People wait in line to withdraw money from a branch of National bank of Greece in central Athens on May 17.(Angelos Tzortzinis/AFP/Getty Images)
People wait in line to withdraw money from a branch of National bank of Greece in central Athens on May 17.
(Angelos Tzortzinis/AFP/Getty Images)

Bank Run in Greece as Nation Plans for New Elections

May 17, 2012  •  From theTrumpet.com
 

Around €4 billion a week is leaving Greece, say financial experts, as people pull their money from Greek bank accounts. A caretaker government was appointed May 16 and a fresh round of elections scheduled for June 17 as all parties failed to form a coalition government.

The instability is causing “great fear” that could become panic, Greece’s President Karolos Papoulias warned on Monday. He told party leaders that people had withdrawn €700 million from banks on Monday alone. Reuters reported a similar level of withdrawals the next day.

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