is now reportedly preparing amendments to a law envisaging tough sanctions for tax evaders, with changes drafted to lure the money back to the country.

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Tags: Nikos Dendias, greece, capital flight, debt crisis
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