This translates into a decline of 36 BN EUR during the first 11 months of 2011!
Some of that money was transferred to offshore accounts; the rest was withdrawn in cash. Either way, that is a gigantic number! To put this number into perspective: the aggregate capital & reserves of Greek banks is around 45 BN EUR. Incidentally, the amount of deposits withdrawn since January 2010 is 64 BN EUR!
Normally, a banking system would have to close doors when confronted with that kind of a run. Not so in Greece because the ECB, as lender of last resort, replenishes with loans what depositors withdraw. In the theoretical long run, this would mean that the entire Greek banking system will at some point be funded by the ECB.
The bottom line is: any economy from which that amount of liquidity is withdrawn (mind you that the current account deficit withdrew another at least 20 BN EUR in 2011) has no chance of survival. If the free movement of capital and goods leads to those results, then those 2 freedoms must be constrained at least on a temporary basis.
To do: implement import taxes and capital controls!