Greek Bank Run Re-accelerates: Massive Deposit Withdrawals Despite Capital Controls

Tyler Durden's picture

Delays in the talks between Greece and its lenders have brought back the ghost of Grexit.

The grave disagreement between the International Monetary Fund and the European lenders, Grexit bombshells flying around and Greece’s reluctance to accept additional austerity measures have increase uncertainty among citizens – for one more time.

And so, as notes, what do citizens do when they feel political and economical insecurity? The run to banks and withdraw deposits.

2.5 billion euros left Greek banks in the last 45 days.


And this despite the capital controls that allow Greeks to withdraw a maximum of just 1,800 euro per month.

However, in better situation are those who brought back cash to the banks. Cash that was largely withdrawn before the capital controls were imposed in July 2015 as a result of a major bank run from November 2014 until end of June 2015. Those who pulled the cash from under the mattress and brought it to bank are allowed to withdraw money above the 1800-euro cap.

According to newspaper Eidiseis, the cash withdrawal in the last 45 days has set bankers in alert.

In addition to cash withdrawals, business loans and mortgage, amounting a total of 500 million euros, turned red. A sign that the delay in the conclusion of the second review has increased uncertainty among the Greeks, as the daily notes.

Speaking to the daily, sources from the Union of Greek Banks said that “time is not working in our favor.”

They stressed that the government and the lenders should reach a compromise.

Beginning of February, Greek websites for economic news had reported that more than one billion euros was withdrawn in January 2017.

According to a report of November 2015, more than 120 billion euros left the Greek banks during the years of the crisis. 45 billion euro left the banks during November 2014 – 2015. Eighty percent of this amount, that is some €36 billion are been kept in homes, company safes or in bank lockers.

* * *

Time to increase capital controls once again!!??

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LawsofPhysics's picture

the Fed must defend the only thing it truly controls in order to stay relevant to global trade. Do NOT assume that the Fed has any loyalty to any government that they have bought.

spastic_colon's picture

yes but as it says....this is a test, only a test........kinda like the emergency broadcasting tests you hear/see on tv / s

LawsofPhysics's picture

Yep, same for all central banks and it will truly be a wonder to behold when they stand behind their "balance sheet" and say, but look at all the "wealth" we own...

"wealth", created out of thin fucking air with no real work or no real risk. Fuck em.

NoDebt's picture

By the time the Greek debt situation finally blows up, none of us will care any more.  I don't know about you guys, but I punched out of this whole Greece saga probably 2 years ago.  I no longer give a shit how this gets resolved or if it ever gets resolved.  

Anyway, Greece should start charging the rest of Europe for being their Muslim immigrant holding cell.  Maybe they could chip a few billion off that debt for them or something.


LawsofPhysics's picture

All kinds of shit is being renegotiated...

Lots of opportunity (and risk).  Personally, I wouldn't have it any other way.

HenryKissingerChurchill's picture

By the time the Greek debt situation finally blows up, none of us will care any more.  I don't know about you guys, but I punched out of this whole Greece saga probably 2 years ago.  I no longer give a shit how this gets resolved or if it ever gets resolved. 

If the EUro riot police is sent to crush the greek sheeple to obey the WU imposed technocrat CEO's... would that get your interest?

LawsofPhysics's picture

Sure sure, go ahead, I'd love to see that. Go ahead motherfuckers, "pull it"!

OverTheHedge's picture

A question I have asked people over the years is: "How would you feel to have German "police" kicking in Greek/Italian/French/Scandinavian/etc doors, in the name of European unity?"

"Oh that could never happen!" has always says been the reply. We shall see.

I wonder what will happen to the Target2 balances owed to Germany, and how Germany will try to reclaim that debt, should the WORST happen. Tanks through the low countries? Germany will have to spend more than 1% of GDP on military if it wants its money back.

SoDamnMad's picture

Excuse me but I live here in Europe and have seen an awful lot of German uniforms in the last couple of years and aren't seriously impressed.

Yes, there are some good professional soldiers in the Budeswehr.  Awful lot of conscript and "ColKlink" types too.

Cops, a bunch of H&K toting types I wouldn't turn my back on if the suicide belts went off.

So Please tell me what the hell I would have to fear?  We had a "Force Integration" demostration a while back; Germans, Luxenburg, Lithuanians, Canadians, Brits, Estonians, and Americans.  Who impressed me?  The young Marines and Army paratroopers followed by the Canadians and Estonians.

Germans, Ya vol

Mountainview's picture

Here they go again.. du déjà vu all over again like Yogi Berra said...

Soul Glow's picture

Hopefully the Greeks realize the euro isn't a good store of wealth and they buy some silver.

LawsofPhysics's picture

2007/2008 redux...

peanuts motherfuckers.  Remember, when fruad is the status quo, possession is the fucking law.

