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May 16th, 2012 
FAKE NEWS for the Zionist agenda
On Monday, according to an official account, the president told party chiefs
that figures collated by the central bank headed by George Provopoulos
showed savers withdrew at least 700 million euros from banks.
“Provopoulos told me there was no panic, but there was great fear that
could develop into a panic,” minutes of the cabinet meeting quoted the
president as saying.
Several banking sources told Reuters similar amounts had also been withdrawn
on Tuesday. There was no sign of panic or queues at bank branches in Athens
on Wednesday, though many withdrawals were made electronically as money
transfers overseas.
Bankers dismissed suggestions that a bank run was looming. A senior executive
at a large Greek bank told Reuters: “There is no bank run, no queues or
panic. The situation is better than I expected. The amount of deposit
withdrawals the president mentioned referred to three days, not one.”
Still, some were taking no risks. A 60-year-old textiles store owner who gave
his name only as Nasos said he had transferred 10,000 euros over the phone
to a bank in fellow eurozone state Cyprus on Tuesday afternoon.
“Any way you see it, things are difficult. If they call elections on June
17 – a Sunday – then everyone will take their money out on the Friday.”
That June 17 date was later confirmed.
Greeks have already been withdrawing their savings from banks at a sharp rate
– nearly a third of bank deposits were withdrawn between January 2010 and
March 2012, reducing total Greek household and business deposits to 165
billion euros.
A senior bank executive said there had been withdrawals in recent days but
there was no sign yet of a panic, as had happened in April 2010 when 8
billion euros were withdrawn just before Greece obtained its first foreign
bailout.
Analysts predicted Greece would avoid a bank run, if only because so many
people have pulled out their savings already.
“We have witnessed periods of tension before when the banks experienced
large outflows. In my view, the majority of people with these concerns would
have done so by now,” said Alex Tsirigotis, Greek banks analyst at
Mediobanca.
Greek banks have made up for vanishing deposits on their balance sheets by
accepting costlier European Central Bank financing through the Greek central
bank.
The spectre of Greece quitting the single currency sent the euro and European
shares to a fresh four-month low on Wednesday and raised the yields on
Spanish and Italian debt, reflecting the risk that other European countries
will be hurt.
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