Today the Bank of Greece released its balance sheet to the end of May 2015. We used this Bank of Greece data in March to show the extend of cash withdrawals from Greek banks - a Cash in the Mattress indicator, if you will. With today's numbers we can update our charts. First, banknotes in circulation which shows the Bank of Greece's allocation of all euro banknotes produced according to its capital share of the eurosystem. The growth in that number continues to be smooth, and no cause for alarm. This item on the Bank of Greece balance sheet does not take account of any extra banknote needs of the Greek banking system. For that we have to look to what is reported as "net liabilities related to the allocation of euro banknotes within the Eurosystem" on the balance sheet. Charting that number we get this much more volatile series. This extra cash was zero before the start of the Greek crisis in 2009, climbed above €22 billion in the months leading to the 2012 Greek political crisis, and had been falling steadily since. Until December of last year, that is, when the Greek political crisis reemerged following the collapse of the Samaras administration. In the six months since, it has grown by €14 billion to €17.8 billion. To get the actual amount of cash in Greece, we have to add together the totals in both of the above graphs, giving us this chart. This data, which only runs to the end of May and therefore does not take into account the deterioration in Greece over the past few weeks, shows that cash in the Greek economy has returned the level it attained at the height of the 2012 political crisis in Greece

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