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Greek Bank Deposits Fell 2.7% in February 2012

Greek bank deposits fell 2.7% in February, data from the central bank showed Thursday, as households continued to use their cash reserves to make ends meet.

Total deposits held by domestic residents and companies fell by EUR4.6 billion to EUR164.38 billion in February. The 2.7% decline on the month comes after a EUR5.2 billion outflow in January and a EUR1.3 billion rise in December. Steep outflows were also recorded in November and October, at EUR3.5 billion and EUR6.8 billion, respectively.

Greek banks have seen a steady decline in deposits since the start of the country's debt crisis in 2009, which prompted depositors to withdraw cash and transfer funds to overseas banks.

In the past two years, deposit outflows have generally averaged between EUR2 billion and EUR3 billion per month.

The balance of deposits held in Greek banks at the end of 2011 fell to EUR174.2 billion, a decline of 16.8% from EUR209.6 billion in 2010.

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  1. Why does someone keep their money in a Greek bank? I know I wouldn’t dare… Are the interest rates higher than in other banks or is there no other alternative?