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Greek bank deposits slump to an eleven-year low

Greek bank deposits slump to an eleven-year low
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Greek bank deposits hit an eleven-year low
in May as savers keep a close eye on the stand-off between Greece and its creditors.

There is some solace as deposits fell at a slower rate than in the previous month.

Deposit balances are now at their lowest level since May 2004, according to the central bank.

The decision on whether to withdraw savings or not is a quandary many Greeks have to face.

Thanasis Georges lives in Athens:
“All of us have withdrawn money so we can have money in case of an emergency. This is the smart thing to do. Of course you can’t withdraw all your cash – that wouldn’t be the right choice – but we have all taken out some money.”

Antonis is a 50-year-old civil servant:
“The only thing that’s certain is that most people don’t have any money, that’s the truth. It’s a miracle that we still get our salaries! What more can happen we find out Monday…maybe back to the drachma, sooner or later we will recover.”

The European Central Bank has left the level of emergency cash available to Greek banks unchanged for a third day, a necessary lifeline.

The simple fact is with Greece cut off from the global markets, the country’s financial system is dependent on central bank liquidity as the uncertainty over the country’s membership of the euro continues.