Greece’ last week’s run on banks. Where do they move money?

In the past week the country of Greece now in a Euro crises has seen over 890 million Euro withdrawn from its banks by depositors in the last week.  While the recent rash of withdrawals sent a tremor through other countries expeiriencing similar failures economically, Greek depositors have actually been systematically moving their assets out of their banks for nearly two years.

Where are Greeks moving the money to?  First most popular is into German, British or related Banks seen as stable such as HSBC. Another form of popular investment is in stable property markets nearby, such as Berlin, in tangible commodities such as precious metals.

Although Israel may be experiencing a market correction of late that has seen property value dip and the market slow, investors who see Israel as a safe haven may push prices back up as British and French place their Euro holdings in property in Israel. This makes a difficult reality for local people hoping to move up the property ladder reasonably, but will continue to the market moving here.