Bank runs in Greece (NBG and others)

More links on the gradual run on Greek bank deposits:

ZeroHedge from 27 June, referencing comments by Moodys:
http://www.zerohedge.com/article/mo...cash-shortage-due-accelerating-deposit-flight

Reuters from 27 June, referencing comments by Moodys:
http://www.reuters.com/article/2011/06/27/us-greece-banks-moodys-idUSTRE75Q31U20110627

WSJ from 27 June, referencing comments by Moodys:
"UPDATE: Moody's: Deposit Outflows Are Credit Negative For Greek Banks"
http://online.wsj.com/article/BT-CO-20110627-701917.html

Bloomberg on 30 June, referencing Kathimerini
http://www.bloomberg.com/news/2011-...line-in-may-and-june-kathimerini-reports.html
 
"Greek Bank Deposits Decline to 191.9 Billion Euros in May"

http://www.bloomberg.com/news/2011-...decline-to-191-9-billion-euros-in-may-1-.html

The balance of deposits held by businesses and households declined to 191.9 billion euros last month from 196.8 billion euros ($285 billion) in April, a 2.5 percent drop, the Athens- based Bank of Greece said in a statement posted on its website today.

The 4.9 billion-euro contraction is the most since April 2010, when they declined by 5.1 billion euros as Prime Minister George Papandreou sought a bailout to save the country from default.
 
Greece in panic as it faces change of Homeric proportions

Fear is driving a silent bank run in Greece – but some see the government's austerity plans as a chance to transform

http://www.guardian.co.uk/world/2011/aug/01/greece-panic-change

"Wary of giving his name, he glances around the marble-floored, wood-panelled foyer before pulling out a slim A4-sized folder. It is about the size of a small safety-deposit box – and those, ever since the financial crisis hit Greece 18 months ago, have become the most sought-after financial products in the country. Worried about whether the banks will stay in business, Greeks have been taking their life savings out of accounts and sticking them in metal slits in basement vaults."
 
Here comes the Greece government to try to convince everyone that deposits are safe:

http://www.emg.rs/en/news/region/167154.html

"Deposits in Greek banks fully secured"

26. October 2011. | 10:16.

Source: AMNA

Deposits in Greek banks are fully ensured regardless of the size of a "haircut" on Greek bonds, Greek banking executives reiterated to the AMNA on Tuesday.

Deposits in Greek banks are fully ensured regardless of the size of a "haircut" on Greek bonds, Greek banking executives reiterated to the AMNA on Tuesday.

The executives said bank deposits are fully secured and have face no risk.

After EU leaders agree on the size of a haircut in Greek state bonds, the Bank of Greece will ask banks and their shareholders to proceed with share capital increases in order to ensure minimum capital adequacy ratios.

In case Greek banks are unable to respond to these demands, the Financial Stability Fund will ostensibly contribute the necessary funds to achieve a recapitalisation of banks, which will suffer from a write-off in Greek bonds.amna

Greek banks will also have the opportunity to resort to the European Financial Stability Fund, although decisions on the issue were still pending.

In any case, Greek banking executives stressed that citizens’ deposits were fully secured and urged depositors to remain calm and not to rush into any hasty decisions based on hypothesis that there was a risk of expected decisions over Greek debt.

Finance Minister Evangelos Venizelos has repeatedly reassured that deposits are fully secured.
 
I think it's reasonable to assume that if there is a referendum in early December, then the gradual run on Greek banks should accelerate between now and voting day.

Title:
"Greeks’ worst fear is run on banks"

http://www.ft.com/cms/s/0/ed8e245e-0573-11e1-a429-00144feabdc0.html

"The country’s bank deposits fell 14 per cent last year, with roughly €1.5bn-€2bn leaving the banks every month, according to central bank figures."

The pace appears to have quickened, with an estimated €10bn – amounting to some 6 per cent of current deposits – leaving the vaults in October.
 
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