Razor Burn'd Capitalist's picture

Here's the Squeeze....


Hope your not short'n

CHoward's picture

It's become increasingly obvious to me that Greece loves being tortured - to the point of being literally fucked every which way that's possible.  If they don't have a problem - then why should anyone else.  It's as if the whole damn country is afflicted with Stockholm syndrome.

spastic_colon's picture

probably why the term "greek trajedy" was coined (in perpetuity)

IridiumRebel's picture

When the dumb don't work just double down!

chickadee's picture

Why didn't the Greeks get out of the EU in the first place? Their membership was based on fraud. They went through massive public asset sales, cut spending to the point of crushing their own economy, and ended up as beggars. They would have been better off going back to the drachma, and funding their spending with bonds sold in their own country. It was obvious from day one.

Making Merica Great Again's picture

Why would they wanna do that? They got aunt Merkel who feeds them for free. If they leave the EU, they will have to work. Greeks are too lazy for this shit. LIFE IZ GUT!

aliens is here's picture

Come on let the Greek sink already. I am sick of the drama.

SumTingWongJr's picture

We gonna blow motherfuckers !  Get out the way Christo

mototard's picture

Sorry, I read that as you were sick of the "drachma"   LOL

SpanishGoop's picture

"2.5 billion euros left Greek banks in the last 45 days."


That's not a bank run..o wait for Greek banks it is.


OverTheHedge's picture

There are 11 billion Greeks, so 2.5 billion doesn't seem to be a huge amount of money - less than thirty cents each? We're all DOOMED! Doomed, I tell you.

Edit: I think I must be drunk! There are eleven MILLION Greeks, so that makes lot? Try €227 each - soon we'll be talking real money!

(I could have deleted that obvious lunacy above, but a bit of ritual humiliation every now and then is healthy for the soul. The lesson here, kids, is don't post comments under the influence of home made scrumpy.

Making Merica Great Again's picture

So you say, Greece is more crowded than China?


I didn't know that!

Silver Savior's picture

If you are in Greece and put any money into a bank that is beyond stupidity. I think it's even crazy people keep money in United States banks. People are fucking crazy!

Jtrillian's picture

Bitcoin/Gold/Silver bitchez.

Guns and heirloom seeds are good too. 

Silver Savior's picture

Everything minus the Bitcoin. 

oncemore's picture


As ZH wr9te onmonday Greece has t9 make a payment of 18.5 in July,

8 already see Schaeuble barking his nonsense.

Know shit's picture

How can it possibly be that any money has remained in Greece?
How much time is needed to rob that country to the ground?

My god please end it..

Take care.

Grumpy_nl's picture

Brexit, next Grexit, lets hope for a Nexit. Im pro Nexit!

SpanishGoop's picture

liever vandaag dan morgen.


shizzledizzle's picture

They are crowdfunding so they can send Mario a check then exit the EU! /s

RockySpears's picture

Can you not go to the Bank and buy Gold or silver with evrything you have?  Would that count as "Withdrawl", can any one tell us true?



rf80412's picture

If the bank doesn't have any gold or silver of their own, then no.  And if they have it, why would they want to sell it to you rather than let you borrow it through loans leveraged off of it?

PTR's picture

"Do you see what happens Larry when you let a stranger* fuck you in the ass?!?"


*also known as international bankers


(and yes, I'm aware of the word changeup.)

World citizen's picture

As a bank run, it does not account for much... Greeks are always struggling with money anyway...

The point is another one... 

Greece is still in deep shit, despite years of "german rigor (mortis)". Their economy is non-existing, they are flooded with immigrants and have still to repay an impossible amount of debt.

It's a granade, cooked much too long, both financially and politically. 

Good chance Merkel will be re-elected just because nobody else wants to get even close to that mess.

silverer's picture

It's their own damn fault for joining the EU. No free lunch, guys.

Herdee's picture

Germany is skirming around again.

Kalymnian's picture

Heres a brief history.

Greek debt was constructed to steal a sovereign state and to make sure its important geographical position remains in the hands of the globalist nwo .

1919 Greece began taking back Greek land from turkey

Kicked arse and got half way untill betrayed by the poms and US.(rothschilds)


Nazis and Italians invaded stealing and looted banks.

Greeks booted them both out despite the wests embargo causing starvation.

Germany owes greece 279 billion for war reperations.

Unrest continued with western backed civil war and street assasinations much like Ukraine.

Puppet governments installed ever since draining coffers.

The people voted against the loans in a referendum a couple years ago but were denied.

Thats just in the last century .

Greeks owe nothing to nobody .



zippy_uk's picture

Yeah and Gibralter belongs to Spain and the Falklands belong to Argentina and Alaska belongs to Russia. Deam on - Greece has had more defaults than any country in mainland Europe - its because your economy is rubbish.