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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum

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Dec 5 4:00 PM EST

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From: Haim R. Branisteanu	6/29/2012 1:25:07 PM
	of 218243

Greek Bank Deposits Fall a Monthly Record 5.1% in May 29-Jun-2012 By Alkman Granitsas ATHENS--Greek bank deposits fell 5.1% in May from a month earlier--a record one-month decline--as nervous savers withdrew their cash amid concerns over political instability following Greece's inconclusive elections last month. According to data from the Greek central bank Friday, total deposits held by domestic residents and companies fell by 8.5 billion euros ($10.6 billion) in May to 157.4 billion euros. In April, Greek bank deposits rose slightly, 0.4% month-on-month. Greece's May 6 elections resulted in a hung parliament with no single party able to claim a ruling majority. Unsuccessful coalition talks collapsed after about 10 days of efforts forcing a repeat election on June 17. Since the second elections--which produced a three-party governing coalition sworn in last week--banking industry sources say some 5 billion euros worth of deposits have since returned to the banks. Still, Greek banks have seen a steady decline in deposits since the start of the country's debt crisis in late 2009, which prompted depositors to withdraw cash and transfer funds to overseas banks. Greece's ongoing recession has also forced many households and businesses to draw down their deposits. In the past two years, the banking system has lost about one third of its deposit base with monthly deposit outflows generally averaging between EUR2 billion and EUR3 billion a month--but have spiked on occasions of political uncertainty. -

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