European Central Bank Extends Credit on Fears of Greek Bank Collapse

‘The European Central Bank (ECB) intervened again Friday to prop up Greece’s banks, as savers, fearing their imminent collapse, withdrew record amounts of deposits.

Following the collapse of talks between Greece and its creditors—the European Union (EU), the ECB and the International Monetary Fund (IMF)—over the terms of a further spending cuts programme, billions of euros in deposits were withdrawn from Greek banks. This week alone €4.2 billion were withdrawn, including €1.2 billion on Friday.’

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