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BoG: Deposit Outflows from Greece Under Control

bankofgreeceBank of Greece said on Sunday that deposit outflows from the country are under control, in an effort to reassure markets two weeks before snap elections.
With SYRIZA leading steadily in opinion polls, there have been many news reports in Greek media that depositors are rushing to transfer their money abroad ahead of a possible win of the radical leftist party on January 25.
Political uncertainty in Greece has not only caused market upheavals in Greece, but internationally as well. The Athens stock exchange took a big plunge after the announcement of early elections.
Bank of Greece issued an official statement saying: “After reports about deposit outflows from the country’s banks, the Bank of Greece notes that the situation is under full control. The Bank of Greece along with the European Central Bank are monitoring closely the developments and intervene whenever this is necessary.”
BoG also notes that the ECB has been offering credit facilitation to countries that were on a fiscal adjustment program since 2010, a policy not affected by political developments.
In this respect, the ECB has helped out Greek banks by exempting them from collateral requirements for access to funding.

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