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Greek election fears spark bank raid

Greek election fears spark bank raid
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It is arguably one of the largest bank raids in the history of Greece. Analysts say up to 800million euros are being taken from the country’s banks on a daily basis.

From cash machines accounts have been slowly drained as people react to fears the economy could leave the euro zone and the drachma restored as the country’s currency following Sunday’s election.

It is not just cash it includes wire transfers and investments into other money markets.

The drop in deposits has been dramatic. In two years up until May this year 50 billion euros have left accounts in Greek banks. In the last week its reported the pace of withdrawing money has risen sharply.

Some of the money, claim retailers is being used by people to stock up on non perishable food while sales in almost all other goods have seen a huge drop.

The head of the retail federation condemned the panic buying saying people are terrified at the prospect of returning to the drachma and believe filling their cupboards will help.

It is over the top he said and does not mean Greece will escape the crisis.