Greeks Take to The Mattresses as Graccident Looms

Greeks Take to The Mattresses as Graccident Looms

Last week, the Greek banking sector lost some €400M in deposits in a single day as Greek citizens debated a future which could include the suspension of salaries, pension fund plundering, and capital controls. As it turns out, Athens found enough money to make the payments thus avoiding a weekend “Gracciddent.”

What portion of deposit outflows went under the mattress?

€4B of deposits left the Greek banking system in December,

€12B in January and likely

€6B in February. That is; between December and February €22B of deposits left the Greek banking system and of this €10B or 45% went under the mattress with the balance into offshore accounts. 

What is clear is that the Greek banking system cannot withstand another big wave of deposit outflows.

[Zerohedge]

Leave a Comment