Yesterday a total of 820 million euros was withdrawn from Greek bank accounts. On Monday and Tuesday this totaled 300 million and 400 million euros respectively. The population is panicking since the Greek government still hasn’t reached an agreement with its creditors. The media is playing its part in stirring up worries by constantly reporting that a default and Grexit becomes ever more probable as the days pass. Yesterday the Greek central bank made an announcement on the issue.
The savers panic can also be put down to worries of a repeat of the Cypriot scenario, when deposits were emptied. Despite the promises from European officials that the situation which happened in Cyprus will not be repeated in Greece, trust in the banking system is far from firm.
Today will see another meeting between Athens and the euro group. Perhaps they will finally come to an agreement. If not, the panic will be compounded and will present a real test for the Greek banking sector