Is a Run on the Bank Starting In Greece?

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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:

 

 

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5 COMMENTS

  1. The main frame of the above article is true but the way it is presented is false. It’s been a long time since Greek public has withdrawn their deposits from the banks. These 3 billions mentioned in the article are mainly hedge funds capitals that they were withdrawn for safety purposes until the election’s next day and some very wealthy person’s deposits who prefered the safety of Swiss banks

  2. The main frame of the above article is true but the way it is presented is false. It’s been a long time since Greek public has withdrawn their deposits from the banks. These 3 billions mentioned in the article are mainly hedge funds capitals that they were withdrawn for safety purposes until the election’s next day and some very wealthy person’s deposits who prefered the safety of Swiss banks

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