Bloomberg News

Greeks Continue to Withdraw Deposits in June, Kathimerini Says

June 12, 2012

Greece’s banking system has continued to hemorrhage deposits this month, amid uncertainty over the outcome of elections on June 17, Kathimerini reported, without saying how it got the information.

Many people are putting money in shares of mutual funds denominated in dollars because of the bureaucratic difficulty of taking money out of Greece, or are keeping cash at home, the newspaper said.

Deposits are leaving the banking system at a rate of 100 million to 500 million euros ($125 million to $625 million) a day, Kathimerini said, without specifying over how long a period that rate of outflow has continued.

To contact the reporter on this story: Marcus Bensasson in Athens at mbensasson@bloomberg.net

To contact the editor responsible for this story: Craig Stirling at cstirling1@bloomberg.net


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