The trend of emptying bank accounts seems to be ongoing in Greece. In May alone, outflows totaled €5 billion.
According to official figures, €35 billion has been withdrawn since November.
But most of the money is not going abroad. Instead, individuals are storing cash in home.
According to an article by Greek daily KATHIMERINI the total amount of banknotes in circulation has increased dramatically. Circulation has reached €43 billion in April from €30.1 billion in November 2014. This is largely due to the withdrawal of deposits, which increased cash circulation as people are emptying their bank accounts.
Even though Greeks seem to be among the poorest in the EU, they have more cash in their wallets compared to the other nations of the Eurozone. As everyone rushed to withdraw a certain sum of their savings from banks the reduction in terms of households reached €18.1 billion from late November to March, leading the savings of Greek households to € 117.9 billion.