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Stanley Morgan Survey Finds That 9 of 10 Greeks Don't Plan to Redeposit Their Money With Greek Banks

Greek banksSince the start of the crisis, Greeks have withdrawn many billions of euros from the nation’s banks and nearly all of them do not plan to redeposit their money with Greek banks, according to a survey by Stanley Morgan.
The survey was conducted by Stanley Morgan’s AlphaWise online between January 26 – February 2, 2016 and involved 829 consumers above the age of 18.
According to the survey, the condition of Greek household has deteriorated sharply in the last three months, while those that took part in the survey said that they expect their financial condition to deteriorate further in the months ahead.
Specifically, 2 out of 3 participants said that they will run out of money before the end of the month, and do not expect to see improvement in their financial condition.
More than 60% of participants said that they have little trust in the Greek banking system and do not feel comfortable depositing money in Greek banks, while 90% of those who withdrew their money said they do not plan to redeposit them in Greek bank accounts.
Moreover, the survey shows that 1 out of 3 participants said that they are unable to service their debts in the next three months, and only 15% plan to seek new loans.
Morgan Stanley’s survey underscores the seriousness of the condition of Greek banks as the situation is likely to remain unchanged in the long run.

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