An article in The Observer reports that eight to 10 billion euro may have been taken out of Greece by private investors since it became engulfed by economic turmoil in November 2009.

Helena Smith writes that wealthy Greeks, panicked by possible tax rises and other deficit-cutting measures, have been moving massive amounts of capital outside the country.

"In the last four to six weeks a lot of money has been moved abroad; I've heard extraordinary figures," analyst Kostas Panagopoulos is quoted as saying by the paper. "People are moving funds either because they don't trust our banking system, want to avoid what they fear will be taxes on deposits or are simply anxious about the future of our economy."

The article reports that the so-called super-rich, who once favoured Swiss banks and off-shore accounts, are now eyeing banks in Cyprus. "Very big transactions are going through Cypriot banks," added Panagopoulos. "Greeks feel that Cyprus is not only close, but safe."

The Observer reports on the huge disparity of wealth in Greece. "While a fifth of the population lives beneath the poverty line, about 20 per cent of Greeks are believed to earn more than 100 000 euro annually – even if, according to income tax records, 90 per cent declare salaries of less than 30 000 euro a year."

"Greece has a lot of rich people who are not being taxed properly because there is so much tax evasion," finance minister Giorgos Papaconstantinou, is quoted as saying. "If you look at the actual numbers, you will see that the number of people declaring over 100 000 euro a year is roughly 15 000," he said. "I don't think that there is anyone in this country who believes there are only 15 000 Greeks earning more than 100 000 euro a year."