Socio-Economics History Blog

Socio-Economics & History Commentary

Greek Bank Deposit Outflows Soar In January, Third Largest Ever!

  • Let us all believe what the snakes say: ‘Greece is saved. They have been bailout!’  Why are the Greeks bailing out of their banks then? Wasn’t Greece saved with the first bailout? Illuminist bankster snakes lie all the time together with their politician puppet snakes. How do you tell when they lie? Whenever they move their lips!
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    Greek Bank Deposit Outflows Soar In January, Third Largest Ever! 
    by Tyler Durden, http://www.zerohedge.com/ 
    Just like the housing market in the US, following the modest blip higher in December Greek bank deposits, immediately the great unwashed took to calling an end of the Greek deposit outflow and seeing a glorious renaissance for the country’s bank industry. Well look again. According to just released data from the Bank of Greece, January saw Greeks doing what they do best (in addition to striking of course): pulling their money from local banks, after a near record €5.3 billion, or the third highest on record, was withdrawn from the local banking system.
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    As a result, total bank cash has now dropped to just €169 billion, down from €174 billion in December, and the lowest since 2006. This is an 18% decline from a year ago, or €37 billion less than the €206 billion last January, and is a whopping 30% lower than the all time deposit highs from 2007, as nearly €70 billion in cash has quietly either left the country or been parked deep in the local mattress bank.
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    Finally, we are 100% certain that following Venizelos’ demands for people to return their deposits to banks from a week ago, that the people have done precisely the opposite.

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March 1, 2012 - Posted by | Economics | , , , , , ,

2 Comments

  1. We have to be careful with this one. Many Greeks who work have not been paid for my months. My husband works for the Greek public sector and is now paid 56% less than just 6 months ago. As a result, we have had to remove money from savings in order to survive. We can’t meet the most basic financial obligations and feed ourselves on income alone, so savings comes into play for that. As a result, we are removing money from the bank. We are NOT alone – pretty much everyone we know is in the same boat. But none of us are taking out money in order to protect ourselves from a bank run / currency change – that may be on everyone’s mind, but the reality is quite different. The wealthy removed their money to Cyprus or wherever else long ago – certainly before the second half of 2011! I believe that what you are seeing is the Greek people unable to make ends meet on income alone. Can you fault me for withdrawing money from my own bank account, when not to do so would mean we wouldn’t eat this week? And I am extremely lucky that I have money to remove – because many friends do not. Venizelos might convince Dora to return her 1 million euros but he won’t convince me to return my 15 euros. It’s already been spent on wheat, milk, and oranges. Please understand that “the people have done precisely the opposite” because if we didn’t, we wouldn’t eat.

    Comment by Heidi @ homeingreece | March 1, 2012

    • I meant to write “for many months”, not “for my months”, obviously! I was in the public hospital yesterday and noted that the staff has been unpaid since the 3rd quarter of 2011. It’s very widespread.

      Comment by Heidi @ homeingreece | March 1, 2012


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