Wednesday, May 16, 2012
Greek Deposit Losses
US equity markets were rattled yesterday when a report came out that Greek banks had lost 700m euros worth of deposits on Monday. It's a large sum in a single day, but it's mostly a continuation of a process that has been in the works for some time. NBG, which is the largest private bank in Greece, has seen its deposits decline by 11.5 billion Euros since 2009. That's 16% of its deposit balances.
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