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Greek Bank Outflows Said to Rise

Companies, individuals are withdrawing funds ahead of elections

By Elisa Martinuzzi and Christos Ziotis, Bloomberg | Updated on June 13, 2012

Greek deposit outflows have accelerated before this weekend’s elections, two bankers familiar with the situation said, on concern the nation may move closer to abandoning the euro.

Daily withdrawals have increased to the upper end of a 100 million-euro ($125 million) to 500 million-euro range this month, one banker said, asking not to be identified because the figures aren’t public. A second banker said the drawdown may have exceeded 700 million euros yesterday. An official for the Bank of Greece, the Athens-based central bank, declined to comment.

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