European bank deposits have seen outflows since the start of 2012, right when the ECB started tightening its balance sheet. Two of the countries most affected were Spain and Greece where the outflows are steepening. Italy has been holding pretty steady.
But more recently, we see that Italy is topping out, right on the breaking news that inbound money transfers to Italy will have a 20% tax imposed on them. I wonder what this will do to the Italian economy as nobody will buy stuff from Italy anymore because the merchants won't be able to make a profit. Everyone will also transfer their money out of Italian bank accounts to foreign bank accounts.
Let's see how fast the deposits will flow out of Italy going forward.