Capital Continues to Flee from Greece

Mish Shedlock |

Recent data from the Bank of Greece for March shows net Target2 liability for Greece increased by another €5.27 billion in March to €96.427 billion. 

What does Target2 represent?

Target 2 is an indicator of capital flight from Greece. 

Greece_Target2.jpg

Data for the chart is from Eurocrisis Monitor, with my update reflecting the latest data from the Bank of Greece. As the graph indicates, the pace has slowed, but the trend is clear - capital flight from Greece continues.

Eurozone exposure to Greek liabilities is €96.427 billion of Target2 imbalances, plus another €14.028 billion net liabilities related to the allocation of euro banknotes. Net liabilities to euro banknotes was about €13 billion last month and €10 billion at the end of 2014.

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