Tag Archives: deposits

Greek Businessman Anonymous: he allegedly stuffed €500,000 in cash in his luggage and flew to Cyprus to deposit the money in local banks. However the banks refused to accept the money as he had no documents to prove where the money came from or if it was declared to the …

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Swiss Finance Minister Eveline Widmer-Schlumpf turned down the proposal of her Greek counterpart Yiannis Stournaras to impose taxes on Greeks’ bank accounts and transfer the money to Athens. Currently in the Greek capital, Widmer-Schlumpf told Stournaras that Switzerland does not do such deals any more, focusing instead on automatic information …

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When is the future “foreseeable”? What is the time span in which we can claim we can ‘foresee’ the future? The governor of Bank of Greece, Giorgos Provopoulos, said that there is no way for bank deposits to undergo a haircut in the foreseeable future.” Speaking with representatives of bank …

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Governor of Central Bank Giorgos Provopoulos felt the need on Wednesday to repeat for one more time the slogan we, here in Greece, have hearing since Sunday: that “deposits in Greek banks are full protected and thus regardless of the amount”. Officials feel the need to reitarate the same thing …

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Greek government spokesman Simos Kedikoglou rushed Monday morning to calm down depositors, concerned about their money in accounts of National Bank and Eurobank after the merger was called off. “Deposits are safe, the banking sector is shielded,” Kedikoglou told a private television channel. Short time later, EU Commission felt also …

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The news fell like a bomb on Sunday night: that the much praised National Bank (NBG) – Eurobank merger was stopped by Greece’s international lenders, the Troika of EU, IMF and ECB representatives. Greek media reported that the Troika had objections about the size of the new bank to have emerged from …

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When five Sunday newspapers speak about the safety of savers’ deposits  in their front pages, I think, it’s time we should start make thoughts about “how secured are deposits in Greece?” The Cyprus example might be “a template”, after all, as eurogroup head Jeroen Dijsselbloem recently said. Deposits in Greek …

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Deposits haircut in the Bank of Cyprus can be much higher than expected. While the real haircut may be at least 37.5% for deposits over 100,000 euro, another 22.5% may be ‘frozen’ and land on a special fund for an unspecified time. “Wealthy depositors in the Bank of Cyprus could face …

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Crisis of any kind can be eventually very inspiring. How much more when it comes to money and “poetic’ economic terminology like ‘haircut’.  OK, president Nicos Anastasiades may be not solely responsible for the crisis as he came to office end of February. But his negotiation skills with the Troika could …

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One of my friends woke up very early this Wednesday morning. In fact, she was not able to enjoy a deep refreshing sleep all night. In reality she hasn’t slept well since more than a week. When the Cypriot banks closed their doors to customers due to the crisis. My …

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The cabinet on Cyprus agreed on a “Plan B” on Wednesday night, local media reported. President Nicos Anastasiades will present the “Plan B” for the country’s banks bailout to political leaders on Thursday morning. Local reports suggested the government may submit a bill tomorrow proposing a haircut on deposits but at lower …

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Political instability and potential euro exit have increased fears among Greeks who withdrew some 6 billion euro from bank accounts in the last 15-20 days. Panicked citizens believe it is ‘safer’ to have euro bank notes at home, than to let savings at the banks exposing them to the danger …

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What a day! Amid a barrage of warnings and threats for a Greek euro exit and UK companies making even offers to Athens to print there …Drachmas, a EU Commissioner puts the icing on top of  the euro cake. EU Trade Commissioner, Belgian Karel de Gucht claimed that the European Central Bank and the European commission …

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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 …

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The withdrawal of bank deposits continued unabated in May and according to reports, households and enterprises got 4.9 billion euro from their private or business accounts. The reasons are multiple: Partly is the panic about the Greek economy as in May the 5th loan-tranche was very much hanging on an uncertain …

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More and more Greeks turn to local banks and withdraw their deposits out of fear of  a possible bankruptcy leads people to withdraw their deposits from banks. News portal news247  has a very good report on the issue, a report that coincides with the fears of my friends and relatives. The …

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