Written by: John Vibes at theantimedia.org
Financial investor Mike “Mish” Shedlock pointed out in a recent column that there has been an incredible surge of withdraws from Greek banks in recent months.
In November, there was roughly €220 million withdraws from Greek banks, but in December that number jumped all the way up to €3 billion.
Greeks are depositing much less money in the bank as well. Deposits in Greek banks have dropped by 37% since 2010.
Investment experts are warning Greeks to take their assets out before there is a run on the banks. However, politicians are urging the public to remain calm.
This week, Gikas Hardouvelis, Greece’s finance minister, said in a statement that there was a “small chance” of a bank run, but did not rule out the possibility altogether.
“The probability of a bank run is very small; the public understands that deposits are safe,” he said.
Greece has been teetering on the brink of economic default following a massive banker bailout from the EU andsubsequent privatization of most of the country’s infrastructure following the monetary crisis a few years ago.
View the chart below to see the dramatic drop in deposits experienced in recent years: