Greeks start to withdraw a lot of cash
Here is a clip from CBC in Canada that discusses the issues associated with a run on Greek banks. Shows UK Prime Minister David Cameron who must be pleased that they still have the UK pound. Some interesting facts:
$894 million was withdrawn from Greek banks last Monday – 14th May.
Total Greek deposits are $215bn
Deposits down 17% in 2011
Even with the G8 meeting at Camp David how can the Greek economy get out of this mess. I suppose it really is in the hands of the Germans and what they decide. To bail them out sets a dangerous precedent for the likes of Spain, Italy and Ireland.
Categories: Euro, Exchange Rates, Financial Markets
Austerity, Greece
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