Greek Deposit Run Accelerates Ahead Of Monday's Bank Holiday

Tyler Durden's picture

Official Greek deposit data began tumbling in December (outflows around EUR3bn), and accelerated in January in the run up to the Syriza election (proxied by JPMorgan at over EUR 12bn). During the last two weeks, however, the absence of ATM lines and visible bank runs has been curiously lacking as, at least on the surface, there appears to be no panic. However, as Dody Tsiantar reports, sources in the Greek banking sector have told Greek newspapers that as much as EUR 25bn euros have left Greek banks since the end of December with outflows surging this week. Perhaps they are getting anxious that authorities will take Cypriot advantage of the Bank Holiday that is planned in Greece on Monday.


As Dody Tsintar reports (via CNBC),

In the midst of the dramatic showdown in Brussels between the new Greek government and its European creditors, many Greek depositors—spooked by the prospect of a Greek default or, worse, an exit from the euro zone and a possible return to the drachma—have been pulling euros out of the nation's banks in record amounts over the last few days.


The Bank of Greece and the European Central Bank won't report official cash outflows for January until the end of the month. But sources in the Greek banking sector have told Greek newspapers that as much as 25 billion euros (US $28.4 billion) have left Greek banks since the end of December. According to the same sources, an estimated 900 million euros flowed out of Greek banks on Tuesday alone, the day after the talks broke up in Brussels, sparking fears that measures will be taken to stem the outflow. On Thursday, by mid-afternoon, deposits had shrunk by about 680 million euros (US $77.3 million).


"If outflows reach 1 billion euros, capital controls might need to be imposed," said Thanasis Koukakis, a financial editor for Estia a conservative daily, and To Vima, an influential Sunday newspaper.

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Of course the surge in ELA funding needs somewhat confirms the much larger than expected deposit outflows.

*  *  *
One wonders if the seeming standoff between Schaeuble and Varoufakis is making depositors anxious given the planned Bank Holiday in Greece on Monday...

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Mark of Zerro's picture

80% of Greek population are broke.  Can't make a bank run when you have no funds.


kliguy38's picture

They're lining up at the bank to get their EBT cards 

froze25's picture

Is this how they start the bank run, by a "source"?

Mountainview's picture

Run to your bankomats (ATMs) and withdraw whatever you can. Step 2: Change your EURO bills with serial number starting with a Y (issued by Greece) Step 3: Hide your stuff at least until 28th of February (Greek loan becomes due). Good luck!

Save_America1st's picture

Like Mark of Zerro said:  80% of those people are already broke as a joke.  I find it hard to believe it's the Greek citizens who are responsible for 25 Billion being withdrawn in not even 2 months. 

Gotta call bullshit on that assumption.  It's the rich "folks", oligarchs, or whoever else that have been extricating everything they've got from those banks.

Just like in the lead up to the Cyprus banking rape.  Their president told the people everything was cool and that no bank closures would occur.  That kept the sheeple calm while all those Billionaire Russian oligarchs, and the president and all his friends and family were allowed behind the scenes to withdraw all their money.

That's when the banks were closed and the people's accounts got raped.

The Greeks are already broke.  They have no jobs and can hardly feed themselves.  I doubt most of them have had any money stored in the banks when they would have already used it up just to live day to day.

Never One Roach's picture

If they don't hold it, they don't own it.


And about that $25 Billion; I suspect Save-America1st above is correct --- meaning, prob Swiss secret deposits increased $25 Billion during the same time period. The Oligarchs smell disaster and quickly withdrew their Millions before the little people catch on to what's coming.

SickDollar's picture

Greeks sure know to how to buttfuck the oligarchy

I am lovin it  :)



Self-enslavement's picture
Self-enslavement (not verified) SickDollar Feb 19, 2015 9:34 PM

Three way them.

winchester's picture
winchester (not verified) Self-enslavement Feb 20, 2015 2:56 AM

oral, vaginal, and... oh wait

NoDebt's picture

I'm glad Greeks are taking this more seriously than their Cypriot neighbors did.  As well they should.

