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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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Thu, 03/29/2012 - 09:27 | 2300272 lolmao500
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?

Thu, 03/29/2012 - 09:33 | 2300291 SilverTree
SilverTree's picture

Turn that [frown] chart upside down!

Thu, 03/29/2012 - 09:35 | 2300310 EscapeKey
EscapeKey's picture

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

Bullish for stocks!

Thu, 03/29/2012 - 09:39 | 2300322 Badabing
Badabing's picture

take the money out of the Greek bank and buy this:

 

http://ads.boatboss.com/517_Epirus/61289_ANEMOESSA_GULFSTAR_44_MOTORSAILOR.html

Thu, 03/29/2012 - 10:01 | 2300381 urbanelf
urbanelf's picture

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

Thu, 03/29/2012 - 10:30 | 2300469 Dr. No
Dr. No's picture

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

Thu, 03/29/2012 - 10:20 | 2300436 CheapBastard
CheapBastard's picture

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

Thu, 03/29/2012 - 10:02 | 2300375 Peter Pan
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.

Thu, 03/29/2012 - 11:35 | 2300762 Beaver_Valley
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?!?!?

Thu, 03/29/2012 - 09:27 | 2300275 RyanW525
RyanW525's picture

I thought this was priced in...??

Thu, 03/29/2012 - 09:30 | 2300286 101 years and c...
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!!!!

Thu, 03/29/2012 - 09:32 | 2300292 pods
pods's picture

It will stop as it approaches zero.  

Thu, 03/29/2012 - 09:33 | 2300303 EscapeKey
EscapeKey's picture

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

Thu, 03/29/2012 - 09:47 | 2300343 pods
pods's picture

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

Thu, 03/29/2012 - 10:03 | 2300385 Peter Pan
Peter Pan's picture

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

Thu, 03/29/2012 - 10:31 | 2300479 Dr. No
Dr. No's picture

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

Thu, 03/29/2012 - 09:32 | 2300293 JPM Hater001
JPM Hater001's picture

I would like to deposit some excrement all over Venizeleous

Thu, 03/29/2012 - 10:05 | 2300390 Peter Pan
Peter Pan's picture

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

Thu, 03/29/2012 - 09:32 | 2300297 ffart
ffart's picture

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

Thu, 03/29/2012 - 09:39 | 2300318 Seize Mars
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.

Thu, 03/29/2012 - 09:47 | 2300344 Al Huxley
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.

Thu, 03/29/2012 - 10:12 | 2300418 Schmuck Raker
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?"

 

Thu, 03/29/2012 - 09:33 | 2300301 Croatian Patriot
Croatian Patriot's picture

The Greek central bank - whatever that is: LOL

Thu, 03/29/2012 - 09:34 | 2300304 gaoptimize
gaoptimize's picture

Up next: Capital controls.

Thu, 03/29/2012 - 09:45 | 2300323 Mercury
Mercury's picture

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

I'm surprised it hasn't happened sooner.

Thu, 03/29/2012 - 09:34 | 2300308 Yamaha
Yamaha's picture

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

Thu, 03/29/2012 - 09:37 | 2300312 Pretorian
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.

 

Thu, 03/29/2012 - 09:46 | 2300341 Donnie Duvanie
Donnie Duvanie's picture

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

Thu, 03/29/2012 - 09:43 | 2300333 Donnie Duvanie
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.

Thu, 03/29/2012 - 09:48 | 2300346 Mercury
Mercury's picture

Uh...Greece uses the Euro Donnie

Thu, 03/29/2012 - 09:44 | 2300337 jal
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.

 

Thu, 03/29/2012 - 10:09 | 2300406 Bishop
Bishop's picture

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

Thu, 03/29/2012 - 10:21 | 2300438 Zymurguy
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....

Thu, 03/29/2012 - 12:54 | 2301018 Carl Spackler
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?

 

Thu, 03/29/2012 - 10:11 | 2300411 gookempucky
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.

Thu, 03/29/2012 - 10:15 | 2300423 BudFox2012
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? 

Thu, 03/29/2012 - 14:14 | 2301297 Pancho Villa
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.

Thu, 03/29/2012 - 10:15 | 2300424 Schmuck Raker
Schmuck Raker's picture

"Work, work, work!"

"Deposit, deposit, deposit!"

"Lose, lose, lose....

Thu, 03/29/2012 - 10:28 | 2300460 Kit Green
Thu, 03/29/2012 - 11:02 | 2300594 Olympia
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

Thu, 03/29/2012 - 11:03 | 2300595 Olympia
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

Thu, 03/29/2012 - 12:25 | 2300924 Red Heeler
Red Heeler's picture

Black market, baby!

Thu, 03/29/2012 - 12:33 | 2300950 indio007
indio007's picture

Deposits of what? Fiat Paper?

What a lark!

Thu, 03/29/2012 - 12:40 | 2300968 Reese Bobby
Reese Bobby's picture

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

Thu, 03/29/2012 - 12:57 | 2301025 asteroids
asteroids's picture

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

Thu, 03/29/2012 - 14:51 | 2301420 Gold Dog
Gold Dog's picture

.....with a crowbar!

Thu, 03/29/2012 - 15:37 | 2301559 rockraider3
rockraider3's picture

Hopium = Getting your Money out a a Greek Bank

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