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Bailout Money Goes to Greece, Only to Flow Out Again
The Greek businessman was nervous as he carried a suitcase stuffed with cash through passport control at the Athens airport a few months ago. But the distracted and overworked customs officials waved him through. A few hours later the man touched down in Frankfurt, where he quickly deposited the money in a German bank. The stash was part of 40 billion euros, or about $44 billion, that businesses and individuals have withdrawn from Greek banks since December, exacerbating the country’s financial woes. The cash exodus is a small piece of a bigger puzzle over why — despite two major international bailouts — the ... (full story)