globaleconomicanalysis.blogspot.com / by Mike “Mish” Shedlock / Friday, January 09, 2015 1:34 AM
In November, Greeks withdrew €220 million from banks. In December, the figure soared to €3 billion.
My advice to Greeks is simple: Get out while you still can. That means now!
Via translation from Libre Mercardo, please consider ECB Threatens to Unleash the ‘Banking Yard’
The term “banking yard” is in reference to what happened to Cyprus depositors. What follows is my translation of the article.
According to initial estimates, Greeks withdrew €3 billion from their bank accounts in December. €600 million of that total came on December 29, when Greece failed to elect a new president, thereby forcing national elections on January 25.
In comparison, November when net outflows totaled about €220 million.
The risk of bank runs in Greece is reactivated. In this sense, just remember that since 2010, when the crisis hit the euro, the Greek bank deposits dropped 37% but even after the rescue by the troika, deposits never recovered. This data demonstrates strong distrust by Greek depositors of the monetary union.