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Deposit Flight Seen Eroding Europe’s Common Currency

Banks in Spain, Portugal, Ireland and Greece see $425 bln withdrawn over 12 months.

By Yalman Onaran, Bloomberg | Updated on September 19, 2012

An accelerating flight of deposits from banks in four European countries is jeopardizing the renewal of economic growth and undermining a main tenet of the common currency: an integrated financial system.

A total of 326 billion euros ($425 billion) was pulled from banks in Spain, Portugal, Ireland and Greece in the 12 months ended July 31, according to data compiled by Bloomberg. The plight of Irish and Greek lenders, which were bleeding cash in 2010, spread to Spain and Portugal last year.

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