Greek Deposit Run Update: Hopeless And Getting Worse

Tyler Durden's picture

The Greek central bank - whatever that is: some local subsidiary of the ECB? - released February corporate and household deposit data. The chart below explains it all: back to May 2006 levels and the run shows no sign of abating And remember Venizelos' sage February words of advice? "VENIZELOS SAYS NOW IS THE TIME FOR DEPOSITS TO RETURN TO BANKS"... that didn't work too well.


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lolmao500's picture

"VENIZELOS SAYS NOW IS THE TIME FOR DEPOSITS TO RETURN TO BANKS"

I pity the fool who listen to this hack.

As for the crazy in Italy :

Italian PM Monti says EUR is stable and strong

And the EU is democratic uh?

SilverTree's picture

Turn that [frown] chart upside down!

EscapeKey's picture

The inverted graph shows the growth of money on the sidelines.

Bullish for stocks!

urbanelf's picture

It still has a negative slope!  What am I doing wrong?

Dr. No's picture

Take the second or even third derivative and get the chart you need to convince investors to give you money.

CheapBastard's picture

Yes, turn left at the light...that will take you straight to Switzerland.

Peter Pan's picture

This lawyer turned finance minister and now leader of PASOK which previously held government, is nothing but a leech who voted to stay with the Euro and embrace austerity because his bank account contains almost 3 million euros and because Venizelos continues to draw a fat parliamentary salary that has not been reduced like pensions and salaries have.

If retrospective abortion was possible for him and his fellow 299 parliamentary colleagues, Greece could be paradise. Then again the world's parliaments are full of the same self serving, ignorant, over paid and incompetent scumbags.

Beaver_Valley's picture

If he's a leech then his victims have lost a LOT of blood - have you seen the size of the mofo?!?!?

RyanW525's picture

I thought this was priced in...??

101 years and counting's picture

Well, with people losing work and paying to keep their jobs, of course deposits will be down.  People need to pull whatever money they do have to survive.  It's an unintended consequence of the austerity for ECB cash.  OOOPSY!!!!

pods's picture

It will stop as it approaches zero.  

EscapeKey's picture

You forget about connected insiders, receiving favourable "loans".

pods's picture

"I'm sorry sir, it seems your life savings was recently rehypothecated to the gentleman in the Bentley.  So sorry."

Peter Pan's picture

Correction. It won't stop until it actually hits zero.

Dr. No's picture

Hopefully it will go negative due to people removing any savings and then taking out a personal loan.

JPM Hater001's picture

I would like to deposit some excrement all over Venizeleous

Peter Pan's picture

I agree. He is already full of it, so why not all over him.

ffart's picture

I didn't know you could solve a crisis of confidence by TELLING people to be more confident.

Seize Mars's picture

Command and control. It is the political solution to everything. People aren't spending? Tell them to spend! People aren't saving? Tell them to save! And when that doesn't work, start making it illegal to move your own money around. Capital controls are coming.

"Economics in One Lesson" by Hazlitt should be required reading.

The more you command peoples' behavior, the poorer they get.

Al Huxley's picture

It's the new way of the world.  I was surprised too, but seems to be the operating model around the globe.

Schmuck Raker's picture

You can't, but don't let that stop you from trying...

Deposits are improving! Deposits are improving! Deposits are improving!

 

"if I say it enough will someone believe it?"

 

Croatian Patriot's picture

The Greek central bank - whatever that is: LOL

gaoptimize's picture

Up next: Capital controls.

Mercury's picture

The average Greek has apparently figured that out already...and reacted accordingly.

I'm surprised it hasn't happened sooner.

Yamaha's picture

Coming to a Country near you.............

Pretorian's picture

They will exit EURO, defalted and then return all foreign deposit back. The only screwed will be Germans with checkbook in 1 hand. And Greeks ara already reacher for half of the GDP which they will never have to payback.

 

Donnie Duvanie's picture

The Germans should demand TWO slaves for every D'Mark.

Donnie Duvanie's picture

Is the Greek money worth anything? You'd think the depositors would WANT to give it to the bank to get rid of it.

Mercury's picture

Uh...Greece uses the Euro Donnie

jal's picture

Maybe the Greeks have figured out that if you want a banking system to die, you only need to ignore it and not use it.

Something else is being used.

 

Bishop's picture

I wish I could up-vote your comment to infinity.

Zymurguy's picture

If one were to read your words carefully enough it will show everyone the single most powerful weapon we have to end the Fed'.  Our congress won't do it... only the people can by - wait a sec' someone's at the front door....

Carl Spackler's picture

Correction:  

Maybe the Greeks have figured out that if you want a FRACTIONAL RESERVE and FIAT CURRENCY-BASED banking system to die, you only need to ignore it and not use it.

Something else is being used.

 

GOT GOLD?

 

gookempucky's picture

The print should have said----All greeks have pulled all funds and cancelled all bank accounts.

As we see there are still people who even in the face of robbery with a gun to their head, still believe in the program.------------------------sad.

BudFox2012's picture

Whether the Greek bank run continues is not the question.  The real question is who in the hell in Greece still has money to remove from a bank? 

Pancho Villa's picture

The smart money and the not-so-smart money has already left. The dumb money is leaving now.

That leaves us with the totally-clueless, the semi-comatose, and the fully-comatose.

It is also possible that the banks are padding their figures to hide the declines.

Schmuck Raker's picture

"Work, work, work!"

"Deposit, deposit, deposit!"

"Lose, lose, lose....

Olympia's picture

Global Debt Crisis

The greatest private fraud of human history.
Who are the great fraudsters who are becoming the murderers of the human kind? How does the economy "illness" threaten Democracy and the freedom of people?

http://eamb-ydrohoos.blogspot.com/2012/01/global-debt-crisis.html
---------------------------------
By knowing what happened in indebted Greece, where loan sharks created “bubbles” and the current inhuman debt, one can understand the inhuman plan in total ...understand where this plan started just to bring all states at the same end ...understand how this type of plans are established...

Authored by PANAGIOTIS TRAIANOU

Olympia's picture

Global Debt Crisis

The greatest private fraud of human history.
Who are the great fraudsters who are becoming the murderers of the human kind? How does the economy "illness" threaten Democracy and the freedom of people?

http://eamb-ydrohoos.blogspot.com/2012/01/global-debt-crisis.html
---------------------------------
By knowing what happened in indebted Greece, where loan sharks created “bubbles” and the current inhuman debt, one can understand the inhuman plan in total ...understand where this plan started just to bring all states at the same end ...understand how this type of plans are established...

Authored by PANAGIOTIS TRAIANOU

Red Heeler's picture

Black market, baby!

indio007's picture

Deposits of what? Fiat Paper?

What a lark!

Reese Bobby's picture

Greek is a country?  I thought they were diners with 12 page menus.  I should probably read more.

asteroids's picture

Take a look at the chart of NBG. That'll tell you everything. Ramp up, then sell on the news.

Gold Dog's picture

.....with a crowbar!

rockraider3's picture

Hopium = Getting your Money out a a Greek Bank