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)

1 comment:

Wisdom Seeker said...

Nice site... found this from Illusion of Prosperity.

Question: How many euros (bills and coins) are in free circulation in the E.U.? If many of them go into an underground economy in Greece, might that lead to deflation in the rest of Europe? (First in the cash economy, but potentially also through deposit drains from other banks as cash-seekers cash out?)