National Bank Of Greece: It Ain't Over Until... No, It's Over
By Michael Terry:The situation in Greece is deteriorating so rapidly, it is hard to keep up with the situation. Between the country's inability to form a government, its continuing inability to collect taxes (implement fiscal austerity) and a potential government that apparently does not feel it has to abide by agreements signed by the prior administration, the Greek banks are feeling the heat.The Wall Street Journal reported earlier that:
Greek depositors withdrew €700 million ($898 million) from the country's banks on Monday, fueling fears of a bank run amid the growing political disarray.
Greek President Karolos Papoulias told the country's political leaders that bank withdrawals plus buy orders received by Greek banks for German bunds totaled some €800 million on Monday, a transcript of his comments said. A central bank official confirmed the figures.
"The strength of banks is very weak right now," Mr. Papoulias said, citing a conversation he hadComplete Story »