Friday, June 15, 2012

International: Greeks pull money from banks ahead of polls




The Greek election will be closely watched, especially by financial markets hoping for stability in Greece.

Many Greeks are reluctant to keep their own money in banks, meaning billions of dollars have left the country's financial system.

They have been removing their money from greek banks for two years, sending it to Germany, the United States and other safe havens.

As the general election approaches, the initiative has gathered pace.

Central bank figures show that deposits shrank by about 17 per cent, or 44.4 billion dollars in 2011.
At the end of April this year they stood at 208.1 billion dollars.

Consumers are stocking up on nonperishable food, worried about the election outcome.

Al Jazeera's Tim Friend reports from Athens.


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