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Greeks Withdrew €5.5 billion in September ’11

The nightmare of Greek banks continues non-stop and deposits withdrawals move in fast track under the tropical of emergency taxes and income decreases in times of economic and political instability. Greek households and enterprises withdrew a total of 5.5 billion euro in the month of September, according to data released by the Bank of Greece on Tuesday. Within one month the deposits decreased by -14% compared to last year.

Specifically, total deposits of the private sector (enterprises and households) fell in late September to 183.2 billion from 188.6 billion euro at the end of August. This reflects primarily the withdrawal of deposits by Greek households by the end of September they fell to 152.5 billion from 157.1 billion euro at the end of August.

Overall, in the first nine months January – September of the year 2011, deposits of enterprises and households decreased by €26.40 billion (11.5% of GDP). From December 2009 until now, a total of €54.33 billion have been withdrawn from private sector deposits.

The trend continues downwards.

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  1. The interesting part of this message is not that deposits of 5.5 billion have been withdrawn. The interesting question is: why are there still such brave people to keep 183.2 billion with the banks?