Greeks have billion of euros under the mattress, because of distrust in the stability of banks and thieves will have their part in this wealth, easy to carry and almost impossible to recover, writes Reuters.
Sovereign debt crisis has prolonged recession in Greece for the fifth consecutive year, unemployment among young people rose to 50% and could lead to exclusion of the country from eurozone. In the last two years, the Greeks have withdrawn from banks over 72 billion euros, about 7,000 euros per capita in the country. Much of this amount is represented by cash withdrawals.
According to the Greek police, gangs of thieves who in the past aimed at “hard targets” such as banks or jewelry stores, are now turning to homes of ordinary people, where the risk is lower and there are usually large sums of money recently withdrawn from savings accounts. “Many people have withdrawn their money from banks fearing huge financial problems and carry the money with them or hide them in homes. We urge people to trust the banking system, leave money in banks, or at least in a safe place , and not hide it in the house. Also, the population has to take security measures in housing. Some people do not even lock their doors and windows,” said a police spokesman.
The unexpected opportunity offered by Greek population behavior attracts networks of thieves from abroad, including former Soviet states. Greeks withdrew 72 billion euros from banks during January 2010 – March 2012, with deposits of 165 billion euros still in the banks. Since the end of March, accelerated withdrawals due to lack of a clear result in legislative elections on May 6 and more open discussions in Europe on the country’s from the euro area. Greeks have transferred money abroad, spent, but have kept much of the savings in their homes, in cash or gold. If Greece will exit the euro area, money left in Greek banks will probably be converted into drachma at a lower course, imposed by the State.
Hiding money is as old as Greece, according to Reuters. In Greece there are many archaeological sites where large quantities of coins, silver drachmas were found, hidden by Greek population from invaders. “Hiding valuables, large or small quantities of coins, gold, silver and even bronze was widespread in antiquity, especially in time of war, crisis or difficulty. Sometimes people that have hidden the money have died and the money were found later, buried in the ground, hidden in walls, under the floors or in small leather bags,” said George Riginos, member of the Association of Greek Archaeologists.
Archaeologists may find some in the future “treasures” hidden during the crisis of 2012, Reuters noted with irony. According to a banker, a Rhodes family recently visited a local subsidiary desperately trying to find out how much money a family member has withdrawn before he died. The person has withdrawn all their savings before death, without telling anyone. His children later tried to trace the money, broke the walls of the deceased’s house, but without success.
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