Greek Deposits Down

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29 November 2011

(ATHENS, Greece) – George Provopoulos, Greece’s central bank governor stated that deposits in banks had shrunk over the past two months. Outflows from the banks were €5.5bn in September and €6.5bn in October. Analysts speculate that political uncertainty surrounding former Prime Minister George Papandreou’s government was the cause. After the new government under Lucas Papademos took charge, the outflows stopped. Money has not yet begun to return though the trend has changed. Foreign banks with branches in Greece and larger Greek banks were the primary destinations of the deposits.

Comment – Eurozone ministers delivered the €8bn that Greece needed while the country continues to restructure its finances. The loan has temporarily eased the monetary burden of the country. The bigger issue now is how to save the Eurozone itself. The single-currency area seems unlikely to survive as it presently exists. The increasing financial burden of struggling nations has shifted the question of a restructure from “If?” to “How?” and “When?” The future of the Eurozone is very likely to have an effect on the financial future of Greece.

Source: http://www.ft.com/cms/s/0/55609b28-1ab1-11e1-bc34-00144feabdc0.html#axzz1f9xNPo4C

Reliability: 7

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