HardlyZero's picture

Now I understand why this is happening now.

They had their epiphany a month ago (Jan 6th)...(heh.)

Seriously, it's all good.

boogerbently's picture

Since when is Germany the bad guy, here ?

For not wanting to throw more good money after bad ?

That's like the Dems blaming the GOP for not supporting more entitlement programs, 

after doubling our debt in 6 years, and in the middle of a recession.

I can't be broke, I still have checks !

Mountainview's picture

The Germans made their mistakes years age when they accepted Greece in the EURO with fake figures and foul arguments.

Self-enslavement's picture
Self-enslavement (not verified) Mountainview Feb 19, 2015 9:35 PM

Why do you refer to the chosenites as Germans? They are Israeli's residing in Germany.

nailgunnin4you's picture

Since when is Germany the bad guy, here ?

Are you talking big picture here? I'm not sure if this is a reply to someone about something specific or not with zerohedges ridiculous comment format.
Big picture Deutschland/troika are 'the bad guys' because they made bad loans to a country they were aware could not pay it for the purpose of bankrupting them with austerity and eventually buying Greece on the cheap.
Since when are creditors immune from risk? Is that not the reason they collect interest, because they have loaned money out that might not be repaid? When you loan money to a company which then files for bankruptcy, you lose your money. Your risk, your bad investment. When you loan money to a sovereign, and the sovereign can't or won't pay, you lose. 
Write up all the new legal precedents you like, but good luck to the flops who loaned money to Greece and Venezuela or the rest when they decide not to pay. The can could be kicked further down the road with extensions and loan restructuring, but at some point the situation comes to a head. At this point the control the loansharks bankers have over the world's leaders will be meaningless, just as the world leaders' control of their respective populations will be.
Even bigger picture it could be said Germany owes most of its current economic prosperity to a centralised currency (euro) valued much lower than the currency of a country with a huge trade surplus, like Germany, would be. 
sun tzu's picture

Blame both. It reminds me of this scene from Mean Streets

Slurm's picture

This reminds me of The Greeks in S2 of The Wire.



ANestIOS's picture

an invisible bank run that a source wants to pretend is happening - the eurocrats still trying to play the pretend and extend game 

VATICANT's picture

Kill the EU. Collapse it all. Obama's ISIS will move in

Haus-Targaryen's picture

Never trust a Greek that is broke.  They have money in the mattress, stuck in a hole in the wall --- all Drachmas. 

HardAssets's picture

I suppose this means the 'price' of gold as quoted by crime-x will go down

Save_America1st's picture

if so, then have some dry powder ready to BTFD.  Always grab 10 or 20oz's on good dip days.

Factor.9r's picture

+1 Mr. Panos reference: "Greece has a problem? No. You gave Greece the money. You have a problem."

Arius's picture

what money they gave greece? thats all BS


all the money exchanged hands overseas


if Mr. panos is saying that he is part of the disinformation campaign ... but whats new right?

angel_of_joy's picture

I'm pretty sure that everybody fogging a mirror in Greece got his euros out of his bank account a long time ago. So, what if they'll throw a bank holiday and nobody came... ? 

indygo55's picture

Where is that scumbag Popandraous right now? Hes the mutha fucker that took a cut of this money. And what about his mother? She had that Swiss bank account. Why dont they call them to pay back a few bucks here? They were paid off to accept this bullshit and then boogied to who knows where with the bribe of millions and no where to be seen now. What the fuck?


Augustus's picture

"80% of Greek population are broke. Can't make a bank run when you have no funds."


The population cannot take it out until the government put is into their account.

taketheredpill's picture



Is Minnesota in Greece?

thamnosma's picture

We could always send the Somalis and Al Franken there.

maskone909's picture

who would of thought al franken would be a congressman?  never mind.  its all to much.  much to much.

thamnosma's picture

More  than that -- he's a Senator.  Minnesota is as pathetic as California with much worse weather.

