Foreigners' bank deposits have dropped by 40 bln in eight years

Greece is facing a double wave of departures by Greeks and also by foreign nationals, and the impact is already being reflected in official statistics.

Greece's population is still shrinking at a rapid rate, while the age pyramid is changing considerably. The people leaving the country, whether they are Greek or foreign nationals, tend to belong to the most productive age groups and obviously take their children along, depriving the country of part of the next generation. On the other hand, elderly citizens are increasing, not only as a share of the population but also in absolute numbers.

The distortion of the labor force, the increase in pension spending - in spite of successive cuts passed by Parliament - and the reduction in bank deposits are three of the many ways that the phenomenon is impacting the economy.

Bank of Greece figures show that in the period...