Courtesy of Mish.
Greece Capital Flight in Pictures
Using Target2 Imbalances as a measure of capital flight and trust that Greeks have in their banks, here are two charts that pretty much tell the full story.
Greece Target2 Imbalance January 2014 to February 2015
Between October 2014 and February 2015, over 52 billion euros have fled Greek banks. Go back to June when things appeared to be healing and capita flight is about 60 billion euros.
Greece Target2 Imbalance Every February Since 2008
Charts created with data from Euro Crisis Monitor.
Target2 Discussion
For a discussion of Target2, what it means and how it works, along with a discussion of who is really to blame for the crisis in Europe, please see From ZIRP to NIRP: Virtues of Germany vs. the Vices of Greece; What About “Speece” and Gold?
The record Target2 deficit for Greece was 109.315 billion euros in November of 2011. The Greek Target2 deficit exceeded 100 billion euros for 14 of 15 months between September of 2011 and November of 2012.
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