Calmyourself's picture

I'm trapped in this shit hole.. Nice in the Summer hellhole in Winter.  One diaper wearing ass and one butterfly saving air head for Senators..  We have three ex cop legislators making Cop body camera footage "private"  the better to kick your ass with..  I am moving to a hole in the wall cottage in the middle of the woods  somewhere south..

disabledvet's picture

Because I'm good enough, smart enough and gosh darn people like me!


Best skit ever on SNL.


There's not even a close second actually.


If he was really into it he would run for President actually.  "The Honesty Party."

"The only person I will care about is my persona!  Of that you can be assured!  You want selfies America?  I will give you SUPER SELFIES! I will give you every possible imagining of me EVER CONSTRUCTED EVER!"

taketheredpill's picture




My 9/11 Conspiracy theory is that almost all 9/11 Conspiracy Theories are a Conspiracy, backed by NSA, to make any question of mainstream views look like they are lumped in with the tinfoil hat brigade.  This distracts from the obvious, that persons in the US knew what was coming and used it as a Pearl Harbor / Blank cheque to attack Iraq/whereever the oil happens to be.


maskone909's picture

better late than never bro. those douchers pretty much coined the phrase, conspiracy theory.  then they accentuated the topic by making a movie with mel gibson in it.  typical audience will walk away subconsciously thinking conspiracy theory is synonomous with tinfoil hat wearing psychopath.

demur's picture


American domestic and foreign policy:

Hegelian dialectic

It works like this – the manipulating body covertly creates a problem and then directs the media to incessantly focus on it without recourse. The problem could be anything – a war, a financial collapse, a rash of child abductions, illegal immigration, or a terrorist attack. The power of the media can create the false perception that a big problem exists, even if it doesn’t … Once you have created this problem government subsidizes it with strings attached or makes sure that an individual, a group or an aspect of society is blamed. This then rallies the population behind the desperate lunge for a solution to the problem. ‘Something must be done!’ they cry in unison. The people that created the problem in the first place then come back in and offer the solution that the people demand. Remember – the people screaming for a solution do not know that the problem was artificially created in the first place. The solution to the problem is always a further curtailment of freedom or an advancement of one or more aspects of the new world order. 

Like ponzi schemes, new hegelian plots are invented to provide cover for past failed implementations, all to the delight of tyranical techincians. 




edotabin's picture

wasn't the same done with jfk?

Accounting101's picture

Lots of -isms kill, and steal wealth too.

Usurious's picture
Usurious (not verified) Accounting101 Feb 19, 2015 2:47 PM



banksterism is the worst ism of em all

Accounting101's picture

Yes sir! IMF, ECB FED and all unelected super national banking institutions throughout the world. Nothing happens suddenly nor by accident. It's all planned well in advance. Obama is playing checkers while these psychopaths are the ones playing 11 dimensional chess.

Self-enslavement's picture
Self-enslavement (not verified) Accounting101 Feb 19, 2015 9:38 PM

Chosenitism kills, it's Socialism for the rich.

cossack55's picture

Hide your  gold.

glenlloyd's picture

and it's gone.....

HardlyZero's picture

Tomorrow will be the marathon to the will take hours, it will be like the tortoise and the hare...slowly getting there in half-steps all day long.

The ATM lines will take forever.

Slowly, inch by inch.

We are approaching Grexit with an infinite number of half-steps.

Zeno's Paradox, tomorrow.

WTFUD's picture

We are witnessing ' The BIG Squeeze '; it's every critter for himself as the giant ponzi disintegrates.
Get the popcorn ready . . .

maskone909's picture

dude, they are going to fuck things up so bad to the point where we will be begging them for things to go back to the way they were.  atleast thats what keeps me up at night

HardlyZero's picture

Buy Gold and Silver, then wait.

and/or "Get Shorty" SRTY.