Greek bank deposits hit their lowest level since 2004

Deposit withdrawals from Greek lenders gathered pace in April, as a standoff between the country’s anti-austerity coalition and its creditors has renewed doubts about the country’s future in the euro area.

Deposits by households and businesses fell to to 133.7 billion euros in April from 138.6 billion euros in March, a 3.6 percent monthly drop, and over €100 billion below the September 2009 peak, the Bank of Greece said today.

The drop brings total outflows since the start of an election campaign which catapulted anti-bailout Syriza party to power, to 31 billion euros, or 18.8 percent of total deposits.

Private deposits fell to their lowest level since September 2004, amid concerns that the quarrel between the government and its lenders will lead to a re-denomination of savings to drachmas, or a bail in of depositors.

Bloomberg

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