Friday, May 29, 2015

The Tepid Run on Greek Banks

Bloomberg reports that "Greek Bank Deposits Bleeding Worsens in April." According to the article, Greek private sector deposits have fallen over 100 billion Euros since their peak in 2009. Frankly, I'm surprised that more money hasn't been withdrawn. Right now the Greeks can withdraw their money denominated in Euros. However, if Greece defaults on its IMF loans, much of that money may be seized; and it is possible that it will be replaced with valueless Greek Drachmas (or whatever Greece decides to call its future currency) if Greece is forced to withdraw from the monetary union.

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