Greek bank run… REPORT: Deposit outflows on Tuesday alone came to 300 million euros, against about 100 million euros per day in recent days … outflows reached €5 bln in April
‘No surprises are expected in Wednesday’s meeting of the European Central Bank’s executive council on the Greek credit sector, as Frankfurt examines the liquidity conditions of domestic lenders and the renewal of the emergency liquidity assistance (ELA). However, in the past few days, and on Tuesday in particular, there has been a fresh and significant spike in deposit outflows.
Statements suggesting the imposition of capital control measures over the upcoming long weekend, and Tuesday’s reference by the Finance Ministry to the possible imposition of a levy on cash machine withdrawals – later withdrawn – sent many to the ATM. At the same time, bank officials point to widespread concerns about the possibility of a rift between Greece and its creditors over the government’s failure to repay a scheduled installment to the International Monetary Fund next week.
Credit sector professionals reported that deposit outflows on Tuesday alone came to 300 million euros, against about 100 million euros per day in recent days. They said that while this amount is quite high, the situation is under control as citizens are remaining calm on the positive messages from Greek officials.’
Leave a Reply