Greek Bank Withdrawls Fuel Fears Of Bank Run

Posted on : May 17, 2012 By
Current Events Economics 

By Brian Blackstone & David Enrich | From WSJ.com | On Tuesday, May 15th, 2012

Greek depositors withdrew €700 million ($898 million) from the country’s banks on Monday, fueling fears of a bank run amid the growing political disarray.

With deposits falling, Greek banks become even more dependent on the European Central Bank to meet their funding needs, exposing the central bank to potentially huge losses if Greece leaves the euro area.

Greek President Karolos Papoulias told the country’s political leaders that bank withdrawals plus buy orders received by Greek banks for German bunds totaled some €800 million on Monday, a transcript of his comments said. A central bank official confirmed the figures.

The original article was posted at http://online.wsj.com/article/SB10001424052702303505504577406310678151998.html?mod=WSJ_hp_LEFTTopStories#articleTabs%3Darticle

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RSOP is the co-founder & Executive Editor of Radical Survivalism Webzine, as well as a Family Preparedness Consultant with over seven years of personal experience in the self-reliance game. RSOP's many preparedness roles within his own group include team mechanic, head of security, electrician, and project designer/engineer.

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