If theres one thing Greece should get adulations for, its the countrys ability to somehow make it to news headlines more frequently than any other Euro zone nation. This time, it was the transfer of Euro eight million of personal savings by the former head of a Greek State Bank to London that had international media abuzz. Theodoros Pantalakis, former chief executive of Greeces Agricultural Bank (ATEbank), claims that hes not done anything illegal, as the transaction had been declared to authorities and all taxes had been duly paid. However, more than the legalities of it, the move has various implicit concerns that will have Greeks and the world talking. Firstly, the ethicality of the issue comes to mind, since Pantalaki was the head of a state bank of a country going through a massive economic and financial crisis, and questions will inevitably be raised about his moral values. Secondly, how the amount was sourced by the former ATEbank head is another factor worth giving a thought. Ironically, Pantalakis is expected to testify in front of a parliamentary committee later this month on his tenure as the banks head. "Pantalakis will face questions from opposition lawmakers over €150m in loans made by ATEbank to New Democracy and the PanHellenic Socialist Movement, Greeces two biggest mainstream parties. These loans were insufficiently collateralised and remained unserviced while he ran the bank. "Pantalakis is also accused of failing to push ahead with privatisation of companies controlled by ATEbank that had attracted interest from potential foreign buyers, including a leading regional sugar producer and a cigarette manufacturer based in northern Greece," quoted the Financial Times last Sunday. These allegations make the ethicality issue an even stark one with regard to Pantalakis actions. Its the underlying inference of this situation about Greeces economic condition that is the real concern. Other wealthy Greek bankers, ship owners, and politicians have also been known to have transferred wealth to London thanks to the perilous economic situation in the country. Earlier in May this year, when elections in Greece had gone largely inconclusive initially, words such as a tsunami of capital flight were being used in the international media in association with the massive withdrawal of Euros from the banking system by Greek families. Capital flight from an economy is a prominent sign of a loss of confidence in its economic well being. The fact that a former state bank head has joined the league of Greeks sending capital abroad is also quite symbolic for the country. This is not saying that the former bank heads move will prompt a downgrade of the country by rating agencies, but the fact that this may become a factor in influencing ratings and bond yields cannot be ruled out either. As for a Greek exit, it will depend more on the progress of austerity measures by the government rather than by capital flight.