Greek Banks Health Questioned after Mass Withdrawals

Fears are growing over the health of Greek banks after indications that savers have withdrawn billions of euros in the past week.

Capital flight from beleaguered Greek banks this week alone could be more than €3bn (£2.1bn), reports say.

Savers are moving funds as time runs out to resolve Greece’s debt crisis.

The European Central Bank (ECB) has approved more emergency help for the banks and will review funding again on Monday, officials told news agencies.

The amount of extra funding has not been disclosed.

The pace of withdrawals has gained speed as talks between the government and its creditors have collapsed.

Greece has less than two weeks remaining to strike a deal or face defaulting on a €1.6bn (£1.1bn) loan repayment due to the International Monetary Fund (IMF).

via BBC

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza