Greek Bank Deposit Outflows Spike As Capital Controls Concern Spreads

zerohedge.com / by Tyler Durden on 03/18/2015 18:40

With Greek bank bonds collapsing, stocks near record lows, Greek default risk at post-crisis record highs, and Greek government bond yields spiking, it has been surprisng that we have not seen the ATM lines and generalized ‘panic’ of a population in fear of being “Cyprus’d.” Well, now as ekathimerini reports, that appears to escalating and rapidly as credit sector officials estimated thatthe flight of deposits yesterday alone amounted to 350-400 million euros, which was some five times higher than the daily average in previous days.

As ekathimerini reports, Greek banks are suffering from fresh turbulence due to the tension and the apparent collision course between Athens and its creditors. Bank stocks gave up more than 8 percent of their value on Wednesday, while the outflow of deposits was far greater than on previous days.

Credit sector officials estimated that the flight of deposits yesterday alone amounted to 350-400 million euros, which was some five times higher than the daily average in previous days. They added that Wednesday’s withdrawals totaled the most since an agreement was reached at the February 20 Eurogroup meeting.

This followed Tuesday’s statement by Eurogroup chief Jeroen Dijsselbloem regarding the possibility of imposing capital controls in Greece. There was also a flurry of statements from Greek and European officials that aggravated the climate between the two sides, a phenomenon that continued on Wednesday. As we noted previously…

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