The Phaserl


Greek Bank Run Accelerating; Is It “Game Over” Soon?

from Money and Markets:

When the money dries up, it’s “Game Over.” And that’s what Greece is facing now that bank runs are accelerating rapidly!

Consumer and business depositors have reportedly yanked 1.85 billion euros from the Greek banking system in just the last two days. That’s more than 115 million euros PER HOUR, assuming two eight-business-hour days.

More than 2% of all the private money held in Greek banks has now vanished in just the last week. The only thing standing between banks and insolvency is the European Central Bank, which is providing them with emergency liquidity assistance (ELA) since they can’t raise money in the private capital markets.

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