There won’t be much left in Greek banks by the time the ECB gets the keys


Greece’s banks continue to haemorrhage deposits as the population tries to protect itself from a possible exit from the Eurozone.

Figures released Friday by the European Central Bank showed that another €5.6 billion in deposits left the banking system in April, and means that €32 billion–almost 20% of total deposits in the system–has been pulled since November, when former Prime Minister Antonis Samaras triggered the latest chapter of Greece’s crisis by calling new elections.

GreekdepositsSource: ECB

Those elections ushered in a government led by the radical left-wing Syriza party, on a platform that promised Greeks an end to austerity without losing the euro. The country’s creditors in the Eurozone and International Monetary Fund have repeatedly refused to go along with that, with the result that the country is now running out of money fast.

Greece’s government has claimed regularly this week that it will reach a deal with its creditors…

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