Markets
The Greek Exodus in One Chart
The Greek Exodus in One Chart
The Chart of the Week is a weekly feature in Visual Capitalist on Fridays.
On Sunday, Greeks will participate in a referendum that could seal their fate. The people of Greece are between a rock and a hard place. On one hand, a “yes” vote will mean that they give into the extreme demands of their creditors, fostering an even harsher era of austerity for a Greek economy that has already slipped 25% in GDP since 2007. This will result in additional economic contraction, a likely resignation by Alexis Tsipras, and Finance Minister Yanis Varoufakis possibly cutting off his arm.
The “no” vote, which is being urged by the Syriza government, would mean the European Central Bank would be cutting off assistance to Greek banks and a possible Grexit. For a country that is reported to have only €500 million in bank deposits left, things are no less ugly here.
There is a blame game perpetuating itself through the media. Some people say the Greeks had it coming by taking advantage of easy credit, spending money frivolously (for example: 16.2% of GDP spending is on pensions, the highest in the euro zone), and then electing Syriza, an extremist government. The opposing side says that the intense standoff is the fault of the so-called troika, made up of the IMF, ECB, and Eurogroup. Recently, it’s becoming clear that even the troika acknowledges that Greece needs further debt relief, yet this was never offered up in negotiations. The IMF has now flat out said that the proposed additional austerity measures would leave Greece still with unsustainable debt.
While both sides are likely warranted some blame, what is clear is that the Greek people have seen the writing on the wall for some time. Today’s chart shows the Greek exodus, as capital and people flee the sinking Greek economic ship in unprecedented numbers.
Since the 2008 financial crisis, more Greeks have left the country each year with the trend accelerating in recent years. The country has a population of about 11 million, but the population has decreased annually by nearly 100,000 people in both 2013 and 2014. Based on how things are going this year, this trend is unlikely to change.
Further, capital is also fleeing the banks in what started as a “jog” but is now a “run”. In Q1 of 2015, there were over €20 billion of outflows from Greek bank deposits. June’s data is not available yet, but it is likely the recent quarter will far surpass this amount as it is now reported that there is only €500 million in bank deposits left. This would explain why capital controls are in place, banks are closed, and people are limited to €60 withdrawals.
Markets
The Top Google Searches Related to Investing in 2022
What was on investors’ minds in 2022? Discover the top Google searches and how the dominant trends played out in portfolios.


The Top Google Searches Related to Investing in 2022
It was a turbulent year for the markets in 2022, with geopolitical conflict, rising prices, and the labor market playing key roles. Which stories captured investors’ attention the most?
This infographic from New York Life Investments outlines the top Google searches related to investing in 2022, and offers a closer look at some of the trends.
Top Google Searches: Year in Review
We picked some of the top economic and investing stories that saw peak search interest in the U.S. each month, according to Google Trends.
Month of Peak Interest | Search Term |
---|---|
January | Great Resignation |
February | Russian Stock Market |
March | Oil Price |
April | Housing Bubble |
May | Value Investing |
June | Bitcoin |
July | Recession |
August | Inflation |
September | US Dollar |
October | OPEC |
November | Layoffs |
December | Interest Rate Forecast |
Data based on exact searches in the U.S. from December 26, 2021 to December 18, 2022.
Let’s look at each quarter in more detail, to see how these top Google searches were related to activity in the economy and investors’ portfolios.
Q1 2022
The start of the year was marked by U.S. workers quitting their jobs in record numbers, and the effects of the Russia-Ukraine war. For instance, the price of crude oil skyrocketed after the war caused supply uncertainties. Early March’s peak of $125 per barrel was a 13-year high.
Date | Closing Price of WTI Crude Oil (USD/Barrel) |
---|---|
January 2, 2022 | $76 |
March 3, 2022 | $125 |
December 29, 2022 | $80 |
While crude oil lost nearly all its gains by year-end, the energy sector in general performed well. In fact, the S&P 500 Energy Index gained 57% over the year compared to the S&P 500’s 19% loss.
Q2 2022
The second quarter of 2022 saw abnormal house price growth, renewed interest in value investing, and a bitcoin crash. In particular, value investing performed much better than growth investing over the course of the year.
Index | Price Return in 2022 |
---|---|
S&P 500 Value Index | -7.4% |
S&P 500 Growth Index | -30.1% |
Value stocks have typically outperformed during periods of rising rates, and 2022 was no exception.
Q3 2022
The third quarter was defined by worries about a recession and inflation, along with interest in the rising U.S. dollar. In fact, the U.S. dollar gained against nearly every major currency.
Currency | USD Appreciation Against Currency (Dec 31 2020-Sep 30 2022) |
---|---|
Japanese Yen | 40.1% |
Chinese Yuan | 9.2% |
Euro | 25.1% |
Canadian Dollar | 7.2% |
British Pound | 22.0% |
Australian Dollar | 18.1% |
Higher interest rates made the U.S. dollar more attractive to investors, since it meant they would get a higher return on their fixed income investments.
Q4 2022
The end of the year was dominated by OPEC cutting oil production, high layoffs in the tech sector, and curiosity about the future of interest rates. The Federal Reserve’s December 2022 economic projections offer clues about the trajectory of the policy rate.
2023 | 2024 | 2025 | Longer Run | |
---|---|---|---|---|
Minimum Projection | 4.9% | 3.1% | 2.4% | 2.3% |
Median Projection | 5.1% | 4.1% | 3.1% | 2.5% |
Maximum Projection | 5.6% | 5.6% | 5.6% | 3.3% |
The Federal Reserve expects interest rates to peak in 2023, with rates to remain elevated above pre-pandemic levels for the foreseeable future.
The Top Google Searches to Come
After a year of volatility across asset classes, economic uncertainty remains. Which themes will become investors’ top Google searches in 2023?
Find out how New York Life Investments can help you make sense of market trends.

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