Friday, February 20, 2015

Greek bank deposit outflows jump amid long weekend jitters

February 20, 2015

Greek bank deposit outflows accelerated to a total of over 1 billion euros over the past two days, three senior banking sources told Reuters on Friday, little more than a week before the country's EU/IMF bailout deal is due to expire.

Withdrawals returned to levels before elections last month that brought a radical left-wing government to power, topping 500 million euros on Wednesday and again on Thursday due to fears about Greece's future in the euro zone.

With Athens struggling to secure a new funding deal with the euro zone before the bailout expires on Feb. 28, Greeks are increasingly nervous before a three-day weekend. This is due to memories that Cyprus imposed capital controls over a long weekend during a crisis in 2013, one senior banker said.


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