Wednesday, 1 June 2011

Greek run update

They lifted 1.5 billion Thursday and Friday from banks

From early morning to counter the banks there is serious pressure for withdrawals of deposits, especially small amounts. It is significant that Thursday and Friday, banking sources estimate that rose around 1.5 billion euros in total! According to the same month in May estimated the outflow estimated at least 4 billion from 2 billion in April ...

The majority of depositors rushed to withdraw for pensioners and small savers and amounts ranging from 2-3000 lifted until 10 -15 000 euros. Motivation in most cases it was the fear that led the country into bankruptcy, deposits frozen even temporarily left without cash, or even lose their savings.

(via Google translate)

Keep on running!

Fears grow over Greece bank run as country seeks bail-out

Greece's banks are being hammered by a run on their reserves, leaving the country's main lenders increasingly reliant on the European Central Bank for funding.
The latest figures from the Bank of Greece paint a grim picture, with foreign lenders and individuals withdrawing funds from Greek banks at an alarming rate.
Simon Ward, chief economist at fund manager Henderson, likened the situation to Britain's Northern Rock, which was eventually nationalised to save it from collapse.