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Greeks Withdraw EUR700 Million in Cash Out of Bank Accounts‎

Greek depositors withdrew EUR700 million from local banks on Monday, the country’s president said, and warned that the situation facing Greece’s lenders was very difficult.
In a transcript of remarks by President Karolos Papoulias to Greek political leaders that was released Tuesday, Papoulias said that withdrawals plus buy orders received by Greek banks for German bonds totalled some EUR800 million.
Citing a conversation he had with Greek Central Bank Governor George Provopoulos, Papoulias said “that the strength of banks is very weak right now.”
Greek banks have seen a steady decline in deposits since the start of the country’s debt crisis in 2009, which prompted depositors to withdraw cash and transfer funds to overseas banks. In the past two years, deposit outflows have generally averaged between EUR2 billion and EUR3 billion per month, though in January they topped the EUR5 billion mark.
The latest data from Greece’s central bank shows that total deposits held by domestic residents and companies stood at EUR165.36 billion in March.
(source: Dow Jones)

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