Greek banker withdrew €8m before bank went bust

Stat of the day: €8m. That's how much one banker withdrew from his savings account in a state-owned Greek bank, just one month before the company collapsed.

by Michael Northcott
Last Updated: 09 Oct 2013

The former chief executive of ATEbank, Theodoros Pantalakis, transferred all of his savings to London and bought an expensive pad. He is not the only rich Greek with a taste for Mayfair properties, as many of his compatriots have been buying up gaffes in London. 

But he has attracted opprobrium for getting his savings out as many will suspect that he knew the bank was about to go down the drain. He told an Athens media outlet: ‘It is 8 million euros, mine and my family’s. It is legal, reported and taxed, and part of the family’s wealthy, the level of which justifies [the withdrawal].’

He then said he was on holiday and didn’t want to talk about it anymore. Nice guy. 

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