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Greek Banker estimates cash withdrawal on Friday at €600million

Touchy IMF left negotiations, Greece’s negotiations team returned to Athens, creditors’ lashed out at the government, the ghost of Grexit set its wings about the debt-ridden country.  Whether the scenarios are true or not, they were reason enough for  Greeks to allegedly rush to the banks and withdraw money from their deposits, for  “just in case, you know…”.

How much money did Greeks withdraw on Friday, June 12th 2015? Bankers estimate 600 million euro or even more and thus as of 3:30 pm today.

Speaking to news website, “a banker with knowledge of depositors’ behavior estimated the amount of withdrawals at 600 million euro as of 3:30 pm, although there have been no data collected by then.”

On Wednesday, the day of the crucial Tsipras – Merkel – Hollande – Juncker talks, bank withdrawals were 500 million euro.

Much to my knowledge, today Friday was payday for the civil servants, who receive their salaries in the middle and the end of the month. Salaries and pensions are traditionally paid Fridays when weekend interferes before the payday.

Average Greeks saw no queues outside the banks and the ATMs, most likely because the withdrawals were performed by the panicked Greeks via online banking? Based on my observations,  I could estimate withdrawals at some 100,000 euro.

No updates on the withdrawals estimations are given, probably because the banker went home at 3:35 or to a nearby beach.

What is interesting is this picture from the Athens Stock Exchange

Γράφημα Γενικού Δείκτη Χ.Α.Α.

Friday’s session stated with -4.10%, losses were limited at -2.90% more or less, however, “after 3 pm, the ASE lost its driving power and closed at 5:15 pm with losses of -5.92%

PS Don’t get me wrong. I don’t criticize the messenger, just the dark role of some of our esteemed bankers.

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  1. and it is all Money from the EZB!(ELA credits).
    at the Moment 84 Billion, or is it allready more?
    Tjipras, Tjipras what are you doing?
    You must pay now also more pensions, that Money Comes also from the EZB?
    the pensionfunds are without any Money because you borowed it already!

    • There is no money to pay pensions because 95% of the money they get from the ECB goes to pay interest on the various ‘loans’.

    • Giaourti Giaourtaki

      It’s all money of the savers, it’s their money it’s not belonging to any bank and if banks think it’s normal to have only 5% of the savers money in their safes it’s their problem.
      Why are “social bandits” that never killed or even hurt anybody in Greece so difficult to get caught?
      The next elections may be a party will win that wants amnesty for all social prisoners.

      • Well, no, it’s not their problem, but it’s your (the savers’) problem. Without ELA the Greek banks would just default and you wouldn’t get a single Euro from an ATM. Just because you put your money on a bank account, doesn’t mean it is safe there.

  2. How many days remained for Greece in Eurozone? Without help (loan, loan, loan again) from ECB probably no more than a week or two.

    • How many days remain for the eurozone? you don’t ask yourselves a more important question — again, the German arrogance and pigheadedness.

      As a point of information, there is no mechanism for a country to leave (let alone be removed from) the eurozone. There is no legal reason why a country cannot default on its debts and remain in the euro. The only issue is liquidity of its national banking system — which by law the ECB is supposed to guarantee. The German far right (the wheelchair brigade) is already furious with the ECB for carrying out its legal obligations to Greek banks: this tells us something about the lack of respect for the law amongst such people.

      In the end, this is a political fight and has very little to do with the greek economy. It is a fight between far right neoliberal interests (read: Schauble, banks and big business) and the interests of common people and the various countries of Europe (read: democracy). We have had this fight with Germans before — twice in world wars, and more besides — and they lost every time.

      • Greece is 1.8 % of Eurozone economy. Forget about your importance.
        Yes there is no political mechanism, but will Greece stay in Eurozone after bankruptcy? Probably not.

        About ECB – this is Greek propaganda. ECB is not obliged and probably not allowed to buy junk debt. Greek debt is junk according to rating agencies.

        The rest is just Greek (Russian?) propaganda. You received 400 billions EUR loan – this has very little to do with Greek economy? OMG

  3. «If Syriza really wants to change society, to avert national ruin, to put the economy back on a developmental track, to secure a new dynamic position for Greece in the international scheme of things, there must be an examination of alternative ways forward.»
    The Looming Austerity Package –
    The European “institutions” are seeking a public defeat of Syriza and the closing off of any alternative.
    A mandatory article by Costas Lapavitsas

    • Giaourti Giaourtaki

      Real alternative would be the abolishment of the money system; when everybody is broke there is no use for it anyway.
      Everything would recover even the Aegaen and its owners, the fish

    momey belongs under the bed.